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Re: Irish consortium takeover
Posted by: glensman
Date: 25/01/2018 07:02
The time has come to face the reality that we cannot survive as a professional rugby club.
The business model is unsustainable.

Our accumulated debt, by the end of this season, will be in the region of GBP 25 million.

Average attendance at home games has fallen from 15,900 in 2012 to 5,900 for 2017/18.

The latest accounts filed for y/e 2016 show the following;

Rugby income GBP 1.4 million

Commercial income GBP 2.7 million

RFU income GBP 4.7 million

Total GBP 8.8 million

Payroll GBP 7.6 million [104 staff]

Directors remuneration GBP 150.000 [GBP 92,000 for y/e 2015]

Crossan's comments, if they are true," we are debt free and not losing money" and "the Club is in a good place", as CEO he has a fiduciary duty to explain this as it's wrong and misleading.

I cannot see anyone taking on a debt burden of GBP 25 million and annual losses of 3/4 million for a relegated Club [probably].Unless.....57 acres of prime real estate is the key.Once planning permission is granted the Club is liquidated with all the debt, it used to be called asset stripping.

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