Always a Wasp
General Category => Wasps Rugby Discussion => Topic started by: NellyWellyWaspy on January 11, 2024, 01:38:22 PM
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Exeter Rugby Group, which runs Exeter Chiefs, made a pre-tax loss of more than ?4.5m in the year to June 30 2023, up by ?1.7m from the previous year.
https://www.bbc.co.uk/sport/rugby-union/67946673
So much for their mightier than thou attitude at the losses made by other clubs.
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That's just it, you can lose as much as you like as long as someone is willing to cover it.
Our problems have always been our owners were never rich enough!
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That's just it, you can lose as much as you like as long as someone is willing to cover it.
Our problems have always been our owners were never rich enough!
I am not sure Tony Rowe can keep this up either, nor many of the Premiership club owners, and even those that can afford it, how many want to?
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What?s even more alarming is that they were heavily rumoured to be one of the clubs pushing for a cap increase.
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What?s even more alarming is that they were heavily rumoured to be one of the clubs pushing for a cap increase.
Probably only Baxter's mouth.
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Seen Chiefs fans on Twitter claiming the good news that the groups loans have dropped by over ?20M, they may be less happy when they see I've pointed out that reason for that being there was ?21M of loans against the Hotel, they no longer own, hence removed from the accounts, which also accounts for the ?31M drop in fixed assets belonging to the club.
What is interesting is that they have repaid ?1M of the Covid loans, but the Sport England loan which is supposed to be paid back quarterly is at the exact same amount as it was last year!
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Seen Chiefs fans on Twitter claiming the good news that the groups loans have dropped by over ?20M, they may be less happy when they see I've pointed out that reason for that being there was ?21M of loans against the Hotel, they no longer own, hence removed from the accounts, which also accounts for the ?31M drop in fixed assets belonging to the club.
What is interesting is that they have repaid ?1M of the Covid loans, but the Sport England loan which is supposed to be paid back quarterly is at the exact same amount as it was last year!
Interest payments? If they have not paid down any of the core loan, that is bad news.
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I figured when Rowe sold himself his own hotel he was securing his assets for when he pulled out of the club.
I guess time will tell. Though for me it's hard to care much.
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I figured when Rowe sold himself his own hotel he was securing his assets for when he pulled out of the club.
I guess time will tell. Though for me it's hard to care much.
A few more level headed Chiefs fans (inc one of their age level coaches) voiced the same over Christmas.
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Seen Chiefs fans on Twitter claiming the good news that the groups loans have dropped by over ?20M, they may be less happy when they see I've pointed out that reason for that being there was ?21M of loans against the Hotel, they no longer own, hence removed from the accounts, which also accounts for the ?31M drop in fixed assets belonging to the club.
What is interesting is that they have repaid ?1M of the Covid loans, but the Sport England loan which is supposed to be paid back quarterly is at the exact same amount as it was last year!
Interest payments? If they have not paid down any of the core loan, that is bad news.
That was how I took the numbers in their accounts, they are paying the 2-3% interest but not the actual loan to Sport England.