Another Premiership club announce substantial financial loss in annual report

Another Premiership club announce substantial financial loss in annual report

Fans and staff alike are quite cautious when a club presents its annual report these days. Financial difficulties have caused the loss of three Premiership clubs and one Championship club in only one season, so there is no longer any illusion that teams of this caliber are unassailable. For many, it’s almost as if someone is about to fall off the financial plank next.

 

Despite having a record-breaking yearly turnover of £21.96 million, Northampton Saints revealed their financial results today and showed a deficit of £1.1 million before taxes. After the recent demise of the Worcester Warriors, Wasps, London Irish, and Jersey Reds, this will make those with a stake in the Midlands club feel very uneasy.

John White, chairman of the Northampton Saints, commented on the state of affairs as follows: “The 2022–2023 fiscal year posed a new set of issues for Northampton Saints – and the Premiership as a whole,

“At Saints, we have always had a very clear model: we strive to function within the limitations of our own resources. Although we are pleased with our progress thus far, we still have a long way to go.

He emphasized, “We have a clear plan for the future, a track record of responsible financial management, and we are in a good position.”

“But we must become a cash-generative enterprise as quickly as possible, and we need our partners and supporters to stick by us in the years to come to ensure we avoid the challenges that other Premiership clubs faced in 2022-23.

“That is challenging in this demanding environment, but we are fully confident in our strategy.”

White was eager to highlight the changes and the steps taken in spite of the before-tax loss. “The club increased our turnover to £21.96m in 2022–23, beating our highest-ever turnover of £20.8m, reported the previous year,” said White, citing strong commercial performance and agility in scheduling these additional fixtures.

“The accounts show a loss before tax of £1.1m, down from a profit of £0.3m in the prior year; however, our underlying trading loss showed an improvement of £0.2m over the prior year after one-time items were taken into account.”

In more positive news, Northampton take on Harlequins tonight in what promises to be a circus of entertaining, running rugby with both sides are packed full to the brim with international class players.

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