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#Post#: 4255--------------------------------------------------
Premiership Finances - Quins losses - Guardian special report
DIR By: Blucherquin
Date: August 28, 2018, 6:46 am
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Way too much here to post the full text but interesting stuff --
here are the links:
Headline:
- Exeter only club in profit
- Clubs say they need to work together
- Quins recorded the second biggest losses at 6.6m
- Quins wage bill second highest in Premiership (for those who
doubted we were at the salary cap)
- Quins have second highest turnover (which is good)
- Quins increased loan from parent company to 37m (not so good)
HTML https://www.theguardian.com/sport/2018/aug/28/premiership-rugby-clubs-join-forces
HTML https://www.theguardian.com/sport/2018/aug/28/premiership-clubs-finances-sustainability
HTML https://www.theguardian.com/sport/2018/aug/28/premiership-finances-the-full-club-by-club-breakdown-and-verdict
#Post#: 4256--------------------------------------------------
Re: Premiership Finances - Quins losses - Guardian special
report
DIR By: Blucherquin
Date: August 28, 2018, 6:50 am
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Here's the Quins details in full:
Harlequins
Turnover: 20.7m (2nd highest in Prem)
Owed to owner: £37m
Wages: £12.6m (2nd highest in Prem, 61% of turnover)
Loss (pre tax): £6.6m
Interest: £1m
Highest paid director (unnamed): £231k
Ownership: Ultimately owned by Union Mutual Pension Fund Ltd,
registered in the tax haven of Bermuda. Reported to be owned by
financiers Charles Jillings and Duncan Saville.
Accounts: Harlequin FC Holdings Ltd for the year to 30 June
2017.
Rugby income £6.5m
Central funding £6.1m
Commercial income £8m
The state they’re in
When Harlequins launched a mini-bond in 2016 in a bid to raise
£7.5m, the stated aim was to become the best club in Europe.
Nine defeats in the last 10 Premiership matches of the 2017-18
campaign suggest that day is a long way off and despite being
one of the best supported clubs in the league, Quins are mired
in debt. Mosaic Limited, which is based offshore and is reported
to be owned by former chairman Charles Jillings and financier
Duncan Saville, is owed £37m by the four companies set up by
Harlequins. The bulk is interest free and the club’s auditors
noted Mosaic was committed to financially supporting the club
until at least the end of December, but last year’s loss of
£6.6m showed that self-sustainability is some way off. Their
turnover was second behind Wasps, but its wage bill of £12.6m
was the second highest. The auditors flagged up the growing
reliance on Mosaic in their report. Quins own the freehold to
the Stoop and last year appointed Populous to design an improved
ground with a capacity of up to 20,000 that would put them “at
the forefront of the community”.
#Post#: 4257--------------------------------------------------
Re: Premiership Finances - Quins losses - Guardian special
report
DIR By: Blucherquin
Date: August 28, 2018, 6:57 am
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Some interesting nuggets about Exeter...
"Ten per cent of the club’s income was generated by Sandy Park
on non-match days, an asset that is the difference between
profit and loss."
And their wage bill is £9.6m, the 9th highest and only 56% of
turnover.
Sarries also starting to make money from their ground (more than
£5m last year), but clearly still have massive (£47m) debt to
Wray.
#Post#: 4258--------------------------------------------------
Re: Premiership Finances - Quins losses - Guardian special
report
DIR By: RodneyRegis
Date: August 28, 2018, 7:15 am
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the interesting thing for me is the salary level.
The salary cap is £7m + 2 marquee players - and any injury cover
etc.
So let's say £8m on players - so another £4m on coaching and
admin staff? Seems incredible.
#Post#: 4261--------------------------------------------------
Re: Premiership Finances - Quins losses - Guardian special
report
DIR By: Fearless Fred
Date: August 28, 2018, 7:17 am
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I'm not surprised our wage bill is second highest, as I assume
that covers not just the squad & coaches, but all the backroom
staff/office staff etc. and hence London salaries for them will
be a lot higher than their equivalents in, say, Newcastle.
#Post#: 4262--------------------------------------------------
Re: Premiership Finances - Quins losses - Guardian special
report
DIR By: honkytonk
Date: August 28, 2018, 7:18 am
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So maybe it will get worse while the redevelopment happens but
then we hope to start making some cash from the new wonder
Stoop??
#Post#: 4263--------------------------------------------------
Re: Premiership Finances - Quins losses - Guardian special
report
DIR By: Ollyhoo
Date: August 28, 2018, 7:28 am
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Yes - good point as to whether the wages bill includes the
office and support staff. I was chatting to one of the Exeter
backroom staff 3 or 4 years ago and he was very surprised by the
numbers of Quins office staff employed. He told me the numbers
at Exeter were (at the time) very much lower - and that might go
some way to explain why they carry less overhead on wages. The
Quins office staff numbers do appear to have increased
significantly over the last 5 or so years. As there can't be as
much to do between May and September, perhaps many of them are
on part time contracts? Who knows?
I've occasionally speculated at to what would happen if someone
like Claude Littner (Lord Sugar's Rottweiler) was engaged to
audit the Quins business plans and business structures. I recall
he did that at Tottenham Hotspur!!
#Post#: 4265--------------------------------------------------
Re: Premiership Finances - Quins losses - Guardian special
report
DIR By: RodneyRegis
Date: August 28, 2018, 7:31 am
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--- Quote from: Fearless Fred link ---
>
> I'm not surprised our wage bill is second highest, as I assume
that covers not just the squad & coaches, but all the backroom
staff/office staff etc. and hence London salaries for them will
be a lot higher than their equivalents in, say, Newcastle.
>
>
>
--- End Quote ---
It always astounds me that people think that admin staff in
greater London get paid so much more than those outside. We're
not based in the Square Mile.
#Post#: 4266--------------------------------------------------
Re: Premiership Finances - Quins losses - Guardian special
report
DIR By: Blucherquin
Date: August 28, 2018, 7:34 am
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--- Quote from: Fearless Fred link ---
>
> I'm not surprised our wage bill is second highest, as I assume
that covers not just the squad & coaches, but all the backroom
staff/office staff etc. and hence London salaries for them will
be a lot higher than their equivalents in, say, Newcastle.
>
--- End Quote ---
Except it’s higher than Sarries and Wasps are higher than us -
Coventry hardly has London wages....
Suggests a large staff certainly.
Just from personal knowledge there are plenty of sports orgs and
lots of not particularly big charities that pay far more for
communications staff than they’re paid at Quins - certainly not
stellar salaries.
#Post#: 4267--------------------------------------------------
Re: Premiership Finances - Quins losses - Guardian special
report
DIR By: RodneyRegis
Date: August 28, 2018, 7:51 am
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Yes, but are they losing money hand over fist?
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