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#Post#: 109853--------------------------------------------------
Re: Irish
DIR By: SunburyQuin
Date: June 7, 2023, 4:46 am
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--- Quote from: sussexquin link ---
>
> Exeter and Leicester both own their grounds and have
previously been strong financially (as far as any club is) so
was it to avoid getting into a downward spiral and just prudent
economics? I would be more worried for Newcastle and Sale;
Newcastle with perennially low gates and Sale being tenants I
understand (can you confirm Yareet)?
> Is it time to remove the 10,000 capacity rule, and hence the
DCMS H&S legal protections, and bring in formal promotion /
relegation with annual financial checks for all clubs similar to
the French system? Maintain a salary cap for the top division to
avoid an arms race as far as possible (debateable how effective
it currently is with certain clubs) and let market forces
decide. The RFU must step up and make some tough choices in the
very near future if the game is to survive as a professional
sport.
>
--- End Quote ---
Totally agree with your comment as highlighted - I mentioned
Ealing & Jersey earlier on this thread.
#Post#: 109854--------------------------------------------------
Re: Irish
DIR By: Quinky
Date: June 7, 2023, 5:53 am
---------------------------------------------------------
--- Quote from: never sleep link ---
>
> It was reported that Gloucester took the biggest Covid loan of
£15 million.
> As far as I know, this needs to be paid back over 10 years. I
don't know what the interest is.
> But - as far as I know, there are some odd conditions on the
loan - e.g. clubs are not allowed cash windfalls under the loan
terms.
> So - most clubs will likely run at a loss for the next 10
years.
>
> But, basically, investors are going to be cautious of
investing money into Premiership clubs until the loans are paid
off.
>
--- End Quote ---
Sounds like an odd condition. What is meant by "cash windfall"?
One would assume that if the aim is to be debt free, then any
cash windfall would go towards the loan, thus reducing interest
and either the term or the amount of the repayments?
#Post#: 109856--------------------------------------------------
Re: Irish
DIR By: Yareet
Date: June 7, 2023, 6:04 am
---------------------------------------------------------
--- Quote from: sussexquin link ---
>
> Exeter and Leicester both own their grounds and have
previously been strong financially (as far as any club is) so
was it to avoid getting into a downward spiral and just prudent
economics? I would be more worried for Newcastle and Sale;
Newcastle with perennially low gates and Sale being tenants I
understand (can you confirm Yareet)?
> Is it time to remove the 10,000 capacity rule, and hence the
DCMS H&S legal protections, and bring in formal promotion /
relegation with annual financial checks for all clubs similar to
the French system? Maintain a salary cap for the top division to
avoid an arms race as far as possible (debateable how effective
it currently is with certain clubs) and let market forces
decide. The RFU must step up and make some tough choices in the
very near future if the game is to survive as a professional
sport.
>
--- End Quote ---
Since you ask, yes but...
The stadium was owned by the council and developers. We wanted
to buy it outright but there was pushback (not least from
Salford RL).
The compromise that seems to have been found is that the council
bought out the developers (that went down well!) and we seem to
be getting full control of the match day experience.
It seems to mean we control the F&B and get the profits but I
don't know that we get the profits from non-match days. But also
(I assume) don't have the overheads of a stadium.
#Post#: 109857--------------------------------------------------
Re: Irish
DIR By: DOK
Date: June 7, 2023, 6:20 am
---------------------------------------------------------
Live within your means - no stars, no sponsors, no investment,
no European rugby.
Compete with the team with the most caps on the pitch, go
bankrupt.
There must be a better way.
#Post#: 109859--------------------------------------------------
Re: Irish
DIR By: never sleep
Date: June 7, 2023, 6:32 am
---------------------------------------------------------
--- Quote from: Quinky link ---
>
> Sounds like an odd condition. What is meant by "cash
windfall"?
>
> One would assume that if the aim is to be debt free, then any
cash windfall would go towards the loan, thus reducing interest
and either the term or the amount of the repayments?
>
--- End Quote ---
I have no idea how it works.
But - it is mentioned in this article from The Fail
HTML https://tinyurl.com/2m86pewa
#Post#: 109860--------------------------------------------------
Re: Irish
DIR By: Yareet
Date: June 7, 2023, 6:50 am
---------------------------------------------------------
--- Quote from: DOK link ---
>
> Live within your means - no stars, no sponsors, no investment,
no European rugby.
> Compete with the team with the most caps on the pitch, go
bankrupt.
> There must be a better way.
>
--- End Quote ---
I’m not sure that clubs cutting their cloth would have quite
that impact - or at least it would be only in the short term.
There are countries who have less money in club rugby than
England but where clubs still perform well - NZ, SA, etc..
As is posted elsewhere, even Fiji can produce a club side that
is competitive.
If English players can learn that have been overpaid, clubs will
be able to slash wage bills.
The very best may drift overseas but the majority will stay
here. Where they can build a thriving league. Which hopefully
means that increased investment/sponsorship comes in. Along with
spectators. And the ability to pay players more increases.
That at least is my ideal(istic) view but it will never happen
whilst high-profile players insist that they are paid like the
French, rested like the Irish and still capped for England.
#Post#: 109863--------------------------------------------------
Re: Irish
DIR By: Quinky
Date: June 7, 2023, 7:54 am
---------------------------------------------------------
--- Quote from: Yareet link ---
>
> I’m not sure that clubs cutting their cloth would have quite
that impact - or at least it would be only in the short term.
>
> There are countries who have less money in club rugby than
England but where clubs still perform well - NZ, SA, etc..
>
>
--- End Quote ---
Where the cost of living is less, and/or the standard of living
is higher.
#Post#: 109864--------------------------------------------------
Re: Irish
DIR By: Yareet
Date: June 7, 2023, 8:02 am
---------------------------------------------------------
--- Quote from: Quinky link ---
>
> Where the cost of living is less, and/or the standard of
living is higher.
>
--- End Quote ---
Do you think that is what is keeping the NZ team playing in
Super Rugby franchises? Are English players arguing that they
should be paid more because inflation hit 10%?
My perception is that they look at the French and Japanese
leagues paying so well and (some of them) demand equal pay. It's
naive to say the least.
#Post#: 109869--------------------------------------------------
Re: Irish
DIR By: DazzaS
Date: June 7, 2023, 9:04 am
---------------------------------------------------------
London Irish file for administration after suspension from all
club competitions
HTML https://www.bbc.co.uk/sport/rugby-union/65834979
London Irish have filed for administration after being suspended
from the Premiership.
Irish, who will not be able to play in any league next season,
were punished after missing a deadline to pay players and staff
or complete a takeover.
Owner Mick Crossan and a US consortium have been unable to reach
a deal.
Crossan, who bought the club in 2013, said administration had
"always been the last resort" but was now the "safest path
forward".
"We bitterly regret the difficulties it will present to each and
every one of you," he said in a letter to staff.
"My focus is now on working with the appointed administrator and
I hope that the club will come out of administration as quickly
as possible."
Crossan said the decision to suspend the club from the
Premiership was "bitterly disappointing".
"I understand the sadness felt by the thousands of our loyal
supporters and the frustrations of our incredible coaches,
medical staff, back-office team, and players," he said.
"This decision has ultimately ended any hope of an acquisition
of the club and has regrettably forced us to file for
administration."
Despite plans announced in 2021 to expand its top division to 14
teams, English rugby now faces the prospect of a 10-team
Premiership next season after the demise of Worcester Warriors
and Wasps.
Hearts 'ripped out' by London Irish demise - Ojo
Crossan said he spent the past seven months "working closely"
with the Rugby Football Union (RFU), Premiership Rugby (PRL) and
representatives of the NUE Equity to "complete a widely
publicised deal" to buy club.
He said a deal could not be agreed "despite our very best
efforts".
He said he had made "significant financial investment" since
buying the club, but that it it is "not feasible for me to
continue absorbing the multi-million-pound losses of the club
each year, indefinitely".
After Irish's suspension on Tuesday, RFU board chair Tom Ilube
said rugby must "professionalise its management off the pitch".
"Covid accelerated the impacts of underlying structural
challenges and had a major effect on PRL clubs and the RFU," he
said.
"Given the cost-of-living crisis, the post-Covid bounce-back has
been weaker than expected, and that has meant clubs with
unsustainable business models have gone out of business -
regrettably so for players and their fans.
"All three clubs that have failed this season have had fragile
business models for many years."
Crossan said Ilube's comments "completely overlook the
precarious situation other clubs are currently in".
"Collectively, owners of clubs are working very hard to
transform their models, but the lack of real support, at times,
is non-existent," Crossan said.
"The professional game in this country needs to be radically
transformed."
While Irish had a solid season on the pitch - they finished
fifth and reached the final of the Premiership Rugby Cup for the
second successive season - there has been talk for some time of
issues off the field.
The club are understood to have debts of about £30m, and Crossan
had to step in to pay overdue wages in April, minutes before
players were preparing to submit breach-of-contract notices.
The club were given a deadline of 30 May to complete the
takeover or risk being suspended from the Premiership next
season, but the Rugby Football Union pushed that cut-off point
back to 16:00 BST on Tuesday.
As well as completing the takeover or proving they had funding
to operate for next season, Irish had to ensure all staff and
players were paid in full for May, after only 50% of the money
had been forthcoming.
The club were last week served a winding-up petition by HM
Revenue & Customs over an unpaid tax bill.
Petitions were filed at the High Court on Friday against London
Irish Holdings Limited and London Irish Rugby Football Ground
Limited.
#Post#: 109871--------------------------------------------------
Re: Irish
DIR By: Mandator
Date: June 7, 2023, 11:33 am
---------------------------------------------------------
How much money do they owe Brentford football club-or did they
pay upfront for last season?
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