Saracens write off over £45m of debt
Alex Shaw 08 Apr, 8:21
It’s that time of year again when companies file their balance sheets for the previous fiscal year.
Gallagher Premiership financial reports have been particularly interesting reading over the last few seasons, as clubs up and down the country have struggled to match their revenues with the increasing costs of the sport, which have been influenced by the recent increases to the competition’s salary cap. For the fiscal year ending in 2017, only Exeter Chiefs were able to produce a profit.
One of the more interesting returns filed this year has been by Saracens, with the club from north London long characterised by their mounting debt.
According to the results filed by Saracens Limited, which run up to the 30th June 2018, the club have written off just under £48m of debt owed to the parent company of Premier Team Holdings Limited.
They have opted to convert the loans from Premier Team Holdings Limited into equity, with Nigel Wray owning a 99% stake in that company, following the decision of Remgro to sell up their 50% ownership. Premier Team Holdings Limited, in turn, owns an 89.8% stake in Saracens Limited.
With this move coinciding with CVC Capital Partners’ investment in Premiership Rugby, Saracens’ financial records are likely to look a lot more healthy in the seasons to come.
For the year finishing June 30th 2018, Saracens posted an operating loss of £3.8m, an increase of £1.1m from the previous year. Those increased costs have been attributed to restructuring one-offs, as well as extra investment in both the women’s team and the club’s academy. For the three years prior to that, annual losses had been diminishing at the club.
Turnover, meanwhile, was up by roughly £400k, with revenues of just shy of £18m for the year.
Saracens are in line to receive a payment somewhere in the region of £13.5m from the CVC investment, with CVC allowing clubs the opportunity reinvest up to 10% of the proceeds from the overall deal (£200m) into the company TopCo. The thirteen shareholders in PRL will therefore have the opportunity to invest roughly £1.5m apiece into this company which, per Wray’s Chairmen’s Statement, Saracens will be doing.
The club’s £23m redevelopment of the West Stand at Allianz Park, which has been planned and worked on in conjunction with Middlesex University, is set to begin at the end of the 2018/19 season and is slated for completion in 2020, as the club looks to create a more sustainable future for itself.
Aviva Premiership: something exciting happens
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Re: Aviva Premiership: something exciting happens
You know I'm going to lose,
And gambling's for fools,
But that's the way I like it baby, I don't want to live FOREVER!
And gambling's for fools,
But that's the way I like it baby, I don't want to live FOREVER!
Re: Aviva Premiership: something exciting happens
UK Times
#cute hoor!Mark McCafferty is to leave his role as chief executive of Premiership Rugby at the end of the season. He is not going to go far from the scene, though, because he has a new role as advisor to CVC Capital Partners, the private equity firm which recently bought a 27 per cent share of the Premiership.
You know I'm going to lose,
And gambling's for fools,
But that's the way I like it baby, I don't want to live FOREVER!
And gambling's for fools,
But that's the way I like it baby, I don't want to live FOREVER!
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Re: Aviva Premiership: something exciting happens
What a snake. I'd say his deal was similar to what BT offered Premier Rugby to dismantle the erc. Get the deal over the line and we'll look after you.blockhead wrote:UK Times#cute hoor!Mark McCafferty is to leave his role as chief executive of Premiership Rugby at the end of the season. He is not going to go far from the scene, though, because he has a new role as advisor to CVC Capital Partners, the private equity firm which recently bought a 27 per cent share of the Premiership.
"It was Mrs. O'Leary's cow"
"It was Mrs O'Leary's cow"
Daniel Sullivan
Daniel Sullivan
Re: Aviva Premiership: something exciting happens
Or Ian Ritchies deal when he joined PRL after agreeing a massive deal with RFU after he managed it into the the ground, his “incompetence “ at the rfu was staggering. State of the rfu right now, no bother Ian.....
Ruddock's tackle stats consistently too low for me to be taken seriously as a Six Nations blindside..... Ruddock's defensive stats don't stack up. - All Blacks Nil, Jan 15th, 2014
England A 8 - 14 Ireland A, 25th Jan 2014
Ruddock(c) 19/2 Tackles
England A 8 - 14 Ireland A, 25th Jan 2014
Ruddock(c) 19/2 Tackles
Re: Aviva Premiership: something exciting happens
London Irish prepare for next season with announcement of another Irish International Paddy Jackson signing for them.
Playing in the Premiership will highlight his talents to the Irish Coaching Staff.
Playing in the Premiership will highlight his talents to the Irish Coaching Staff.
Re: Aviva Premiership: something exciting happens
Two sides to that bladeAird wrote:London Irish prepare for next season with announcement of another Irish International Paddy Jackson signing for them.
Playing in the Premiership will highlight his talents to the Irish Coaching Staff.
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I like your right leg. A lovely leg for the role.
I've got nothing against your right leg.
The trouble is ... neither have you
I've got nothing against your right leg.
The trouble is ... neither have you
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Re: Aviva Premiership: something exciting happens
Yeah, they've made huge efforts to position themselves as a family club. There's a fair bit of discomfort with this move amongst their supporters.The Doc wrote:Two sides to that bladeAird wrote:London Irish prepare for next season with announcement of another Irish International Paddy Jackson signing for them.
Playing in the Premiership will highlight his talents to the Irish Coaching Staff.
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Flash ahhhh ahhh, he'll save every one of us
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Re: Aviva Premiership: something exciting happens
Seems a lot of people spouting facts on twitter against the usual libelous nonsense.Flash Gordon wrote:Yeah, they've made huge efforts to position themselves as a family club. There's a fair bit of discomfort with this move amongst their supporters.The Doc wrote:Two sides to that bladeAird wrote:London Irish prepare for next season with announcement of another Irish International Paddy Jackson signing for them.
Playing in the Premiership will highlight his talents to the Irish Coaching Staff.
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Good man Paddy, another step closer to home.
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STAND UP FOR THE ULSTERMEN!
Re: Aviva Premiership: something exciting happens
Jackie Brown wrote:Seems a lot of people spouting facts on twitter against the usual libelous nonsense.Flash Gordon wrote:Yeah, they've made huge efforts to position themselves as a family club. There's a fair bit of discomfort with this move amongst their supporters.The Doc wrote:Two sides to that blade
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Good man Paddy, another step closer to home.
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My point was that having more visibility only works if you play well. I'm not convinced he will look quite so good in the premiership. Either way... I'd be amazed if he plays for Ireland again. Lots of other options now
I'm also not convinced by the signings by LI so far... I suspect they would vote for ringfencing right now
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I like your right leg. A lovely leg for the role.
I've got nothing against your right leg.
The trouble is ... neither have you
I've got nothing against your right leg.
The trouble is ... neither have you
Re: Aviva Premiership: something exciting happens
Waisake Naholo joining L.I. after World Cup. Must be taking some wedge to bankroll all these new signings. All hardly within salary cap?
“Somedays you're the pigeon, somedays you're the statue.”
Re: Aviva Premiership: something exciting happens
You can have 2 x "Marquee players" outside the cap
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Re: Aviva Premiership: something exciting happens
So SOB and Naholo. I doubt Kepu would be on a huge wedge and neither would wee Paddy.johng wrote:You can have 2 x "Marquee players" outside the cap
Re: Aviva Premiership: something exciting happens
Kepu because of his position perhaps. Paddy is probably on a few jam sandwiches and the odd free flight home.the spoofer wrote:So SOB and Naholo. I doubt Kepu would be on a huge wedge and neither would wee Paddy.johng wrote:You can have 2 x "Marquee players" outside the cap
They have some list of talent coming in.
Sean O'Brien Paddy Jackson Adam Coleman Waisake Naholo Sekope Kepu Nick Phipps Curtis Rona Allan Dell
Re: Aviva Premiership: something exciting happens
Staying inside the salary cap in the Premiership seems to be optionalJohn23 wrote:Waisake Naholo joining L.I. after World Cup. Must be taking some wedge to bankroll all these new signings. All hardly within salary cap?
Re: Aviva Premiership: something exciting happens
Do LI have a sugar daddy?neill_m wrote:Staying inside the salary cap in the Premiership seems to be optionalJohn23 wrote:Waisake Naholo joining L.I. after World Cup. Must be taking some wedge to bankroll all these new signings. All hardly within salary cap?
Mirror, Mirror on the Wall who's the greatest player of them all? It is Drico your majesty.
Re: Aviva Premiership: something exciting happens
JOHNNY MCPHILLIPS off to Leicester. Quite a few Irish 10s in the Prem next season. Jackson, Madser, Reid and McPhillips.
You know I'm going to lose,
And gambling's for fools,
But that's the way I like it baby, I don't want to live FOREVER!
And gambling's for fools,
But that's the way I like it baby, I don't want to live FOREVER!
Re: Aviva Premiership: something exciting happens
blockhead wrote:JOHNNY MCPHILLIPS off to Leicester. Quite a few Irish 10s in the Prem next season. Jackson, Madser, Reid and McPhillips.
Reid and McPhillips both at Tigers. As is Taute from SA via Munster.
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Re: Aviva Premiership: something exciting happens
Leicester Tigers for sale, sugar daddy preferable. Sad day.
Leicester Tigers put up for sale with Premiership club open to offers in bid to return to the top of rugby union
http://flip.it/TLQTs8
Leicester Tigers put up for sale with Premiership club open to offers in bid to return to the top of rugby union
http://flip.it/TLQTs8
"It was Mrs O'Leary's cow"
Daniel Sullivan
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Re: Aviva Premiership: something exciting happens
Eyes everywhere sigh a breath of relief as Dylan Hartley retires due to injury.
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Re: Aviva Premiership: something exciting happens
Jaw dropping piece on the bbc...mainly from danny care, the english scrum half. https://www.bbc.co.uk/sounds/play/p07t6mvn
He makes a compelling argument to stick them in the championship for the same amount of time they breached the salary cap.
Feel for exeter, who finished top in the league twice but lost in the play off finals to Saracans.
He makes a compelling argument to stick them in the championship for the same amount of time they breached the salary cap.
Feel for exeter, who finished top in the league twice but lost in the play off finals to Saracans.