Worcester Warriors Face £8.1 Pre-Tax Loss for 2016/17 Season
For Worcester Warriors bad news seems to come in pairs. The club is second to last at the Aviva Rugby Premiership table, and they recently reported a £8.1million loss too. While the 2015/16 season delivered a profit of £14.3million, the Premiership club reported a multi-million loss for the following season.
Worcester Warriors are now struggling both on and off the pitch. From the financial aspect, Warriors have to decrease their outgoings and focus more on benefiting from commercial revenues. Bill Bolsover, the Warriors chairman, commented on the situation. “We recognise that the level of spending seen during the 2016-17 financial year is not sustainable,” Bolsover said.
The £14.3million profit Warriors reported in 2015/16 is likely to be the cause of the club’s current financial situation. As the media speculated earlier, the club owners wrote off £20.4million worth of loans. The reason for this is the unofficial Worcester Warriors decision to sell the club. With the £14.3million profit, the club had better chances of finding investors.
“We have put together a challenging budget to balance costs against income, and we are tracking well against it,” said Bolsover about the team’s plans.
He further explained, “Our commercial performance for the 2017-18 financial year will be far stronger than it was in the previous year and the financial support needed from our shareholders will decrease by around 50 percent, which illustrates that we are making significant improvements financially.”
However, Worcester Warriors, the UK betting apps underdogs, are not the only ones struggling financially. Saracens might be looking for backers too. The club’s co-owner, Johann Rupert decided to sell his 50% stake in the Saracens club. London Irish is looking for investors as well. The Exiles rank at the very bottom of the table with 9 points behind Worcester Warriors.
We’ll see what the future holds for these three Premiership clubs, and of course, keep you updated on the latest events.
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