Northern Edition

Select Edition

Northern Northern
Southern Southern
Global Global
New Zealand New Zealand
France France

Exeter cut pre-tax losses by £4million

A general view of a Exeter Chiefs flag on the roof of the stadium. (Photo by Ryan Hiscott - RFU/The RFU Collection via Getty Images)

Exeter Rugby Group PLC, which runs Exeter Chiefs, made a pre-tax loss of £419,000 in the financial year to June 30, 2024.

ADVERTISEMENT

The group, which also oversees the events business based at the Gallagher Premiership club’s Sandy Park home, saw pre-tax losses reduced by £4.1m from £ 4.5m the previous year following several cost-cutting measures.

Exeter slashed £2.7m from their wage bill, with players’ salaries probably accounting for a large proportion of the savings.

In the last couple of years, the Chiefs have said farewell to the core of their double-winning team of 2020, with crowd favourites like Jack Nowell, Sam and Joe Simmonds, Dave Ewers and Luke Cowan-Dickie all leaving for better pay-days elsewhere.

Results have suffered as a result and the club are currently in a rebuilding phase, on and off the pitch.

Related

The Strategic Report published on the Companies House website, states: “Exeter Rugby Group PLC generated a loss before tax of £419,329 for the year ended 30 June 2024 in comparison to a loss before tax of £4,580,536 achieved in the previous year.

“The positive change is largely due to increased rugby attendance as the season progressed, coupled with financial gains from progression games. However, the economic environment has presented challenges, including high inflation, rising energy costs, and increased interest rates, all of which have impacted operational and financing expenses, as well as consumer spending.

ADVERTISEMENT

“The resulting cash flow pressures, particularly related to serving pandemic-era borrowings, have led the Directors to take proactive steps, including selling disposable assets owned by Exeter Rugby Group PLC.”

In November 2022, Exeter Chairman Tony Rowe bought a stake in the Sandy Park Hotel, which is located next to the rugby ground, to help the club pay back some of its government-owned Covid-19 loans. A further stake was purchased in June 2024, reducing the club’s shareholding to 24%.

But the independent auditor’s report states, “that at the time of signing the financial statement the Department for Culture, Media and Sport have not provided consent for the share transaction which took place on June 30, 2024.”

Whilst it goes on to say that all the directors are confident consent will be given, it may explain why the auditors consider there still to be material uncertainty about the club as a going concern.

ADVERTISEMENT

Related

 


To be first in line for Rugby World Cup 2027 Australia tickets, register your interest here 

ADVERTISEMENT

Boks Office | Episode 39 | The Investec Champions Cup is back

Argentina v France | HSBC SVNS Hong Kong 2025 | Men's Match Highlights

New Zealand v Australia | HSBC SVNS Hong Kong 2025 | Women's Match Highlights

Tokyo Sungoliath vs Shizuoka BlueRevs | Japan Rugby League One 2024/25 | Full Match Replay

Reds vs Force | Super Rugby W 2025 | Full Match Replay

The Rise of Kenya | The Report

New Zealand in Hong Kong | Brady Rush | Sevens Wonders | Episode 4

The Fixture: How This Rugby Rivalry Has Lasted 59 Years

Trending on RugbyPass

Comments

0 Comments
Be the first to comment...

Join free and tell us what you really think!

Sign up for free
ADVERTISEMENT

Latest Features

Comments on RugbyPass

J
JW 58 minutes ago
Why NZR's Ineos settlement may be the most important victory they'll enjoy this year

I wouldn’t think the risk is cash flow, as they have large cash reserves they said all through covid.


I suspect the author has it completely wrong as it pertains to the pool as well, because I can’t see the contracts of players changing year to year like revenue does.


I’d imagine there is an agreed principle to a ‘forecast’ figure of revenue for a cyclical period, and this is what 37% or whatever of is used for player salaries. So it would not change whatever that figure is until the next cycle. Cash flow, as you said, would be the main factor, but as they aren’t paid all it once, they’d not be hindered in this manor I don’t believe. Of all the references I’ve seen of a the player pool agreement, not once have I seen any detail on how the amount is determined.


But yes, that would be a very reasoned look at the consequences, especially compared those I’ve seen in articles on this site. Even with turnonver north of $350 million a year, 20 is still a sizeable chunk. Like this RA’s broadcast deal, they might have smaller sponsorship for a short period to align with everything else, then look to develop the deal further heading into the Lions tour cycle? Perhaps trying to take a deal from low to high like that is unlikely to a long term investor, and NZR want to get a good shortterm deal now so they can capitalize on growth for the Lions (i’m assuming that series has consequences on more than just broadcast deals right).

16 Go to comments
J
Janie Eish 1 hour ago
Maro Itoje hits back at England critics over repeated claim

MY  HERPES STORY AND HOW I WAS CUREDFor years, I struggled with the emotional and physical burden of the herpes virus, believing I would have to live with it forever. I tried countless treatments, medications, and therapies, but nothing seemed to bring lasting relief. It felt like a battle with no end in sight until I discovered a natural remedy that changed everything (herbs). Skeptical at first, I decided to give it a try, and to my surprise, I started noticing improvements in my overall well-being within two days of taking the medication. With consistency as prescribed by the herbal doctor, I felt healthier, more energized, and free from the symptoms that had once controlled my life. After completing the treatment, (14days) I visited my doctor for confirmation, and I was overjoyed with the results. I tested negative. I was cured from my HSV1&2This experience has given me back my confidence, peace of mind, and a renewed sense of hope. If you or someone you know is struggling with herpes or other health concerns like HPV, endometriosis, ovarian cysts, PCOS, or hepatitis, know that there are alternative options available and you will be cured. For those seeking a natural approach to wellness, I encourage you to explore this path with an open mind. You never know how life-changing it might be. Just if you want to reach out, you can contact: Email: dr.awaseherbalhome@ gmail. com WhatsApp: +2349074997110

1 Go to comments
TRENDING
TRENDING Exeter Chiefs confirm latest Heaven sent arrival at Sandy Park Exeter Chiefs confirm latest Heaven sent arrival
Search