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Exeter statement: EGM arranged to address funding shortfall
Exeter Chiefs have issued a statement clarifying their financial situation amid concerns regarding the loans they took to get the club through the pandemic. Cash has become a major talking in the Gallagher Premiership this season, with Wasps and Worcester financially toppling over and being automatically relegated to the 2023/24 Championship if their respective receivers manage to find buyers to take them out of administration.
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With Bristol having now reported on Friday a pre-tax loss for last season of £3.3million despite record turnover for 2021/22 of £14.2m, the focus has since suddenly switched to Exeter who have insisted that all will eventually be well at the club once permission is received from board members to sell off an unspecified non-rugby asset that will cover their schedule of loan repayments.
Board member approval is needed for this budget-balancing sale to go ahead and it won’t be until the end of November that this permission can be secured.
A club statement read: “As a result of the Rugby Football Union and Premiership Rugby Limited’s decision to continue playing behind closed doors during the Covid-19 pandemic, Exeter Rugby Club were forced to borrow substantial government-backed loans to pay our players and staff.
“The funding from the government was not in the form of grants, but loans which carry interest. These are due to be repaid and the income from our normal trading is not sufficient to pay them and all other expenses.
“Accordingly, the rugby club board decided to sell one of our non-rugby assets for which members’ approval is needed and which is being sought at an extraordinary general meeting at Sandy Park on Wednesday, November 30.
“This should be more than sufficient to see the club pay the loans and be financially secure for the future. No further comment will be made by the rugby club.”
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Comments on RugbyPass
You ask good questions, Nick. The group who have put together the proposal to play out of Tarneit and participate in the growing of the ground’s capacity are not a bunch of white knights who have been dragged in post-crisis; they were around whilst the Rebels accummulated $23m in debt. Why do we come up with ideas that might make the franchise affordable after it’s broke and not when it might have prevented the trainwreck this offseason was? As for Gordon/Kellaway v Lolesio/Wright, they are both good options. I think the former are better rugby players but the goal kicking of Noah may be decisive when Schmiddy makes his choices. I know Harry Jones has the hots for Edmed but I think it’s one of his few poor choices and he and Jorgensen aren’t close to the other pairs. By coincidence, the wife and I went into town over the weekend to watch Brian Cox and Patricia Clarkson in Long Day’s Journey into Night. Beautifully acted but it was 3.5 hours in the chair and very hard work. Like the Rebels, there were only small bursts of joy to go with a lot of bad news and a depressing story line. In the end, I was hoping it would end and I could give my sore butt a break. Again, familiar.
34 Go to commentsGood decision, very good player but not international quality. But so was Jamison Gibson Park …..
3 Go to commentsLoose forwards always look good going forward and winning. It’s the same loose forwards for the Crusaders and the Canes this year as last year. Too much of the shiny new things getting noticed here while older consistent ones getting bagged. It’s early days. Calm the farm.
5 Go to commentsThanks Nick, and on the money. We tend to be apathetic until something REALLY BAD happens, then we aren't! At least this applies to the Reb players and coach, if not the spectators. They seem to be getting very quick ball at times. Have they altered something, or is it just all of the skills coming together at the right time? It seems almost the opposite of the Reds, who started the season with quick ball, but haven't been showing that in the last 3 losing games. Is it attitude (McDermott hasn't looked “right” to me for 3 weeks), or something else?
34 Go to commentsGood summary. As said, Sevu Reece has been electrifying for the Crusaders. Great try and he has been everywhere. Amazing he is now equal with Caleb Ralph , club record of 52 tries for the Crusaders. That record beckons. Good to see Dallas McLeod getting regular starts at last. A big few weeks are ahead.
5 Go to commentsGood article/interview.As was said Christian Lio-Willie was barnstorming when he came on for the Crusaders. What happened at the end, self-explanatory.Captain fantastic Scott Barrett is due back soon as well, once they are back from Aussie. Great to see Ethan Blackadder back last week.
1 Go to commentsYou must have been watching one team, Andrew - and even then you missed the brightest star in the Chiefs pack - Naitoa Ah Kuoi, 2 turnovers, genuine line-out presence and grunt around the field, and the soft hands of a back.
5 Go to commentsHaha what a crock of sh!t these headlines are. Moorby’s best year was that first. Still doesn’t seem to have the same game about him as when he was fresh but has bounced back well this season to be playing consistent tight accurate footy
3 Go to commentsIt’s even dumber than Bernard Foley not kicking the penalty to touch in the Melbourne Bledisloe in 2022.
3 Go to commentsYes, they are traveling well but it’s early days. The Chiefs were in front with 20 to go while they snatched a last minute win v the Reds. Keep calm.
1 Go to commentsThe failure of the Irish system / rugby playing style to produce their own backs has them looking elsewhere for innovation and flair - not that Jordie has much flair. He’s a converted fullback. The Canes have plenty of other younger options.
9 Go to comments1.Watch Wallace Sititi be the wild card AB. A genuine full time no 8 2. Luke J like Sotutu has not delivered. 3. Chiefs have all the right cattle but badly miss the leadership of Webber. LJ is about as unconvincing as Sam Cane when under the pump. They had the winning of that game in the second half then fell apart.
5 Go to commentsYes the Rebels are showing signs of life because they are literally playing for their live -lihoods and thanks to their Australian attack coach. However they are still playing an essentially dull boring south african style for the rest of the time. And Geoff Parling must be the most useless lineout coach ever. Worse than Steve Hansen even. Interestingly we are starting to see more cheap shots and attempts to get away with cheating by Australian players, now they are being influenced by Joe Schmidt. It was exactly the same when Rennie started out as Wallaby coach and thru his tenure. Trying to teach Australians to play like kiwis doesn’t work, as the last 20 years has conclusively demonstrated. Especially when we are not as good at it as kiwis. Which of course is the whole idea …..
34 Go to commentsGreat signing, not sure where he’ll fit in though. As for him ‘playing alongside RG Snyman, that’s highly debatable given the likelyhood that the latter will spend most of the season on sick leave.
9 Go to commentsWowee!
9 Go to commentsEvery team that has played a game in Africa this Champions Cup season is already out of the competition - including the SA teams. Could be a concidence.
30 Go to commentsthat should offer some experiences for Jordie.
9 Go to commentsJust remember: He is not a winger. Took Ian Foster 2 years to figure that out.
9 Go to commentsExcellent article, Nick. We (your RP colleague Brett McKay and my 8/9 Combo cohost), are going to have LSL on our podcast later this month. He has shown consistent excellence as a leader and lock. I’ll chat with you offline about a line of questioning if you have time. H
34 Go to commentsSo no Irish fan or journalist suggested JGP was as good as DuPont. Then even the guy who supposedly did is from Wales and said JGP would be the best around if it was t for DuPont. Right, so what is this story about again
19 Go to comments