Saracens write off over £45m of debt
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.
Watch: Fiji create history in Hong Kong
Comments on RugbyPass
Omg… you are bruised And battered Benny. Stop crying … the scoreboard speaks. What a pathetic lover you are.. 🤣🤣🤣
127 Go to commentsPacific Lions, cry me a river
127 Go to commentsThis is the single worst piece of journalism I have ever seen since your last one. As a neutral, who really states that there should be an asterisk next to a win? You are an utter embarrassment to real AB fans, journalism and that joke of a house which pays you for this nonsense. Get a life, Ben.
127 Go to commentsGuys. Cancel the World Cup champions after this analysis. It changes everything. Ben knows. We’ll have to unengrave the Bokke off the trophy and hand it to the ABs, now that I’ve been enlightened about this illegitimate win. This needs to be done. Now!
127 Go to commentsBen is right here though, Springboks were woefully poor with the advantage they had throughout this game. The France match was heroic because that was an even contest this match had it taken place in Rugby Championship would have been an easy win for NZ. If anything this match should tell the Bok coaches that a lot of this team should be changed. They beat this same NZ team by record margin with the same circumstances but with a different core. They bring back the tried and tested guys and they nearly botch this game.
127 Go to commentsI knew who wrote this article from the first few words in the headline…lol. The red card actually did the ABs a favour. It galvanized them, only then did they step up a gear. Before that there was zero momentum.
127 Go to commentsFirstly the foul on Bongi was a planned move just like the NZ master plan with Bryce Lawrence you kiwis are filthy fux perhaps try to play a cleaner game next time I doubt that’s possible tho but don’t worry world rugby is on yr side they trying to take away all the BOKS strengths to help all you weakling as Jeremy Clarkson would say LA OO ZA ERR..🤣
127 Go to commentsAbsolutely spot on Ben. I certainly wouldn't gloat over a win like that. Frustrating as it is it's done and dusted and history will forever show the result.
127 Go to commentsHo hum.
127 Go to commentsNo question they were the better team. But that is the beauty of sport isn’t it!
127 Go to commentsEveryone is into Hurling in Ireland according to Porter, but only 11 of Ireland's 32 counties enter a team into the national competition. Same old blarney.
1 Go to commentsLet’s be honest. The draw and scheduling in the World Cup was a joke but South Africa found a way after having to go the hard (nearly impossible) way to the Cup Final via France and England. NZ had a hard game against France (lost) and had 5 weeks to prepare for the Quarter, 3 weeks knowing it was Ireland. NZ theerfore had to win one big game against an Irish team who played SA and then Scotland 7 days before. They won and it was de facto a semi final because they were playing a relatively weak Argentina team and it was a walk over. In the final a very rested NZ team was playing a very tired SA team and still lost. They couldn’t score more than 11 points. Put another way SA had to find a way to win while tired and they achieved that. NZ should thank their lucky stars that they fixed the scheduling in 2015 otherwise they would be dealing with a Bok treble.
127 Go to commentsPerhaps if Bongi wasn’t targeted and removed from the game in the first 3 minutes it would have been quite a different game. Maybe if NZ also faced the same competition the Boks faced to their win NZ would have looked quite different. The final score shows who outplayed who.
127 Go to commentsRubbish article! Abuladze played most of Exeters matches when fit. He got injured against Glasgow a while ago and is out for the rest of the season, thats why he hasnt played for Exeter and Georgia recently. Do some proper research next time!
1 Go to commentsGotta love it when kids throw their toys out the pram and can’t hack it with the grown ups debate. Here’s looking at you turlough! 😉🤣
148 Go to commentsThey lost the game period move on
127 Go to commentsSpringboks won! Stop winging. You can change the game however much you and your rugby colonizing IRB want to and the Springboks will win you at that too. Your mind is colonized my friend get a life
127 Go to commentsBen, nobody gets fooled anymore by selective and biased data to support an hypothesis. Games are decided on such small margins these days that you win some and lose some, and dominance is a thing of the rugby past. Look at the RWC circle of fortune…. Ireland beats SA who beat France who beat NZ who beat Ireland. And so it goes on. Match officials help to eliminate real indiscretions. If they had been with us years before, no doubt results would have been different. Remember Andy Haden’s dive from a lineout in 1978 for which a match-wining penalty was awarded? Wales should have beaten the ABs that day. They took the loss like the gentlemen they were.
127 Go to commentsWith all the analysis and how good the all blacks were.The fundamental mistake with the ABs is that this is a test match and not an exhibition.There is no better team(country) in world rugby than the Boks that knows how to win a test match(we are post masters at this).We know our rules, we have the discipline, we tackle like beasts, we take our points and we never give up.I now have educated the ABs supporters(at least say thank you).Please stop “bitching” , accept what the outcome is and move along swiftly.
127 Go to commentsAnd they came from behind to win two big games before the final. No one can say what would have happened. Had the boks gone behind the game plan changes and the result may changes. Ifs and ands are irrelevant. The boks won. Neutral critics enjoyed the games they played. Its not a popularity contest. Get over it and move on.
127 Go to comments