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If my memory serves me right didn't Warrington Council help to bail the club out see below? If so does anyone know if the money has been paid back.
www.wires.u-net.com/news/news98.htm
SIGNED, SEALED & DELIVERED! (11/12/9icon_cool.gif
The signing of the contract for the new consortium
A momentous day in the history of Warrington Rugby League club was completed yesterday as a consortium of businessmen and the local council put pen to paper to seal the future of the 119 year old club.
A deal worth 1.6 million has been put together by Greenalls, Warrington Borough Council, Bill Holroyd (a local businessman) and Simon Moran (a local pop concert promoter).
Norman Summers, head of Greenalls audit and corporate services department, summed up the takeover: "This will be a listening club, it will be the peoples club. We really do believe this. Without the people of Warrington there is nothing."
The injection of cash into the club will virtually wipe out the debt that has accrued over the years. All consortium members are committed to the supporters as well as the clubs future, Leader of Warrington Borough Council John Gartside said: "The responsibility now is not just with the Directors and shareholders but with the people of the town."
"We see the supporters as absolutely integral to the club. They are not going to be ignored. In many ways I think we see it as their club."
Summers added, "We can put in place all the structures, all the skill and professionals that are needed, but Warrington people have to pick this club up and support it and make it their own club. The club will be successful only if the people of Warrington want it to be successful." |
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If my memory serves me right didn't Warrington Council help to bail the club out see below? If so does anyone know if the money has been paid back.
www.wires.u-net.com/news/news98.htm
SIGNED, SEALED & DELIVERED! (11/12/9icon_cool.gif
The signing of the contract for the new consortium
A momentous day in the history of Warrington Rugby League club was completed yesterday as a consortium of businessmen and the local council put pen to paper to seal the future of the 119 year old club.
A deal worth 1.6 million has been put together by Greenalls, Warrington Borough Council, Bill Holroyd (a local businessman) and Simon Moran (a local pop concert promoter).
Norman Summers, head of Greenalls audit and corporate services department, summed up the takeover: "This will be a listening club, it will be the peoples club. We really do believe this. Without the people of Warrington there is nothing."
The injection of cash into the club will virtually wipe out the debt that has accrued over the years. All consortium members are committed to the supporters as well as the clubs future, Leader of Warrington Borough Council John Gartside said: "The responsibility now is not just with the Directors and shareholders but with the people of the town."
"We see the supporters as absolutely integral to the club. They are not going to be ignored. In many ways I think we see it as their club."
Summers added, "We can put in place all the structures, all the skill and professionals that are needed, but Warrington people have to pick this club up and support it and make it their own club. The club will be successful only if the people of Warrington want it to be successful." | |
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Why would there be any debt to repay? I believe the council are large shareholders in the club (and therefore have an ongoing interest in keeping it successful) but if that is they case they would only be due any money back if the company were ever liquidated. They can "walk-away" at any time buying selling their shares to ANO (assuming no premption rights exist in the company's constitution).
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With the number of people that the club now employs, the amount of money it brings into the town, and its high profile, I would think that any debt has been paid several times over.
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Last time I looked I believe the council has a share of just over 15% of the club. As part of that deal in 1998 they also bought Wilderspool and have rented it back all these years.
When Wilderspool does eventually close the council have land that will be worth a great amount more than the deal. A bonus would be to find a new place for the bus depot to gain even more land.
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| Quote ="Teessidewire"With the number of people that the club now employs, the amount of money it brings into the town, and its high profile, I would think that any debt has been paid several times over.'"
I think we still have a fair bit of historic debt, some of which is to the council. We have only been profitable since getting to Wembley in 09, according to [url=http://www.liverpooldailypost.co.uk/ldpbusiness/business-local/2010/07/28/challenge-cup-triumph-puts-warrington-wolves-into-profit-92534-26944440/this[/url article in the year before we made a loss of £348,000. In 2011 we made a [url=http://www.insidermedia.com/insider/north-west/75692-warrington-wolves-post-loss-wembley-final-looms/index.htmlloss[/url of £121,68, despite a £200,000 increase in turnover. No doubt the new corners played a part in this. Presumably this year we will make a profit thanks to Wembley and Old Trafford + second place prize money.
Two interesting points from the above article (August 2012)-
Quote But he said season ticket sales were up and a "major global company" was due to be unveiled as a new sponsor very soon.'"
Good that season ticket sales are up- Leeds are said to be down on this time last year. I presume a Centre Park based accountant doesn't count as a "major global company", so is a deal yet to be announced or has that fallen through?
I am no accountant, and there are no doubt other members who could explain all this much better than myself. |
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| Quote ="Ganson's Optician"I think we still have a fair bit of historic debt, some of which is to the council. We have only been profitable since getting to Wembley in 09, according to [url=http://www.liverpooldailypost.co.uk/ldpbusiness/business-local/2010/07/28/challenge-cup-triumph-puts-warrington-wolves-into-profit-92534-26944440/this[/url article in the year before we made a loss of £348,000. In 2011 we made a [url=http://www.insidermedia.com/insider/north-west/75692-warrington-wolves-post-loss-wembley-final-looms/index.htmlloss[/url of £121,68, despite a £200,000 increase in turnover. No doubt the new corners played a part in this. Presumably this year we will make a profit thanks to Wembley and Old Trafford + second place prize money.
Two interesting points from the above article (August 2012)-
Good that season ticket sales are up- Leeds are said to be down on this time last year. I presume a Centre Park based accountant doesn't count as a "major global company", so is a deal yet to be announced or has that fallen through?
I am no accountant, and there are no doubt other members who could explain all this much better than myself.'"
1.Looking through the accounts, I don't believe we have any loans to the council. They are bank loans (or directors).
2. The profit and loss account can be very misleading unless you understand how it works. This is particularly true for us with a very large capital asset (the stadium).
So each year we 'write off' some of the value of the stadium. e.g. if it cost 10 million to build and we think its useful life is 20 yrs, then we would write off 10/20 = 0.5 million per year. This goes to the profit and loss account and is called 'depreciation'. BUT no money leaves the club - we have already paid for the stadium, it is simply an accounting practice.
Last year we wrote off over £210,000 in depreciation and something else (similar) called amortisation. Without this, we would have declared a profit, and certainly the amount of money coming into the club (sponsorship, receipts, hospitality) far exceeded what we paid out (salaries primarily). Finally, remember we had a 'one off' payment of £268,000 (i.e., will not be repeated this year) to the Revenue to pay for the 'image rights' fiasco.
We are in rude health. |
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| Quote ="Winslade's Offload"1.Looking through the accounts, I don't believe we have any loans to the council. They are bank loans (or directors).
2. The profit and loss account can be very misleading unless you understand how it works. This is particularly true for us with a very large capital asset (the stadium).
So each year we 'write off' some of the value of the stadium. e.g. if it cost 10 million to build and we think its useful life is 20 yrs, then we would write off 10/20 = 0.5 million per year. This goes to the profit and loss account and is called 'depreciation'. BUT no money leaves the club - we have already paid for the stadium, it is simply an accounting practice.
Last year we wrote off over £210,000 in depreciation and something else (similar) called amortisation. Without this, we would have declared a profit, and certainly the amount of money coming into the club (sponsorship, receipts, hospitality) far exceeded what we paid out (salaries primarily). Finally, remember we had a 'one off' payment of £268,000 (i.e., will not be repeated this year) to the Revenue to pay for the 'image rights' fiasco.
We are in rude health.'"
Thanks, very well articulated. Clubs like ourself, Leeds and Halifax to name just three are proof that football clubs can be ran as a sustainable model. The problem is that requires competent directors, which is a bit of a rarity in rugby league. |
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Unless you see the full accounts and are present at the AGM at which they are discussed you will never know the FULL facts. Publically available accounts for private companies are basically next to useless.
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Thanks everyone
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Quote ="Ganson's Optician"Good that season ticket sales are up- Leeds are said to be down on this time last year. '"
Glad to hear your sales are up - although actually ours are too, albeit modestly
www.yorkshireeveningpost.co.uk/s ... -1-5237202 |
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Quote ="Ganson's Optician"Good that season ticket sales are up- Leeds are said to be down on this time last year. '"
Glad to hear your sales are up - although actually ours are too, albeit modestly
www.yorkshireeveningpost.co.uk/s ... -1-5237202 | |
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Being up at all is pretty good in current circumstances.
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| Quote ="Ganson's Optician"Good that season ticket sales are up- Leeds are said to be down on this time last year. I presume a Centre Park based accountant doesn't count as a "major global company", so is a deal yet to be announced or has that fallen through?'"
To be honest this has been said a lot (and I don’t work for Brooksons before it is mentioned) but I come across brooksons a lot, they are a very well known global engineering accountant not your local accountant so in fact it is a "Major Global Company". |
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| Quote ="pwils3"To be honest this has been said a lot (and I don’t work for Brooksons before it is mentioned) but I come across brooksons a lot, they are a very well known global engineering accountant not your local accountant so in fact it is a "Major Global Company".'"
I have to admit that I also assumed Brookson to be a smallish specialist accountancy service based in Warrington. However, they are much larger than I thought. Their turnover (2011) was £53 million and profits £0.5 million. Considering they are restructuring and spending a lot of money (£1.8 million in last 2 yrs) on development, they seem to be quite a go ahead company. Not sure you could describe them as a major global company, but nevertheless it sounds a very good catch for Wire.
Wonder how much we are actually getting per year ? |
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| Quote ="Winslade's Offload"I have to admit that I also assumed Brookson to be a smallish specialist accountancy service based in Warrington. However, they are much larger than I thought. Their turnover (2011) was £53 million and profits £0.5 million. Considering they are restructuring and spending a lot of money (£1.8 million in last 2 yrs) on development, they seem to be quite a go ahead company. Not sure you could describe them as a major global company, but nevertheless it sounds a very good catch for Wire.
Wonder how much we are actually getting per year ?'"
That is good to know. I was reliably informed that within Bensons their sponsorship was highly controversial, and when new investors came in they assured employees they were pulling the plug as soon as possible. Sounds like we are getting a good deal from a company committed to the town, which is what we like to hear. |
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| Quote ="Asgardian13"Being up at all is pretty good in current circumstances.'"
Agreed.
As for Brookson's, if I've never heard of them they can't be a major global sponsor. 
But who cares what name is on the front of the shirts as long as they're paying enough. |
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