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Salford in trouble


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#1 Baaarrow

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Posted 11 December 2012 - 11:25 PM

Salford City Reds' future is in doubt after Salford City Council rejected a rescue plan for the troubled club.
The council had been asked to loan the club £750,000 until November, with Peel Holdings, who own their Salford City Stadium home, also loaning £750,000.
But the local authority rejected the plan after expressing concern over its financial viability and the level of risk involved with making the loan.
Salford are already the subject of a winding-up petition.
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It was thought the Super League side, who have already received £1.5m of investment from the council, were close to administration in October after club sponsors Steuer Gregsson sought an overdue payment and issued a winding-up petition.
A settlement was agreed, but another hearing has been scheduled for 7 January after two former players and HM Revenue & Customs joined the petition.
Luke Patten and Vinnie Anderson, who both left the Reds at the end of last season, each claimed they were owed around £40,000 after entering into a "salary sacrifice" arrangement - giving up the right to receive part of their wage, usually in return for some form of non-cash benefit - during their time with the club.
Meanwhile, Revenue & Customs said they were entitled to around £50,000 of unpaid tax.
Salford stressed at the time that they expected the matter to be resolved before January but now there is fresh doubt over their future.

Salford City Reds hoped to attract attendances of around 8,000 to home fixtures in 2012 - the final average figure was just under 5,500

Salford City mayor Ian Stewart said: "Times are tough and, in many ways, the Reds are yet another victim of the recession.
"We would have loved to try and help them out, but given the spending cuts the city council is already facing, that proved impossible."
Another Super League club, Bradford Bulls, were on the brink of extinction earlier this year and Salford were desperate to avoid a similar fate.
The Bulls went into administration in June and were saved by Omar Khan's consortium two months later, meaning they will keep their place in the top flight next season, with the Rugby Football League granting them a one-year probationary licence.
Reds chairman John Wilkinson had appealed on several occasions for new sponsors and investment and had often been forced to deny reports of the club being on the verge of administration.
He has also admitted that their relocation to their new £26m ground at the start of 2012 had denied them of a number of revenue streams.

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#2 soss

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Posted 12 December 2012 - 07:39 AM

We don't know how lucky we are to own our ground and the revenue it brings in...

The fox running with the hounds

When you are in deep trouble, say nothing, and try to look as though you know what you're doing

.

#3 Blue moon

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Posted 12 December 2012 - 07:50 AM

How many more SL Clubs are going to run into trouble over the next 12 months.

#4 morty

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Posted 12 December 2012 - 08:14 AM

total overhaul of the way RL is run and administered is required

Lee Morton

 

Raiders have risen from the ashes


#5 Baaarrow

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Posted 12 December 2012 - 09:44 AM

We don't know how lucky we are to own our ground and the revenue it brings in...

Very true Mike !

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#6 Penno

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Posted 13 December 2012 - 01:52 PM

When will the RFL realise that the ground requirements are forcing clubs into more debt or moving to council grounds which to quote "denied them of a number of revenue streams".




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