ST HELENS chairman Eamonn McManus has issued a statement today explaining his club’s increasing financial losses.
Saints have reported an operating loss of £2,205,615 for the year ended 31 October 2023, compared to a loss of £1,218,292 in 2022.
Earnings before interest, tax, depreciation and amortisation showed an increased loss from £375,299 in 2022 to £1,319,274 in 2023.
While Saints’ turnover only fell by 180,309, costs increased by £807,014 compared to a year earlier.
The club say that reduced Super League distribution and prize money had been balanced by more cost-heavy income streams such as hospitality and retail rates.
With a new, further reduced TV deal starting this season, plus repayments due on Covid loans, St Helens anticipate a further increase in losses for the next financial year.
McManus said: “Super League clubs are experiencing worsening financial performances principally due smaller central distributions deriving from reduced Super League broadcasting rights.
“We also incurred a material increase in our cost base due to general inflationary pressures and in particular increased energy costs at our stadium.
“The club is exploring and implementing ways to diversify and increase our operational revenue base in order to reduce accumulating losses. The arrangement with Liverpool FC’s women’s team playing at our stadium is one such example.
“However, real progress can only be made if central distributions in time revert to higher levels. We continue to support RL Commercial and IMG in their endeavours to attain this.”
McManus added that the losses would not affect spending on their men’s first team, who are at risk of missing out on the Super League play-offs this season.
“The club will continue to spend full salary cap, and to utilise all marquee exemptions in so doing. To do otherwise represents a false economy. However, other less essential costs will necessarily need to be reviewed,” he said.
“Our aim is to continue to be a leading and exemplary force in Super League in 2025 and beyond.
“The support which we have continued to receive from our fans and our sponsors in these difficult financial times is deeply appreciated by all at the club.”
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