The incredible amount of money invested by the NRL into troubled side Gold Coast Titans has been revealed – with the governing body investing over $3.5million in just over three months to save the club from collapsing.
The NRL took control of the Titans last month after the club went into voluntary administration, which meant the club’s immediate future could be secured after a turbulent few months.
But the shocking figures released in a report by administrators earlier this week have unveiled the dramatic extent to which the Titans were struggling to cope off the field.
Those numbers include financial figures such as:
● The club posted a $4.9m loss for the 12 months to the end of the 2014 season.
● The NRL issued $2.35m in “emergency funding” between September and December last year and paid two monthly club grants in advance totalling $1.28 million in the same period.
● The club had $246,403 cash in bank accounts, of which only $68,092 was recovered by administrators due to eight finance leases for motor vehicles.
● Their greatest asset was “goodwill”, valued at $10.6 million.
● They owed the Australian Taxation Office $273,671.