Rochdale Hornets provide positive financial update

[The Hornet]

70 MINS

ROCHDALE HORNETS PROVIDE POSITIVE FINANCIAL UPDATE

 

Rochdale Hornets recently posted its latest financial results which cover an extended period between the 15th of June 2020 and the 30th of November 2021 – the date of conversion on Companies House – to the accounting period at the end of the 2021 season.

Rochdale Hornets Rugby League Football Club Limited (PLC) is owned by shareholders Andy Mazey, Anthony Sheridan, Pete Smith, Paul Ormerod, and Richard Heyes. Members agreed to convert the Rochdale Hornets Rugby League Football Club Society Limited (IPS) to the new entity in December 2019 with Incorporation taking place on the 15^th June 2020. 

The accounts largely cover the period of trading through the pandemic, which had an adverse effect on turnover for the 18-month period. However, through prudent financial planning we are pleased to report a pre-tax operational profit of £33,488 and a pre-tax profit of £177,180, the difference derived from a director loan of £143,692 which is now fully written off. Whilst this is positive news, we are cautious that it does not represent a normal season of trading and given the changing landscape of rugby league we must continue to be prudent in our planning. The board would like to take this opportunity to thank all fans, sponsors, and partners for their generosity and support whilst navigating the 2020-21 season.  

As many may know, life-long Hornets fan Paul Ormerod is Chairman of the Rochdale Development Agency. Given the pressures on time from being Chairman of RDA, he feels the need to reduce his day-to-day responsibilities to Hornets and has stepped down from the board. Paul said: “Over the past year or so the RDA has obtained considerably more government grants than both Oldham and Bury combined, nearly £200 million, and there are further major developments in the pipeline. The club is in safe, well-managed, hands and regrettably I just don’t have the time to give Hornets my proper attention” 

Paul remains club President and is honoured to support Hornets in this role. The club’s accounts, made available online by Companies House, confirm that Paul has now written off his outstanding loan to the club.  He announced this intention a couple of years ago, having already written off a sizable loan in 2019.  Following financial advice received by the club, the opportunity arose for Paul to write off the outstanding amount.  Paul himself said: “No significance should be attached to this. It is purely and simply a tidying-up exercise to fulfil the promise I made”. 

Andy Mazey, Chairman of Rochdale Hornets, commented: "We opted to extend our accounting year to coincide with the playing season, making it easier to report our financial position to the RFL as part of the Return on Investment regulations. The accounts show a pre-tax profit which is a continuation of prudent financial planning. We are ready for the opportunities and challenges that we will face in the coming years, due to changes in the way the sport is funded. It is therefore vital we continue to grow our crowds, commercial revenue’s and our community engagement as we continue to  build for the future.

“On behalf of the board I would like to extend my gratitude and thanks to Paul for all his hard work and I look forward to continuing to work with Paul as Hornets President. Fans should join me in thanking Paul for the financial support and security he has provided the club over many years.”

“From a football perspective, Matt and our backroom staff and players have had a very good pre-season and we are confident that a successful season is upon us. Our ambition is to return to the Championship and as a board we will continue to support all areas of the business and on-field preparations, without compromising our strong financial position. The changes in rugby league are well documented and now is the time for fans to really get behind the club and help increase crowds. TOGETHER we will succeed.”

[ornit4ever]

I’m sure that all Hornets’ supporters are ever so grateful for Paul Ormerod’s gifts of his time and huge financial assistance. Doubtless we would have been unable to continue watching and supporting this famous club of ours  without his massive input.

Thank you Paul for continuing as president and look forward to your presence at future Hornets’ games.

 

[glemiln]

Excellent news and cheers a plenty to Mr Ormerod and the efforts of the Board.

"It is therefore vital we continue to grow our crowds, commercial revenue’s and our community engagement as we continue to  build for the future."

Hopefully the current crowd restriction of 920 will be quickly dropped, especially with the next 2 home games.

Hunslet dropped a point (missing 4 conversions) to Oldham today, so I suspect some extra cheers to spur on the lads will help the causes.

[ormskirknet]

Hornets making a profit is a real positive, however its getting even tougher.

Every credit to Paul, and the team Andy has brought in, let hope we see all the hard work reflected on the filed this season, its much easier promoting a winning team  when trying to drum up the floating fans.

[The Hornet]

On 04/04/2022 at 12:15, ormskirknet said:

Hornets making a profit is a real positive, however its getting even tougher.

Every credit to Paul, and the team Andy has brought in, let hope we see all the hard work reflected on the filed this season, its much easier promoting a winning team  when trying to drum up the floating fans.

Couldn't agree more and the signs are we are now getting somewhere near to a full strength side becoming available to Matt so hopefully performances and results will come. The work thats been done to pick the club up from the mess of 2019 and then push us through firstly a global pandemic and then major central funding cuts should not be underestimated. As you say Paul Ormerod deserves huge respect for his financial underpinning of the previous ownership model as does Andy and the new board for the fantastic work thats being done in challenging times.