LEEDS RHINOS have been given a major boost with record commercial income helping the club grow their turnover and reduce pre-tax losses.
Parent company Leeds Cricket, Football and Athletic Company Ltd reported turnover of £11.5m for the year ending 31 October 2022 – a figure that has increased by 36% on 2021 and one which matches pre-pandemic levels, according to Insider Media, whilst pre-tax losses reduced to £1.44m from £2.5m the previous year.
2019 revenue has also been matched by ticketing and membership income, which has increased by 88% to £2.15m as a result of an average attendance of 12,816 – the highest since 2017.
Incredibly, the Rhinos have also had a record year for commercial sales, with advertising, hospitality and sponsorship all increasing – by 19% on 2019 and 61% on 2021.
A report accompanying the accounts said: “The directors remain confident that the medium-term outlook for the rugby club is positive. The current loss, whilst disappointing, was in line with original projections, and the cash position is broadly breakeven due to the high levels of depreciation and amortisation.
“Progressive projections for 2023 memberships and hospitality sales, alongside the signing of a major new multi-year sponsorship agreement beginning in 2024, will help to deliver a break-even projection within two years.”
It added: “The long-term TV deals with Sky and the BBC have underpinned the financial performance of Super League. In May 2022 The Rugby Football League and Super League Europe announced a major 12-year strategic partnership with global management company IMG which will see the realignment of both organisations and a reimagining of the sport, which should create significant positive opportunities for the game and its professional clubs.”
