TOULOUSE OLYMPIQUE are putting together a financial rescue package following significant losses incurred during their first-ever season in Super League last year.
Reports in the French media suggest the club ran up a half-million euro deficit in 2022, which needs to be repaid by the end of March.
Long-time club President Bernard Sarrazain, who last year announced that he is prepared to step down and hand the club to new owners, has pledged to balance the books before he leaves, although there is an alleged shortfall of E200,000.
A club spokesman told League Express: “It’s true that we made significant losses in the aftermath of Covid and our subsequent relegation from Super League.
“We’re not the only club to feel the financial hit, but we are currently finalising an equity increase to secure the future of the club and to enable the future change of chairman to go as smoothly as possible.”
The spokesman pointed to the attendance of over 300 sponsors and their families at their season-launch party last week as an indicator of the financial stability of the club.
He added, “We’ve seen the dramatic headlines online, but none of those people contacted us for clarification.
“It’s a simple situation that many professional clubs find themselves in at the moment, We’ve suffered losses and we are dealing with it.”
