Aviva Premiership: something exciting happens

[blockhead]

Saracens write off over £45m of debt
Alex Shaw 08 Apr, 8:21
It’s that time of year again when companies file their balance sheets for the previous fiscal year.

Gallagher Premiership financial reports have been particularly interesting reading over the last few seasons, as clubs up and down the country have struggled to match their revenues with the increasing costs of the sport, which have been influenced by the recent increases to the competition’s salary cap. For the fiscal year ending in 2017, only Exeter Chiefs were able to produce a profit.

One of the more interesting returns filed this year has been by Saracens, with the club from north London long characterised by their mounting debt.

According to the results filed by Saracens Limited, which run up to the 30th June 2018, the club have written off just under £48m of debt owed to the parent company of Premier Team Holdings Limited.

They have opted to convert the loans from Premier Team Holdings Limited into equity, with Nigel Wray owning a 99% stake in that company, following the decision of Remgro to sell up their 50% ownership. Premier Team Holdings Limited, in turn, owns an 89.8% stake in Saracens Limited.

With this move coinciding with CVC Capital Partners’ investment in Premiership Rugby, Saracens’ financial records are likely to look a lot more healthy in the seasons to come.

For the year finishing June 30th 2018, Saracens posted an operating loss of £3.8m, an increase of £1.1m from the previous year. Those increased costs have been attributed to restructuring one-offs, as well as extra investment in both the women’s team and the club’s academy. For the three years prior to that, annual losses had been diminishing at the club.

Turnover, meanwhile, was up by roughly £400k, with revenues of just shy of £18m for the year.

Saracens are in line to receive a payment somewhere in the region of £13.5m from the CVC investment, with CVC allowing clubs the opportunity reinvest up to 10% of the proceeds from the overall deal (£200m) into the company TopCo. The thirteen shareholders in PRL will therefore have the opportunity to invest roughly £1.5m apiece into this company which, per Wray’s Chairmen’s Statement, Saracens will be doing.

The club’s £23m redevelopment of the West Stand at Allianz Park, which has been planned and worked on in conjunction with Middlesex University, is set to begin at the end of the 2018/19 season and is slated for completion in 2020, as the club looks to create a more sustainable future for itself.

[blockhead]

UK Times

Mark McCafferty is to leave his role as chief executive of Premiership Rugby at the end of the season. He is not going to go far from the scene, though, because he has a new role as advisor to CVC Capital Partners, the private equity firm which recently bought a 27 per cent share of the Premiership.

#cute hoor!

[Peg Leg]

UK Times

Mark McCafferty is to leave his role as chief executive of Premiership Rugby at the end of the season. He is not going to go far from the scene, though, because he has a new role as advisor to CVC Capital Partners, the private equity firm which recently bought a 27 per cent share of the Premiership.

#cute hoor!

What a snake. I'd say his deal was similar to what BT offered Premier Rugby to dismantle the erc. Get the deal over the line and we'll look after you.

"It was Mrs. O'Leary's cow"

[paddyor]

Or Ian Ritchies deal when he joined PRL after agreeing a massive deal with RFU after he managed it into the the ground, his “incompetence “ at the rfu was staggering. State of the rfu right now, no bother Ian.....

[Aird]

London Irish prepare for next season with announcement of another Irish International Paddy Jackson signing for them.
Playing in the Premiership will highlight his talents to the Irish Coaching Staff.

[The Doc]

London Irish prepare for next season with announcement of another Irish International Paddy Jackson signing for them.
Playing in the Premiership will highlight his talents to the Irish Coaching Staff.

Two sides to that blade

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[Flash Gordon]

London Irish prepare for next season with announcement of another Irish International Paddy Jackson signing for them.
Playing in the Premiership will highlight his talents to the Irish Coaching Staff.

Two sides to that blade

Sent from my SM-G950F using Tapatalk

Yeah, they've made huge efforts to position themselves as a family club. There's a fair bit of discomfort with this move amongst their supporters.

[Jackie Brown]

London Irish prepare for next season with announcement of another Irish International Paddy Jackson signing for them.
Playing in the Premiership will highlight his talents to the Irish Coaching Staff.

Two sides to that blade

Sent from my SM-G950F using Tapatalk

Yeah, they've made huge efforts to position themselves as a family club. There's a fair bit of discomfort with this move amongst their supporters.

Seems a lot of people spouting facts on twitter against the usual libelous nonsense.

Good man Paddy, another step closer to home.

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[The Doc]

Two sides to that blade

Sent from my SM-G950F using Tapatalk

Yeah, they've made huge efforts to position themselves as a family club. There's a fair bit of discomfort with this move amongst their supporters.

Seems a lot of people spouting facts on twitter against the usual libelous nonsense.

Good man Paddy, another step closer to home.

Sent from my Pixel 2 using Tapatalk

My point was that having more visibility only works if you play well. I'm not convinced he will look quite so good in the premiership. Either way... I'd be amazed if he plays for Ireland again. Lots of other options now

I'm also not convinced by the signings by LI so far... I suspect they would vote for ringfencing right now


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[John23]

Waisake Naholo joining L.I. after World Cup. Must be taking some wedge to bankroll all these new signings. All hardly within salary cap?

[johng]

You can have 2 x "Marquee players" outside the cap

[the spoofer]

You can have 2 x "Marquee players" outside the cap

So SOB and Naholo. I doubt Kepu would be on a huge wedge and neither would wee Paddy.

[johng]

You can have 2 x "Marquee players" outside the cap

So SOB and Naholo. I doubt Kepu would be on a huge wedge and neither would wee Paddy.

Kepu because of his position perhaps. Paddy is probably on a few jam sandwiches and the odd free flight home.

They have some list of talent coming in.

Sean O'Brien Paddy Jackson Adam Coleman Waisake Naholo Sekope Kepu Nick Phipps Curtis Rona Allan Dell

[neill_m]

Waisake Naholo joining L.I. after World Cup. Must be taking some wedge to bankroll all these new signings. All hardly within salary cap?

Staying inside the salary cap in the Premiership seems to be optional

[Oldschool]

Waisake Naholo joining L.I. after World Cup. Must be taking some wedge to bankroll all these new signings. All hardly within salary cap?

Staying inside the salary cap in the Premiership seems to be optional

Do LI have a sugar daddy?

[blockhead]

JOHNNY MCPHILLIPS off to Leicester. Quite a few Irish 10s in the Prem next season. Jackson, Madser, Reid and McPhillips.

[neill_m]

JOHNNY MCPHILLIPS off to Leicester. Quite a few Irish 10s in the Prem next season. Jackson, Madser, Reid and McPhillips.

Reid and McPhillips both at Tigers. As is Taute from SA via Munster.

[Peg Leg]

Leicester Tigers for sale, sugar daddy preferable. Sad day.

Leicester Tigers put up for sale with Premiership club open to offers in bid to return to the top of rugby union

http://flip.it/TLQTs8

[FLIP]

Eyes everywhere sigh a breath of relief as Dylan Hartley retires due to injury.

[MylesNaGapoleen]

Jaw dropping piece on the bbc...mainly from danny care, the english scrum half. https://www.bbc.co.uk/sounds/play/p07t6mvn
He makes a compelling argument to stick them in the championship for the same amount of time they breached the salary cap.
Feel for exeter, who finished top in the league twice but lost in the play off finals to Saracans.