A new Queensland team armed with a $50 million bank guarantee will officially be invited to join the NRL in time for it to begin competing for player signatures from November 1 | SMHsport
ARLC chairman Peter V’landys and NRL CEO Andrew Abdo held a conference call with the 16 club chairs and chief executives on Thursday, where expansion and the game’s finances were the hot topics. The governing body revealed a profit of $50 million for the financial year, a figure that would have been $81 million had it not been for COVID-19 costs over the course of the league financial year.
That would allow the 16 existing teams to receive additional funds in the future, allaying fears the size of the revenue pie would be sliced up thinner between them. The new club will be required to have a $10 million bank guarantee per annum over the next five years to prove it is sustainable, with no additional handouts from head office.
In 2019, the 16 clubs lost a collective $37.5 million, raising fears not all would survive the pandemic. However, they posted a collective surplus of more than $21 million last year thanks to increased grants and JobKeeper subsidies, putting the game in a position to expand rather than contract.that some clubs still felt their funding should be further increased. The issue of loyalty payments, allegedly struck under a memorandum of understanding five years ago, was raised.
While the Dolphins are in the box seat to be welcomed into the league, the Firehawks and Jets haven’t given up hope of snatching the license. Having been told after their initial pitch to the ARLC last month they needed to bring more financial clout to the bid, the western corridor-based Jets have raised a further $23 million in guarantees in just three weeks through a suite of investors.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'I've done some good stuff': NRL legend Benji Marshall announces retirementBenji Marshall retires from the NRL, ending a 346-game NRL career that spanned 19 seasons.
Read more »
NRL scales back digital arm following broadcaster pressureThe National Rugby League’s online website NRL.com will move way from publishing breaking news.
Read more »
2021 Signings Tracker: Signings, departures at Manly; Storm farewell 11The SeaEagles have re-signed Jorge Taufua and Morgan Boyle for 2022 while confirming five player departures, including Moses Suli and Curtis Sironen. Details 👉
Read more »
2021 Signings Tracker: Signings, departures at Manly; Storm farewell 11The SeaEagles have announced the signing of highly-rated young forward Ethan Bullemor! 🦅 Details ✍
Read more »
Queensland records zero new cases of COVID-19'This is unbelievable,' Premier Annastacia Palaszczuk said. AusPol 9News
Read more »
'I've done some good stuff': NRL legend Benji Marshall announces retirementBenji Marshall retires from the NRL, ending a 346-game NRL career that spanned 19 seasons.
Read more »