Super League club Warrington Wolves slipped to a pre-tax loss as its finances were “profoundly affected” by the Covid-19 pandemic in an “extremely challenging year”.
Newly-filed accounts from Warrington Sports Holdings have revealed the club made a loss of £797,371 in the 12 months to November 30, 2020, down from a profit of £52,266 in the prior year.
The side, who play at The Halliwell Jones Stadium, have also reported a turnover of £4.6m, a decrease from £7.3m.
A statement signed off by the board said: “2020 was an extremely challenging year with the club’s finances significantly impacted by Covid-19, resulting in a loss of £797,000.
“The pandemic forced the Super League to shut down for five months, re-opening with matches having to be played behind closed doors.
“Not only did this impact Super League central distributions, gate and season ticket revenue but sponsorship and hospitality, retail and the club’s conference and events business were all profoundly affected.
BusinessLive is your home for business news from around the North West- and you can stay in touch with all the latest news from Greater Manchester, Liverpool City Region, Cheshire, Lancashire and Cumbria through our email alerts.
You can sign up to receive daily morning news bulletins from every region we cover and to weekly email bulletins covering key economic sectors from manufacturing to technology and enterprise. And we’ll send out breaking news alerts for any stories we think you can’t miss.
Visit our email preference centre to sign up to all the latest news from BusinessLive.
For all the latest stories, views, polls and more, follow our BusinessLive North West LinkedIn page here.
“This is evident in the fall in turnover from £7.4m in 2019 to £4.6m in 2020.
“To offset the losses the club responded swiftly, professionally and prudently to mitigate the sizeable reduction in revenues.
“Voluntary salary cuts by employees and Government support alongside the overwhelming generosity of our members and partners helped to reduce the losses.
“Although it appears we are through the worst of the pandemic, 2021 is shaping up to be another financially challenging year.
“The Government loan accessed via the RFL provided welcome relief but is an additional liability that will need repaying for years to come.
“To ensure we remain competitive on-field and operate professionally off-field, the club will require additional funds which will be provided for by the directors for the foreseeable future.”
Business News Governmental News Finance News
Need Your Help Today. Your $1 can change life.