Leeds Rhinos braced for £1.5m loss due to coronavirus crisis

Leeds Rhinos have placed their squad and most staff on furlough for the next three months - and still expect to see a £1.5m loss during that period.
FINANCIAL LOSSES: Leeds Rhinos' chief executive, Gary Hetherington.FINANCIAL LOSSES: Leeds Rhinos' chief executive, Gary Hetherington.
FINANCIAL LOSSES: Leeds Rhinos' chief executive, Gary Hetherington.

That is a brutal illustration of just how hard the coronavirus is hitting businesses. In the case of the eight-time Super League champions, they have only recently completed a £45m redevelopment of their Emerald Headingley Stadium.

“Normally in sport, the club with the best facilities and most staff has an advantage,” said Rhinos chief executive Gary Hetherington.

Hide Ad
Hide Ad

“But at Leeds, we find ourselves as the club with the biggest challenge. All our incomes have run dry and we anticipate a £1.5m loss over the next three months from budgeted income that now won’t arrive.

“All the financial reserves we’ve built up as a profitable organisation have been invested in our facilities, so we’re living off cash generated so far this season. But we need more. We’ll know the extent of cuts we’ll have to make in the next two weeks. The next four are absolutely crucial.

“We’ve notified all our 150 players and staff they’ll be paid in full for March and paid for April, May and June through furlough. The club will top that up where possible too.”