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Topic ClosedAmpthill Ambulance Access thread...was Leeds

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Pappashanga View Drop Down
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Direct Link To This Post Posted: 02 Jun 2019 at 22:17
Must be something to do with their contracts.Anyhow they have been so foolish as to get expensive players without having the money. It sounds like LW all over again.
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Direct Link To This Post Posted: 02 Jun 2019 at 22:33
It is all irrelevant as regardless of whether YC can agree a compromise with the "8" expensive players they have very few players left and no coaches so whatever they managed to cobble together would be a disaster.

Even if an "investor" was found what are they investing in?? Unloved tenants with a  fairly minimal fan base.

As Bigmal said professional rugby is viable for the very few . .. in the Premiership only Exeter make any money . .  and as said before I would love to know how many Championships show a surplus ( not many!).

It just seems very unfair that this years relegated club played by the rules and within its budget . . professional sport!!!
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Direct Link To This Post Posted: 03 Jun 2019 at 09:08
Yes Leeds must have known some time back that the ship was sinking and were hoping for some miracle.
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Direct Link To This Post Posted: 03 Jun 2019 at 09:32
Originally posted by Runitback Runitback wrote:

and as said before I would love to know how many Championships show a surplus ( not many!)

I've had a quick look around Companies House but clubs can be difficult to find and the latest published accounts being to June 2018 - the 2017/18 season. 

London Irish lost £3.5m, Blues made a profit, Nottingham lost £500k, Hartpury made a £16k surplus - (and all their players are employed by the University itself). Couldn't find London Scottish, Jersey or Pirates, Doncaster is an Industrial & Provident Society - at which point I got bored!!

Leeds accounts to June 2017 included a note to the effect that losses of £1.69m in 2017/18 and £500k in 2018/19 were forecast and being underwritten by the holding company - Yorkshire Tykes Ltd through loans/share issues - so the directors / auditors were probably happy with the business being considered a going concern. Yorkshire Tykes 2018 accounts include a note saying that no support has been included in the accounts as the budget for YC has yet to be finalized. 

All this is public information available online via Companies House.
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Direct Link To This Post Posted: 03 Jun 2019 at 10:42
Well back at the start fo April there was an article in the Rugby paper about Leeds going part time.

The figures in that suggested they had a budget of £2.3m last season.
Of which £1.6 was from the directors who were withdrawing support.

Which suggests that negotiations had been in place before that .
I assume the board had been looking for a new mug sponsor to fill the gap.

One of the posts on here suggested that they were paying Tykes £400k in rent. If true that is nearly £30 per spectator per match.
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Direct Link To This Post Posted: 03 Jun 2019 at 10:50
3/06/2019

Yorkshire Carnegie Chief Executive Gary Hetherington has issued the following update on the club's current situation. 

"The Leeds RUFC Board of Sir Ian McGeechan, Prof Paul Smith, Rob Oates and myself are responsible for the running of Yorkshire Carnegie and for making major decisions on the Clubs’ future and we are now awaiting a decision from the Shareholders of Yorkshire Tykes RUFC, who provide the funds to enable LRUFC to operate, before a further announcement can be made.

But, it is fair to say the Club is in a critical position having lost its major source of funding and the Board is now working closely with the RFU and YTRUFC Shareholders to manage our current predicament and hopefully plot a way forward.”

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Direct Link To This Post Posted: 03 Jun 2019 at 10:55
I thought Mr McGeechan had resigned. Otherwise,what else can they say?
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Direct Link To This Post Posted: 03 Jun 2019 at 11:00
Originally posted by Pappashanga Pappashanga wrote:

I thought Mr McGeechan had resigned. Otherwise,what else can they say?

Executive President Sir Ian McGeechan has tendered his resignation from his positions as a Director and Executive President of the club from 30th June 2019.
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Direct Link To This Post Posted: 03 Jun 2019 at 11:03
He has given notice that he is resigning effective June 30th.

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Direct Link To This Post Posted: 03 Jun 2019 at 11:48
At its peak I think the annual fee paid to Rhinos (not Tykes) was nearer £500,000 than £400,000. This is not just rent of the stadium but also the Kirkstall training facility where the academy is based and all the shared back-office facilities. Caddick has agreed to reduce this progressively and it is now £100,000.

Edited by Albert Fishwick - 03 Jun 2019 at 11:49
That's easy for you to say.
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Direct Link To This Post Posted: 03 Jun 2019 at 13:11
No means an expert in this, but if YC did seek CVA before June 30th then it falls within the 18/19 season and would incur points deduction in this season? Meaning relegation in all probability given the likely points sanction? 
Delaying any potential decision until 19/20 season techinically would be less of a hammer blow and they remain a Championship club and access funding?
Not exactly fair on clubs like Richmond, but then it's business first I guess. 

Regardless, not good for the game, fans, staff or anyone.
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Direct Link To This Post Posted: 03 Jun 2019 at 13:31
I am not sure it matters if they cannot guarantee to fulfil fixtures next season.
Which unfortunately seems to be a significant risk. 

See the post elsewhere - Richmond have been told not to post fixtures yet.
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Direct Link To This Post Posted: 03 Jun 2019 at 14:02
Originally posted by God Bless The Apple God Bless The Apple wrote:

No means an expert in this, but if YC did seek CVA before June 30th then it falls within the 18/19 season and would incur points deduction in this season? Meaning relegation in all probability given the likely points sanction? 
Delaying any potential decision until 19/20 season techinically would be less of a hammer blow and they remain a Championship club and access funding?
Not exactly fair on clubs like Richmond, but then it's business first I guess. 

Regardless, not good for the game, fans, staff or anyone.
 
under regulation 5.3.9 no points deduction if they pay all creditors in full
this is why events unnerve me
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Direct Link To This Post Posted: 03 Jun 2019 at 14:22
Originally posted by Camquin Camquin wrote:

If it is sorted by Aug 1 Richmond will replace Leeds and Nat 1 goeas ahead with 15.
Had been sorted by Friday Caldy would have stayed up and everyone else would have shuffled up, but it is now too late for that.

Edit
Actually technically may 

Quote
13.2.4 (b)

(vi) in the event it becomes apparent to the RFU Board of Directors or the RFU Board of Directors is advised before 1 August prior to the Season that a Premiership Club or a Championship Club for any reason whatsoever is withdrawing from or is unable to participate in or is removed from the Premiership or the Championship (as the case may be), the RFU Board of Directors may, in its absolute discretion and subject to such terms as it may decide, require that: 
a) a Club which would otherwise play in the Championship play in the Premiership; and/or 
b) a Club which would otherwise play in Level 3 play in the Championship; 

(viii) where such decisions referred to in Regulation 13.2.4(b)(vii) above is made on or after 1 June prior to any season the League at Level 3 will for the ensuing season comprise fewer than 16 Clubs

BTW am I the only the only person who reads regulations.

Sorry CAMQUIN but you have proven your in depth knowledge so we rely on your excellent quality quotes from them. Wink


Edited by castleparknight - 03 Jun 2019 at 14:27
Onward and Upwards C'mon Donny!
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Direct Link To This Post Posted: 03 Jun 2019 at 14:37
Originally posted by corporalcarrot corporalcarrot wrote:

Leeds or YC if they want to call themselves that are a big city club and the RFU should sort this rubbish out and throw 1% of the money they chuck at the premiership to solve the problem. Comparing Leeds with OE's is like comparing Jersey (or Sark) with Sarries. If money is the problem the RFU should cut the prawn sandwiches out and put some money down to sort it out. 


Given the RFU paid £20m to Premiership clubs for various services in the last year for which accounts are available that would be £200k.  If that is enough to sort it out I actually think that is a reasonable suggestion.

Though given they get a reported £550k from the RFU I'm not entirely sure another £200k would solve the issue.
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Direct Link To This Post Posted: 03 Jun 2019 at 14:55
Originally posted by SK 88 SK 88 wrote:

Originally posted by corporalcarrot corporalcarrot wrote:

Leeds or YC if they want to call themselves that are a big city club and the RFU should sort this rubbish out and throw 1% of the money they chuck at the premiership to solve the problem. Comparing Leeds with OE's is like comparing Jersey (or Sark) with Sarries. If money is the problem the RFU should cut the prawn sandwiches out and put some money down to sort it out. 


Given the RFU paid £20m to Premiership clubs for various services in the last year for which accounts are available that would be £200k.  If that is enough to sort it out I actually think that is a reasonable suggestion.

Though given they get a reported £550k from the RFU I'm not entirely sure another £200k would solve the issue.
 

CC if you are suggesting that the RFU stop mucking about and financially support the Championship clubs properly rather like the French 2 I whole heartedly agree. I would not agree to helping the Board and Management of Leeds out of a hole of their own making as it would send the  totally wrong message to the other teams in the Championship that they can spend lots of money they haven't got and if it doesn't work out the RFU will fund their losses
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Direct Link To This Post Posted: 03 Jun 2019 at 19:32
In my humble opinion an insolvency event has already taken place so points deducted notwithstanding any ability to pay off all rugby creditors. Bring on the lawyers.
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Direct Link To This Post Posted: 03 Jun 2019 at 19:55
No extra money to Leeds, either all get it or none. Simplistic viewpoint maybe but fair
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Direct Link To This Post Posted: 03 Jun 2019 at 20:02
Originally posted by FHLH FHLH wrote:

In my humble opinion an insolvency event has already taken place so points deducted notwithstanding any ability to pay off all rugby creditors. Bring on the lawyers.


Not according to the London Gazette.
That's easy for you to say.
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Direct Link To This Post Posted: 03 Jun 2019 at 20:53
The CVA is a form of composition, similar to the personal IVA (individual voluntary arrangement), where an insolvency procedure allows a company with debt problems or that is insolvent to reach a voluntary agreement with its business creditors regarding repayment of all, or part of its corporate debts over an agreed period-government web site.
If a company can pay all its debts it doesn't need a CVA. It usually means paying a small part of them.
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