Championship club reveals scale of cashflow issues with significant six-figure sum needed

Halifax Panthers have revealed the extent of their financial woes, detailing that they are £80,000 in debt with a total of more than £200,000 needed to ensure the Championship club are able to operate sustainably through to the end of the year.

Thursday evening saw the Panthers release an initial statement which revealed they had been issued a winding up order from HMRC, with players and staff not being paid.

Interim chairman Lee Kenny said a ‘perfect storm’ of sponsors going into administration and small crowds, along with a six-figure cash injection that fell through at the last moment recently, led the club to this point.

And though the Fax squad have agreed to take to the field at home against Dewsbury Rams on Sunday (September 8), the situation remains a very precarious one.

LRL RECOMMENDS: How every Super League club’s IMG score is impacted by this year’s position with Salford Red Devils and Leigh Leopards among big winners

Championship club reveals scale of cashflow issues with significant six-figure sum needed

In a statement released on Friday evening (September 6), Damian Clayton MBE – Fax’s CEO – has addressed a number of questions that have been thrown the way of the club, bearing pretty much all on the situation.

Clayton said: “At present, the club’s urgent debt stands at approximately £80,000, which includes essential payments to HMRC and operational costs such as player and staff wages.

In addition to addressing this immediate debt, we estimate that a further £120,000 to £150,000 will be needed to ensure the club can operate sustainably through the end of the year.

“This will allow us to cover ongoing operational expenses and necessary investments to strengthen the club’s future.”

MORE CHAMPIONSHIP NEWS: Championship coach set for tribunal with date confirmed after investigation into conduct

‘We have comprehensive plans in place to ensure Halifax Panthers remain sustainable and competitive’

Clayton went on to insist that as long as the club can overcome their current financial issues, with the help of the local community, there are longer-term plans in place to ensure a situation like this doesn’t arise again any time soon.

He added: “We have comprehensive plans in place to ensure Halifax Panthers remain sustainable and competitive. This includes developing partnerships with local businesses, growing our supporter base, and creating new revenue streams through enhanced sponsorship opportunities and fan engagement.

“We are committed to building a financially stable future for the club, ensuring that we can continue to serve the community and our loyal supporters for many years to come.