RFL forecasts £3m loss due to cancelled Ashes series
The RFL has announced a return to profit but the governing body forecasts at least a £3million loss due to the cancellation of this year’s Ashes series.
Financial figures in the 2019 statements presented at Wednesday’s virtual annual general meeting show a profit of £75,000, welcome news after losses in the past two years, including a shortfall of £327,000 in 2018.
But the first home Ashes series since 2003, budgeted to deliver income in excess of £3m, being scrapped because of coronavirus and the wider implications of the pandemic has led to revised forecasts for 2020 and 2021.
A statement read: “An initial forecast profit of £109,000 has been revised, taking into account reduced ticketing and commercial income, as well as reduced staff costs and the impact of government schemes in place specifically to mitigate the impact of COVID-19 such as the coronavirus job retention scheme.
“Clearly, there will be a financial impact on the RFL but the executive and the RFL board are working closely on this to adapt the organisation to ensure its financial resilience over the next two years and beyond.”
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