Any COVID loan would have been in the balance sheet from the moment it was issued, even if repayments kicked in down the line.

Adey commented as follows:

Without knowing the details (of the liabilities), and especially any agreed but not contractual deferred payment arrangements especially for the current portion, it is impossible to tell (if the liabilities are a bad sign).

The balance sheet shows an entity that is technically insolvent, presumably reliant on creditors not seeking repayment of debts that are due. And a HUGE increase in "other creditors" (usually things like directors' loans, but who knows?) which appears to have been used to pay off nearly all the bank loans and overdrafts. On the face of it, this COULD be a pretty positive development - PROVIDED they ARE mostly loans, and from friendly parties on favourable terms. But it remains a huge amount of cash flow the club will have to generate, to repay them. Note the accounts are unaudited.

Big Nige fires up! https://www.thetelegraphandargus.co.uk/ ... d-unhappy/

Big Nige fires up! https://www.thetelegraphandargus.co.uk/ ... d-unhappy/

Most companies have debt. Making a loss is another thing so as Adey said it's not necessarily a cause for concern? The company I work for carries an average of 37.1bn euros of debt but it's far from insolvent.

I guess the next concern is the amount of debt we'll add buying the lease.

If nothing else, you have to say everything appears controlled and transparent.

Reading the accounts and the comments from the club, it all seems relatively positive (NB I'm no accountant).
It's also good the board are making financial challenges to the RFL in a measured and constructive manner.

I've said elsewhere before, there's got to be a grander plan ready to unveil once the Odsal lease is confirmed. I just don't see this board taking on such a huge debt purely for sentiment.