Thats Hudgells second denial of problems, we all know what 3 denials mean don't we

As long as you're relying on someone to underwrite the debt, there's a problem IMHO.

The majority of businesses are structured to operate at a profit or break even at worst.

Ask Gateshead what happens when the 'one' underwriting it decides enough is enough. What happens also if the underwriter drops dead tomorrow and their family no longer want to be involved in RL and the directors loans have to be returned.

If you're happy for you club to be massively indebt, incur large losses each year and be underwritten by chairman/board members.
have a look at the recent history of gretna fc.

Wish I'd found that, and who can say that isn't going to happen.

I can really see at least one SL club going pop in the not too distant future. So many are reliant on shareholder/director funding and its not sustainable.

Leeds made a tidy profit after selling the cricket ground.

So what are they selling next year to make a profit ?

They're not. They are debt free as it stands but the redevelopment of the South stand will send them back into the red.

But the rugby side of the business made a big loss did it not.

rlhttps://www.yorkshireeveningpost.co.uk/rugby-league-headlines/Leeds-Rhinos-Leeds-facing-stand.5829534.jprl

The sale of the cricket ground will reduce income next year will it not. The turnover is from the business as a whole and not just the rugby sides. If this is the case the rest of the business could just be masking the League side of things. I don't know enough about the Leeds operation to speculate any further on that one.

So your conclusion of this link is what ?