Quote: Pepe "The only reason Widnes Sport Ltd made a loss of £1Million was because of the considerable investment in the infrastructure of the club when SOC took over. They actually spent £1.2Million on this and paying off some of the old clubs debts. Perhaps the club may have made a slight profit if it wasn’t for the initial investment made. However, the club now has a top class SL infrastructure, which would put most current SL clubs to shame. So this was a canny, long term, investment.
Year two was a different story, with no further expenditure needed, other than the usual costs which come with running a rugby League club. It was a successful season and one where more sponsors were coming on board and such things as a new town centre shop being opened, and lottery schemes, &c, have been set up and grown.
I’m no accountant and, it seems you are clearly not either, but SOC simply putting £2Million into the accounts wouldn’t count as turnover anyway.'"
I still don't understand how that stuff is going to equate to an increase in turnover which, in turn, equates to a £1million profit. You would have to sell a lot of lottery tickets. The accounts will be interesting reading and, as a say, should be used as a lesson to all RL clubs.
