Not really.
1. The asset is generating income for St Helens and is fundamental in them moving away from losing money at EBITDA level and starting to break even from a cash point of view. The asset at Wigan is generating income for Wigan football club and the operating losses being made by the Rugby League club are pretty much all cash losses.
2. Depreciation on a stadium is vastly different to maintenance costs. And regular maintenance is being expensed by clubs like St Helens anyway.

A look at their Balance Sheet shows Saints aren't exactly in a healthy financial position but (pre Covid) they no longer needed directors to stick money in year after year, which McManus thinks is a decent position to be in (I'd like to see them actually making money but they seem happy enough with their position).

ah...

Look. I really don’t want to get into an argument with someone who clearly has no clue as to what they are talking about so I will leave you with this. Imagine, god forbid. one of the Wigan shareholders passed away and their shareholding needed to be valued for probate. Guess how much it would be worth. Zero. Because the club is insolvent. Even the auditors have concluded that there is a material uncertainty towards going concern.

But hey. If you want to carry on thinking your club is priceless, Knock yourself out champ.

Thank f*** for that

Put in its simplest form, ”Value” may well be zero, as many professional sports clubs would be...but “worth” is basically what someone is willing to pay for it, which as most are saying here most certainly isn’t £0.

game, set and match