I really don't know where to start with this - you've clearly not looked at the accounts. If you did you wouldn't have written this (or maybe you would?).



The club overdraft went DOWN last year - Operating loss for the year was over £600k.



Because it says this in the accountsMr I F Lenagan, a Director of the Company, has provided personal guarantees to the Bank on behalf of the Company[/i"



As I've already said the bank overdraft reduced last year (from £392k to £378k) but the operating loss was over £600k. Who do you actually think is funding the loss?



The investment company is Lenagan if you'd bother to read the accounts. The amount owed went up by over a £1m last year alone and now stands at £5.9m. He bought the club for £2m. Without the Lenagan family the club would be in financial trouble.

No I have not looked at the accounts but I do understand the difference between an individual and a company and the fact that IL vias his investment company has loaded the money spent onto the club as a debt so it's a not a gift. Given Orrell is valued at £3.6m if it all went belly up tomorrow he's also not facing a £5.9nm loss either. If he bought it for £2m and the club owes £5.9m where did the £3.9m come from? He's been in charge 10 years. If this sort of loss and level of debt had been reported under the previous regime they would not be being accorded the accolade as a saviour. People would be slagging the situation off because the club was being run at a loss requiring handouts.

It makes a few posts about Lenagan using the club for personal gain in the thread about the Aussie game seem even more crazy this news. I remember one which went along the lines of-

Income
Gate Recepits £2.5m
Sky Money-£2m

Outgoings
Wages-£1.8m
Stadium Rent-£300k

They indicated that Lenagan must be taking the rest!

Brilliant.

Seriously Dave, read the accounts for the club and Lenagan Investments then come back and tell me why Lenagan isn't propping up the club. You obviously have no idea what you're talking about because you clearly don't know the figures, yet seem incapable of admitting it.

Indeed - a little knowledge is a dangerous thing. No knowledge is the internet.

Does anyone have the profit and loss year on year since Lenagan took over?

Haven't we had a mixed bag of profits and losses over the past 10 years? And with a better projected result for 2017 this would continue that trend.

I'd guess this is probably not the case for many sports clubs who consistently make losses year on year.

IL has stated on many occasions that he wants the club to "wipe it's own face".

I see the trolls are out on social media loving the £600k loss but they probably didn't bat an eyelid in the years we made profits.

The really alarming thing is that this loss was posted during your super league winning season! It's evident that without IL you wouldn't be in business but this is no different to a lot of clubs. DaveO, if you look at the parent company accounts, the loan made to Wigan rugby club has come from IL personally as it has increased by the same amount as his directors loan in there. Lenagan investments owes IL 5.9m. Money he's never going to see again!

Regards

King James

Does the club get any return on Stadium sales of food and drink on match days, or does the Stadium company bank the lot?

Not necessarily, it just means that the club would be looking at a different business model where it has to cut its cloth instead of knowing it can make a loss which will be covered.

If you could get back to playing good rugby (coach ?) I'm sure the fans you've lost, (even following last years GF win) would come back.
But will they come back to see sterile Rugby ?
Even for big games support is down especially when you have to travel, I think fans are just a bit demoralised with what's been turned out, versus what your used to ??

It's easier said than done, But get those fans back and you break even.

Quote: Th'Observer "Does anyone have the profit and loss year on year since Lenagan took over? Haven't we had a mixed bag of profits and losses over the past 10 years? And with a better projected result for 2017 this would continue that trend. I'd guess this is probably not the case for many sports clubs who consistently make losses year on year. IL has stated on many occasions that he wants the club to "wipe it's own face". I see the trolls are out on social media loving the £600k loss but they probably didn't bat an eyelid in the years we made profits.'" Financials from 1997 to 2016 https://beta.companieshouse.gov.uk/comp ... ory?page=1 And if you think it's purely down to not owning our own ground then read this on Red Vee www.redvee.net/forums/showthread ... sses-Widen

Quote: Th'Observer "Does anyone have the profit and loss year on year since Lenagan took over? Haven't we had a mixed bag of profits and losses over the past 10 years? And with a better projected result for 2017 this would continue that trend. I'd guess this is probably not the case for many sports clubs who consistently make losses year on year. IL has stated on many occasions that he wants the club to "wipe it's own face". I see the trolls are out on social media loving the £600k loss but they probably didn't bat an eyelid in the years we made profits.'" Financials from 1997 to 2016 https://beta.companieshouse.gov.uk/comp ... ory?page=1 And if you think it's purely down to not owning our own ground then read this on Red Vee www.redvee.net/forums/showthread ... sses-Widen

and were does the acquiring of robin park come in all this?

What do you mean?
These are the 2016 accounts, the Robin Park acquisition, Orrell sale, hasn't been concluded as yet, to my knowledge.

Why do we all care about the P&L? A loss made, writedown, exceptional costs whatever, that's no tax to pay and carry the loss over to next year.

Because somebody needs to fund the losses. Thankfully Lenagan is at the moment (to the tune of £5.9m) but in the medium and long term the club needs to be able to "wash it's own face" or it isn't sustainable - just remember what happened to us in 1999.