Wow.

Talk about digging an ever deeper hole.

Let it go, Martyn. You've made a mistake, which no one's too bothered about. But don't stir it all up again.

So Leeds rugby club majority owned by caddick group borrows money to Caddick group. I appreciate that i am thick but that sounds a bit dodgy to me.

It's perfectly normal in most businesses where one branch or subsidiary has surplus cash to sweep it up elsewhere either as inter company loan (as in this case) or dividend. It's obviously rare in sports clubs and is no longer the case at Leeds as the money was repaid when the club required it as a down payment for the redevelopment.

2 + 2 = Can't be d to check it properly...

So if Paul Caddick walked away tomorrow Leeds would just carry on and survive with no issue at all?

By the sounds of it they'd have more money as they wouldn't need to keep bailing him out

If Caddick "walked away" it would mean he had sold the company which would make sense given his age.
Certainly Leeds wouldn't fall over like other SL clubs though.

So its just the same as Ian Lenagan selling at some point then??

Not quite. Wigan would instantly collapse with all academy players signing for bigger clubs like Hunslet and Batley.

No, because Wigan RL Club Ltd owes Lenagan some £6m, has a limited asset base, loses money and is technically insolvent, none of which apply to Leeds.

So in the hypothetical "walk away" scenario, the club collapses. In a sale, the debts would need settling and that fact, and the state of the business generally, would make it not so attractive to buyers - although that isn't such a black/white commercial decision as it would be in most business transactions as the buyer is most likely to be a wealthy fan.

You're always going on about Mike Danson.

Let it go, Martin, you're never gonna meet him!

Taken from the Headingley North/South Stand last published accounts.



Subsequent to the year end, the business faces unprecedented uncertainty as a consequence of the COVID-19 pandemic. The company is entirely dependent on its sole customer, Leeds Cricket, Football & Athletic Company Limited ("Leeds Rhinos”), being able to pay the annual operating licence fee for use of the North-South Stand, in order for the company to meet its own lease obligations to Leeds City Council.

The directors acknowledge that the current uncertainty in respect of the COVID-19 pandemic means there is uncertainty around the level and timing of certain future income streams for Leeds Rhinos. Significant delays in crowds returning to games and the associated hospitality and reduction in revenues beyond those expected in the forecasts for Leeds Cricket, Football & Athletic Company Limited could lead to a cash short-fall within the next twelve months indicating that a material uncertainty exists which may cast significant doubt on Leeds Cricket, Football & Athletic Company Limited's ability to continue as a going concern. As a result of the company's reliance on Leeds Cricket, Football & Athletic Company Limited for its cash flows, a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern and therefore its ability to realise its assets and discharge its liabilities in the ordinary course of business. These financial statements do not include the adjustments that would be required should the going concern basis of preparation no longer be appropriate.

I'm not driving a Mini Metro!

The Rugby Stadium part of the complex is indeed owned by Leeds Rhinos and the Cricket Ground part is indeed owned by Yorkshire County Cricket Club, but the land on which the whole of the complex is built is also owned by the Cricket Club.

As both clubs use each others facilities including the hotel and the joint North Stand on match days, that is why the complex is joint managed by both clubs.