As it stands though the valuation of the business from a strict accounting net worth perspective is next to nothing. Adjusting for the player valutions, the business actually has net liabilities of around £100k (although this is far stronger than in 2004 when the net liabilities were £1.2m). If they wanted to sell, the asking price is determined by the directors as they are the shareholders, but would include things like the future earnings potential of the club, which is obviously entirely subjective, especially given falling attendances which should be a big concern. Kath etc would know, though, that it's most likely that any interested party would pay a premium as they are likely to be a fan. The situation at present with non club fans on the board is pretty unique in SL.

As I said on another thread, Kath values her "goodwill" in the business far too high for anyone to realistically want to invest.

Sounds like that is exactly the case. If she, for whatever reason, wants to stay put (and keep FC in our place, i.e. one less threat to Leeds ) she's in the driving seat (of her vehicle with the Rhinos numberplate ). Seriously, if there were any suitors of FC they are highly likely to be fans as there is no business case really to invest in any RL club. The value of the club must be reducing though with performances and attendances on the slide.

Basically still balance sheet insolvent with reducing income

Just for 'future' reference...does anybody know how much the shareholders are asking for the club...I heard rumours there has been a couple of tentative enquires recently and they have placed a large price on the club...what was this price (in canadian dollars if you please... )..

My 2 points were:

1. People were saying the loans hadn't been repaid

2. How had they been repaid? Was it a reduction in stock, conversion to shares, cash injection, increased borrowing from elsewhere or from generated profits?

I'm guessing you're saying from profits generated so I was really asking if the level of profitability was equivalent to the reduction in debt which I think you've confirmed. Looking at your figures though, creditors have fallen by over £1m. Have we generated that much profit? Or is there a way of repaying debt without borrowing from elsewhere or showing an equivalent profit?