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London Broncos in serious trouble

DIEHARD

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Messages
7,037
BBC said:
Broncos chief upbeat over future

London Broncos chief executive Nic Cartwright is confident the club's money troubles will be resolved by the end of the week.

Broncos are due to discuss their "severe financial difficulties" with the 11 other Super League clubs in an emergency meeting on Friday.

The teams will be asked to ratify a Rugby Football League (RFL) rescue plan to tackle Bronco's estimated £3m debt.

Cartwright told BBC London 94.9: "Hopefully everything will be sorted."

An RFL statement said: "The RFL have developed a plan for the club to move forward positively and continue as members of the Super League competition".

The Broncos were considering entering a Creditors' Voluntary Agreement in order to wipe out much of their historic debt, but that is now unlikely.

London could go into administration but new regulations state that clubs in administration at the end of the season would face automatic relegation.

The club's bid to sign New Zealand international Vinnie Anderson was blocked by the RFL amid concerns over their finances.

Virgin boss Richard Branson owned the club but sold his shares to London oil businessman David Hughes four years ago.

Former New Zealand Warriors owner, millionaire Eric Watson, has been linked with the club.

http://news.bbc.co.uk/sport1/hi/rugby_league/super_league/london/4316545.stm

SKY SPORTS said:
CLUBS MEET TO TRY TO SAVE BRONCOS
Thursday 3rd March 2005

Super League clubs will hold an emergency meeting on Friday in a bid to save London Broncos from what the RFL describe as "severe financial difficulties".

Representatives of all 12 clubs will discuss a proposal put forward by the Rugby Football League to keep the Broncos in Super League.

London are thought to be around £3million in debt and could be ready to go into administration, which would enable them to find a buyer.

But under new regulations, clubs in administration at the end of the season would face automatic relegation.

In a statement, the League said: "The London Broncos club are currently experiencing severe financial difficulties.

"Discussions between the club and the RFL have taken place. The RFL have developed a plan for the club to move forward positively and continue as members of the Super League competition.

"A meeting of all Super League clubs will take place tomorrow to discuss the situation."

London chief executive Nic Cartwright insisted there was no threat to the future of the club, who have started Super League X in impressive fashion.

They have won two out of three games so far and on Sunday ran up a club record 72-8 win over previously unbeaten Wakefield at Griffin Park.

http://msn.skysports.com/skysports/article/0,,10-1173206,00.html
 

DIEHARD

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7,037
RFL re London Broncos said:
The London Broncos club are currently experiencing severe financial difficulties.

Discussions between the club and the Rugby Football League (RFL) have taken place. The RFL has developed a plan for the club to move forward positively and continue as members of the Super League competition.

A meeting of all Super League clubs will take place tomorrow (Friday) to discuss the situation.

No further comment can be made at this stage.
 

The Whippet

Juniors
Messages
1,300
The logical answer would be to seeks grants from the ESL and any other rugby league bodies.

Alternatively the club will have to be placed in voluntary administration if money can not be found, which would subsequently lead to the release of some players to free up extra money so the club can hopefully remain viable in the forseeable future.
 

bartman

Immortal
Messages
41,022
Was good their players pulled together for last weeks 70odd point win under these circumstances. Otherwise they were looking relegation candidates anyway...
 

DIEHARD

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7,037
TOTALRL said:
London survive

A meeting of Super League clubs at Huddersfield today has backed the continuing existence of the London Broncos in the competition.

The clubs approved a financial re-structuring of the Broncos, which will emerge from its recent troubles as a debt-free club.

The decision opens the possibility that the long rumoured possibility of New Zealand businessman Eric Watson making an investment in the club to secure its future can now go ahead, although the RFL has imposed some stringent conditions on the Broncos to ensure that the club doesn't in future end up with the same financial problems.

“It’s was a productive meeting and all the cards were laid on the table. We have been open and honest with the RFL from the outset and I would like to thank them (RFL) and the clubs for their support,” said London chief executive Nic Cartwright.

"We have a very capable team on the pitch, our community and marketing staff do an exceptional job, and our core supporter base is as resilient as any in the world."

"We all know what we need to achieve to be a successful business, and we will continue to make progress in these areas.”

http://www.totalrl.com/cgi-bin/news/viewnews.cgi?newsid1109956118,73306,
 

t-ba

Post Whore
Messages
60,216
Thank Christ/Buddha/Zeus/etc* :clap: .

That's Two Big and right decisions the SL clubs, the RFL and SL have made over the last year.

Let's hope the approve Toulouse's Application for SL next.
 

DIEHARD

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7,037
No matter what London can't be lost. Just like the NRL can never lose the Melbourne Storm.

I'm not afraid for the RFL to spend the money in backing the London Broncos, just as long as it is spent properly. Which means the current administration has to go.

I'm hoping for a Watson take over. Remember he got involved in the Warriors in similiar circumstances. And there were strong rumours that he wanted to own a team closer to where he is based, in the UK.
 

Fairleigh Good!

Juniors
Messages
1,185
This is last chance saloon for London though. They HAVE to get a new home and start to get crowds capable of supporting a decent Super League team. 6-7,000 must be the minimum they can survive on, yet they are scaping 3,000 at the moment.
 

DIEHARD

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7,037
Home ground is a massive problem for them. I'm too ignorant of London to even suggest a solution.
 

bartman

Immortal
Messages
41,022
London's a tough nut to crack. The way they are set up there at the moment you have to really go out of your way (even as a league fan) to find out anything about them.

It's an opportunity that should not be lost to the game, but they seem in need of help to just maintain their existence, let alone increasing their standing/sustainability. Maybe Watson will be the saviour they need?
 

Fairleigh Good!

Juniors
Messages
1,185
The frustrating thing about London is that the amateur and junior game seems to be coming on leaps and bounds. The potential is there.

I just think the club needs to find its niche. Somewhere far enough away from Arsenal, Chelsea and Spurs and not in a posh Union area.

I think unfortunately the club is doomed. Unless a millionaire takes over there is no way the new 'company' will be able to survive, let alone thrive. I just can't see how they can claim they won't be back in the same situation in 2 years time.

If they can't get the crowds they cant get the income. Without that the players and team diminishes, which affects crowds. Thats the spiral they are set into at the moment. I can't imagine any solution to that, which is tragic for the sport.
 

Hightown Tiger

Juniors
Messages
315
DIEHARD said:
Home ground is a massive problem for them. I'm too ignorant of London to even suggest a solution.

I think Brentford is a good ground at the moment. It has terracing, I feel if they played at an all seater ground, their attendances would be even less.
 

DIEHARD

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The two votes that brought relief to stricken Broncos

By Dave Hadfield - 06 March 2005

If a couple of votes had gone the other way at the Super League clubs' meeting at Huddersfield on Friday, Bradford and London would be having this afternoon off, rather than playing each other at Odsal. The Broncos, in fact, would be having every afternoon off. Their peers came so close to killing them off that the stun-gun was cocked and aimed.

London had to go in front of their peers to argue that a new company, set up to replace the one that went into liquidation with debts of £3m last week, should be allowed to carry on running the club.

At one stage, the game's outpost in the capital for the last 25 years was as good as shut down. With Bradford and Wigan in unholy alliance with lowlier clubs, who saw London as a lifeline from their own relegation fears, the arithmetic was against them.

Bradford and Leigh made it clear from the start that, for their different reasons, they would be voting against London. Others, including Wigan, favoured a points deduction. The crucial vote was whether they should be readmitted subject to conditions.

Hull, St Helens, Huddersfield and Warrington agreed that the Broncos had to be kept going. With Wigan and Salford lining up alongside Leigh and Bradford, that left Wakefield and Widnes holding the fate of London in their hands. They both abstained. Had they voted against, a quarter of a century of effort in London would have been just a memory.

However badly the club might have been run at various times, that would have been tragic. The game's national profile would have been permanently damaged and it would have been farcical to welcome a French team into Super League next year.

This season would have been reduced to a shambles, especially if an approach - not from the Rugby League but from other interested parties - to Castleford to take over their fixtures had come to anything. Cas were not competitive last season and are a lot weaker now.

London, as illustrated by last weekend's record victory over Wakefield, are genuine play-off material. Perhaps that determined some of the votes against them.

Bradford have the extra animus of the Vinnie Anderson affair driving them on. Like London, they want to sign the New Zealand international and that has created further bad blood between the clubs.

So the timing of their meeting today is perfect. The Bulls' coach, Brian Noble, has said all the right things about the Broncos' survival, but the London players know that, at another level, Bradford wanted them to be signing-on by now - either at the job centre or at other clubs. Their coach, Tony Rea, might just remind them of that today.
 

DIEHARD

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7,037
League News said:
Broncos decision leads to reassessment
6 March 2005

The Rugby Football League is to review its rules concerning clubs that undertake acts of insolvency.
The review is to be staged following the meeting of the engage Super League clubs on Friday when the financial problems of London Broncos were discussed prior to the Broncos securing approval for continued membership in the top flight.

Nigel Wood, the RFL's Chief Operating Officer, said: "While London Broncos are undoubtedly relieved to have been saved, it cannot be allowed to mask the very serious issue that this unacceptable episode has raised.

"I fully expect the RFL to review its rules concerning circumstances such as these and to make appropriate recommendations for the future.

"Perhaps we can learn something from other sports, particularly as regards the sanctions and penalties that may be available to ensure that defaulting clubs are not seen to have gained a competitive advantage as a consequence of their actions".
 

bartman

Immortal
Messages
41,022
They interviewed the London CEO on the Superleague Show today on BBC North. The host Harry gave him a real hard time! Mainly about them not losing points for insolvency (where other clubs in that situation in the past have done), but also about whether anything is going to change apart from being rid of historical debts.

I think there's a feeling that the club must survive for the good of league, but a real frustration in league community that the business side behind the scenes hasn't been working out. (Memo to Melbourne Storm...)
 

terracesider

Juniors
Messages
883
Yes, Bartman, Harry realy made him squirm, especially when he asked him about signing players when he knew the club was in serious financial trouble.
 

vbfg

Juniors
Messages
179
I know where Chris Caisley sits at Odsal and I know where there are good sniper positions with a direct line of sight.

This information is for sale to the highest bidder.

Note to legal eagles: this is a joke.
 

Fairleigh Good!

Juniors
Messages
1,185
vbfg said:
I know where Chris Caisley sits at Odsal and I know where there are good sniper positions with a direct line of sight.

This information is for sale to the highest bidder.

Note to legal eagles: this is a joke.

Or will he vent his fury now towards his nemesis, those horrible nasty Saints that always spoil his party? :lol:
 

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