Leeds Rhinos company in bleak financial outlook

Leeds Rhinos’ financial results have been posted by Insider Media – and they do not make for good reading with the West Yorkshire club still feeling the affects of the Covid-19 pandemic.

However, the Leeds directors are keen to assess the potential of Headingley after its massive redevelopment, with the club determined to turn things around.

Leeds played the opening three fixtures of the 2021 season behind closed doors and then with reduced capacity for two games. Headingley then returned to full capacity before they eventually lost out in the play-offs to reigning champions St Helens.

Insider Media has revealed that parent company, Leeds Cricket, Football and Athletic Company Ltd, reported a pre-tax loss of £2.5m for the year ending 31 October 2021, up from £1.2m in 2020, with turnover at £8.5m, compared to £8.7m the previous year and wages and salaries reduced to £3.9m from £4.4m.

The amount received in the government Covid grants was down from £897,414 to £239,809.

The directors said in the report: “Nonetheless the pandemic impacted greatly on the club and its fans, with postponements arising due to outbreaks at several Super League clubs. The club remains hugely grateful to the ongoing support of its fans and their commitment to returning to games despite the uncertainties.”

It is hoped that the club will be able to make up a large chunk of this shortfall with crowds returning in their droves in 2022 as the Rhinos impress in terms of attendances.

And, with the financial capacity of Headingley now able to be exploited with off-field events and packages, following the pandemic, the 2022 books should be a lot more promising.

On the field, too, performances have improved drastically under new head coach Rohan Smith with the former Bradford Bulls boss inspiring a change with the Rhinos now close to the play-offs after it looked a far cry away earlier in the season.