How did Salford Red Devils get in this mess?

In April 2023 Salford Red Devils launched a community share scheme entitled “Reds Rise Together.” The aim was to raise between £250K - £2M to secure the long-term future of the club. Along with raising of capital, there were a number of commercial targets, like growing average attendances by 2000, securing income streams on matchdays and securing a long-term lease with money through refreshment sales.

SRD Holdings LTD Profit & Loss

Actual 2021 Actual 2022 Estimated 2023 Estimated 2024 Estimated 2025

Total Income 2612209 3154036 3469440 3900613 4321405

Total Expenditure 2961643 3734884 3873761 4395060 4511381

Profit/Loss Before Tax (349434) (58084icon_cool.gif (404321) (494447) (189976)



The aim was to reduce the £580K loss in 2022 to a more manageable £189K loss in 2025 and break even some time in the near future. According to ChatGPT SRD were able to raise an incredible £1.5M, more conventional search engines put the figure at over £250K on the 30th May 2023.



The rest of the prospectus appears to have been less successful. Objective 3: To increase average match attendance by 2000 within 3 years. This in reality requires Salford to achieve average attendances of 6000 in 2025. The average figure in a successful season like 2024 was only 4646 way below the projected figure. This greatly impacts on the estimated income of nearly £4M which also incorporates the projected income stream for refreshments, which incidentally has still not been negotiated with Salford City Council, even though the season starts in just over two weeks time.



Salford City Council have periodically propped up the club with loans and grants to cover shortfalls in the SRD coffers. ChatGPT states that, “As of the latest available information, Salford Red Devils owe £1.6 million to Salford City Council. This debt primarily relates to the club's lease at the AJ Bell Stadium, and there have been ongoing discussions between the council and the club about restructuring this debt.”



Salford City Council have recently bought out Peel Holding for £7M at a time when most councils in England and Wales are strapped for cash. Salford City Council is believed to be £1.5 Billion in debt.



Salford Red Devils have far exceeded the goodwill of Salford City Council, and the Rugby League club have used the council like a personal piggy bank. They have assumed that possible income streams are available to be spend before they receive the money and in many cases the money never arrives. They have massively overprojected their ability to attract additional fans and to maximise commercial opportunities. How envious the SRD community board must be when they look West down the East Lancashire Road and see the Leigh Leopards achieving everything that they set out to do in the “Reds Rise Together” prospectus.



https://www.crowdfunder.co.uk/uploads/p ... digital_(1).pdf

https://www.crowdfunder.co.uk/uploads/p ... s_plan.pdf



The Salford debacle is only a few weeks away from being rectified one way or another. 30th January marks this months pay day (do they have the funds to pay?)

9th February marks Salford's first competitive game of the season and the need to register players with the RFL. Without a new paymaster will the £1.2M salary cap be enforced.



https://www.loverugbyleague.com/post/wh ... strictions



Using the Wrexham takeover of a community club as an example - it took 6 months from NDA to announcement, and a further 3 months to ratify. Salford need to wrap it all up in less than 6 weeks or players are walking out on voided contracts.

How did Salford Red Devils get in this mess?

In April 2023 Salford Red Devils launched a community share scheme entitled “Reds Rise Together.” The aim was to raise between £250K - £2M to secure the long-term future of the club. Along with raising of capital, there were a number of commercial targets, like growing average attendances by 2000, securing income streams on matchdays and securing a long-term lease with money through refreshment sales.

SRD Holdings LTD Profit & Loss

Actual 2021 Actual 2022 Estimated 2023 Estimated 2024 Estimated 2025

Total Income 2612209 3154036 3469440 3900613 4321405

Total Expenditure 2961643 3734884 3873761 4395060 4511381

Profit/Loss Before Tax (349434) (58084icon_cool.gif (404321) (494447) (189976)



The aim was to reduce the £580K loss in 2022 to a more manageable £189K loss in 2025 and break even some time in the near future. According to ChatGPT SRD were able to raise an incredible £1.5M, more conventional search engines put the figure at over £250K on the 30th May 2023.



The rest of the prospectus appears to have been less successful. Objective 3: To increase average match attendance by 2000 within 3 years. This in reality requires Salford to achieve average attendances of 6000 in 2025. The average figure in a successful season like 2024 was only 4646 way below the projected figure. This greatly impacts on the estimated income of nearly £4M which also incorporates the projected income stream for refreshments, which incidentally has still not been negotiated with Salford City Council, even though the season starts in just over two weeks time.



Salford City Council have periodically propped up the club with loans and grants to cover shortfalls in the SRD coffers. ChatGPT states that, “As of the latest available information, Salford Red Devils owe £1.6 million to Salford City Council. This debt primarily relates to the club's lease at the AJ Bell Stadium, and there have been ongoing discussions between the council and the club about restructuring this debt.”



Salford City Council have recently bought out Peel Holding for £7M at a time when most councils in England and Wales are strapped for cash. Salford City Council is believed to be £1.5 Billion in debt.



Salford Red Devils have far exceeded the goodwill of Salford City Council, and the Rugby League club have used the council like a personal piggy bank. They have assumed that possible income streams are available to be spend before they receive the money and in many cases the money never arrives. They have massively overprojected their ability to attract additional fans and to maximise commercial opportunities. How envious the SRD community board must be when they look West down the East Lancashire Road and see the Leigh Leopards achieving everything that they set out to do in the “Reds Rise Together” prospectus.



https://www.crowdfunder.co.uk/uploads/p ... digital_(1).pdf

https://www.crowdfunder.co.uk/uploads/p ... s_plan.pdf



The Salford debacle is only a few weeks away from being rectified one way or another. 30th January marks this months pay day (do they have the funds to pay?)

9th February marks Salford's first competitive game of the season and the need to register players with the RFL. Without a new paymaster will the £1.2M salary cap be enforced.



https://www.loverugbyleague.com/post/wh ... strictions



Using the Wrexham takeover of a community club as an example - it took 6 months from NDA to announcement, and a further 3 months to ratify. Salford need to wrap it all up in less than 6 weeks or players are walking out on voided contracts.

Narked RAMBLE ALERT!







Were Bongser to have his thoughts “dissed” by the real ee cummings, he would indeed be flattered (if a little alarmed, as said gent has been dead for 62 years), but he accepts no pale imitations! “Diss-missed!”



Bongser spoke of the collective mind, not yours. As B got into work today, the cleaner, Brian (Manc, works Sunday to Thursday) spoke not about Wigan 0-1 Leigh, but about the farce with Saints.



Derek has been very supportive of Salford in their inpecunity (see his posts/tweets passim), but he seems well dischuffed with Rowley’s shenanigans:



https://www.seriousaboutrl.com/derek-be ... ed-stories



The RFL also seems less than impressed:



https://www.totalrl.com/rfl-launch-inve ... ens-clash/



Though, with the RFL as ever moving slower than an iceberg (will there be any icebergs left by the time they act? And, no, Bongser is not talking about lettuces (or Liz Truss)) will anything meaningful happen. They’ve given Salford a week to respond. Why a week in this “instant” day & age?



Postpone any ratification of the new ownership until a response is forthcoming; keep the sanctions in place; and if Rowls (to borrow a cudgel from Leythig) pulls the same stunt again versus Leeds on Saturday, come down hard!



satanic mills, Bongser presumes that you derive your name from William Blake, He also wrote, “There is a grain of sand in Lambeth that Satan cannot find.”



Is there a grain of integrity in Mr Integrity? Will he hold up his hands, admit that he behaved deplorably, apologise and accept the consequences? Or will he come out all-guns-blazing like Butch Cassidy & The Sundance Kid?



If the latter, Bongser can only see a picture of Paul Rowley fade into sepia to a Bacharach soundtrack concerning raindrops and a dikk-ead!



Rant over!



For now…..



Annoyed of Atherton (name & address supplied).

Narked RAMBLE ALERT!







Were Bongser to have his thoughts “dissed” by the real ee cummings, he would indeed be flattered (if a little alarmed, as said gent has been dead for 62 years), but he accepts no pale imitations! “Diss-missed!”



Bongser spoke of the collective mind, not yours. As B got into work today, the cleaner, Brian (Manc, works Sunday to Thursday) spoke not about Wigan 0-1 Leigh, but about the farce with Saints.



Derek has been very supportive of Salford in their inpecunity (see his posts/tweets passim), but he seems well dischuffed with Rowley’s shenanigans:



https://www.seriousaboutrl.com/derek-be ... ed-stories



The RFL also seems less than impressed:



https://www.totalrl.com/rfl-launch-inve ... ens-clash/



Though, with the RFL as ever moving slower than an iceberg (will there be any icebergs left by the time they act? And, no, Bongser is not talking about lettuces (or Liz Truss)) will anything meaningful happen. They’ve given Salford a week to respond. Why a week in this “instant” day & age?



Postpone any ratification of the new ownership until a response is forthcoming; keep the sanctions in place; and if Rowls (to borrow a cudgel from Leythig) pulls the same stunt again versus Leeds on Saturday, come down hard!



satanic mills, Bongser presumes that you derive your name from William Blake, He also wrote, “There is a grain of sand in Lambeth that Satan cannot find.”



Is there a grain of integrity in Mr Integrity? Will he hold up his hands, admit that he behaved deplorably, apologise and accept the consequences? Or will he come out all-guns-blazing like Butch Cassidy & The Sundance Kid?



If the latter, Bongser can only see a picture of Paul Rowley fade into sepia to a Bacharach soundtrack concerning raindrops and a dikk-ead!



Rant over!



For now…..



Annoyed of Atherton (name & address supplied).