Gold Coast boss Graham Annesley upbeat despite club recording another million-dollar loss
GOLD Coast boss Graham Annesley dismissed fears the Titans are in danger of going broke despite the club recording another million-dollar loss.
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GOLD Coast boss Graham Annesley dismissed fears the Titans are in danger of going broke despite the club recording another million-dollar loss.
The NRL-controlled Titans will be sold off, most likely next year, as the governing body prepares to challenge clubs to be more financially responsible.
Rugby league’s economic concerns are real following revelations the NRL’s nine Sydney-based clubs collectively haemorraghed $34.1 million last season.
The red ink has spread to Queensland. The Titans have posted what is believed to be a $1.5 million deficit in 2016 despite having qualified for their first finals series in six years.
The NRL had budgeted for a loss at the Titans, who remain in a rebuilding phase following the turmoil of 2015 that prompted the governing body to take control of the club.
The Gold Coast is littered with sporting carcasses but Annesley insists the Titans are safe, with their new $25 million Parkwood home tipped to help deliver a profit in 2018.
“Our short, medium and long-term future is excellent,” Annesley said.
“If you look at some of the losses the other clubs are racking up, we are at the lower end.
“When the game’s new funding model comes in, we will be in surplus in 2018.
“As a single team in one city, the sixth largest city in the country, with the facilities we’ve now got, the management and governance we now have, this club is tracking well.
“I believe the Titans will be one of the most successful clubs in the NRL for decades to come.”
The NRL is not interested in owning clubs for extended periods and is positioning itself to jettison ties with Newcastle and the Titans.
The Courier-Mail understands the Knights will be the first NRL-controlled entity sold off. The Titans are likely to be put up for sale midway through next season, with at least two consortia currently performing due diligence.
Former owner Darryl Kelly is keen to again be the Titans’ white knight. The business tycoon does not want to be a majority owner, but is interested in buying an equal share of the club.
There is a sentiment it is impossible to run a long-term, profitable sporting franchise on the Gold Coast but Annesley is adamant the Titans can make money.
“We can get into surplus with continuing downward pressure on costs and an uplift in the club grant that we expect will flow from the new TV deal,” he said.
“Rugby league clubs are like any other business, they need to be sustainable long-term and you can’t be sustainable if you keep posting losses.
“This (deficit) was within our budgeted losses. We run a very tight ship and we are under constant focus in terms of our financial position and sticking very rigidly to our approved budget.”
Originally published as Gold Coast boss Graham Annesley upbeat despite club recording another million-dollar loss
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