Leeds Rhinos see turnover peak at £11.5 million plus record commercial income

In their latest financial results, Leeds Rhinos have reported a record year in their commercial sales. 

According to reports in Insider Media, Leeds Cricket, Football and Athletic Company Ltd, the parent company of Leeds Rhinos, reported a total turnover of £11.5m, matching pre-pandemic levels.

The club also boosted it ticket sales. The clubs income from match-day tickets and memberships increased by 88% to £2.15m. This also matched pre-pandemic levels.

The ticket sales and membership increase would no doubt have been boosted by the club’s end of season form in 2022; which took them from a relegation scrap to the playoffs in the blink of an eye, and eventually onto Old Trafford in the Grand Final.

Elsewhere in the report, the club’s advertising, hospitality and sponsorship all increased by 19% on 2019 levels and 61% on 2021.

One area that was down though was central funding. This fell by 4% due to a renegotiated TV deal. This area was also down on what is was before the pandemic.

Whilst the club have boosted record sales in other departments, the club are still pre-tax losses, however these have reduced from £2.15 million in 2022 to £1.44 million in 2023. This is due to a steep increase in the cost of utilities, salaries and event income.

In a statement, the club said: “The directors remain confident that the medium-term outlook for the rugby club is positive. The current loss, whilst disappointing, was in line with original projections, and the cash position is broadly breakeven due to the high levels of depreciation and amortisation.”

They added: “Progressive projections for 2023 memberships and hospitality sales, alongside the signing of a major new multi-year sponsorship agreement beginning in 2024, will help to deliver a break-even projection within two years.”

The statement also commented on the TV deal and IMG: “The long-term TV deals with Sky and the BBC have underpinned the financial performance of Super League. In May 2022 The Rugby Football League and Super League Europe announced a major 12-year strategic partnership with global management company IMG which will see the realignment of both organisations and a reimagining of the sport, which should create significant positive opportunities for the game and its professional clubs.”