London Broncos reveal huge ‘hole’ in budget after David Hughes exit

London Broncos have released a statement confirming the huge ‘hole’ they have in their budget after the departure of investor David Hughes.

Hughes’ 27-year involvement with the club came to an end last month with the oil magnate confirming that he would step away from the side after their relegation from Super League.

Whilst relegation has not been officially confirmed given that the IMG grades are yet to be revealed, the facts are that London Broncos won’t be playing Super League in 2025.

Being hamstrung by IMG and doomed before they even kicked a ball in 2024 led to a near-impossible recruitment task and as such, London Broncos were simply unable to compete in Super League.

Despite that, they managed three wins which marked as many as Grade A club Hull FC did and now the club’s relative success has seen them see players picked away including star half Ollie Leyland who has signed for Warrington Wolves.

Full-back Josh Rourke has made the switch to Wakefield whilst several others have departed but no loss is bigger than the exit of David Hughes and now the club have confirmed the huge financial hole that they are left in.

London Broncos confirm financial ‘hole’ after relegation

In a statement released by Chief Executive Jason Loubser, London BRoncos have revealed that they believe they will need £900,000 to contest the 2025 season, with £350,000 of that required within the next month to get recruitment underway.

Should they not raise those funds then it’s very possible that the Broncos could find themselves in a similar situation to this previous one, unable to recruit properly thus leading to a tough campaign.

The statement conceded that the club will be moving into the Championship and explained that plans will be made for fans to help fund the club.

It read: “The club is at the start of a new journey on the basis that we are heading into the Betfred Championship in 2025 based on the grading process which will be made public by the RFL next week.

“In the first instance, I would like to echo the thanks to David & the Hughes family for the incredible support which they have shown the club over the years and with everybody continuing to back us, we are sure that Broncos can continue the journey.

“However, it is now vital that we all recognise the challenges that we face as London Broncos and whilst we are working tirelessly in the background to source new investment, the reality which we face is that we must raise funds now.

“There will be no parachute payment for clubs relegated from Super League in 2024 as had been the case in previous years. This leaves a hole in our budget and now requires us to raise funds alternatively and immediately. We estimate it will cost circa £900,000 to navigate our way through the 2025 season so for us to confidently start signing players and be ready for the first competitive game we need to raise around £350,000 in the next month.

“We will be releasing information tomorrow on how you can all come together and secure our immediate future and help us build towards a sustainable London Broncos and future Rugby League in the Capital.

“Please take every opportunity to look over and take advantage of the packages that will be released. With this membership we look to provide you with the best possible value for watching professional Rugby League in London. We hope that the membership price of £175, with the additional benefits that this comes with, will prove popular amongst new and returning supporters. Whilst we fully recognise the economic challenges that every person is faced with, we ask you to dig deep into your pockets and purchase a ticket to help to safeguard the future of the club in its time of need.

“As we embark on this new era of transitioning to being a self funded club we are pleased to announce that we will be releasing new merchandise. We recognise that the previous season’s offerings in club merchandise hasn’t been as good as it could have been and we are working hard to rectify that. Raising money through this avenue is paramount for generating the required income.

“We are continuing our partnership with ‘Saint Virgo’ who produced a popular range of t-shirts and hoodies last season. These are now restocked and available to buy from the club website and a new, expanded ‘Saint Virgo’ range will be available to buy by the end of this month. We are currently in the process of bringing in the new kit and training wear for the upcoming season which will soon be available to buy. We are committed to having all of these products available to purchase and sent out to you before Christmas.

“We are in the process of finalising a date for a fans forum so that you can ask us your questions ahead of the new season, details for the fan’s forum will be shared as soon as the date and venue have been confirmed. Your opinion matters and we are keen to listen to you. We are aware of the crowdfunder page that has been setup by our loyal supporters, and we are very grateful for this support. All money raised will be absolutely crucial for the club to continue to move forward on all fronts.

2In conclusion, we need everyone’s support now more than ever before and the ideal place to start is by getting behind us and purchasing not only your membership on Wednesday but also encouraging others to do the same so that we can all enjoy the London Broncos together in 2025.”