Leeds Rhinos news: latest accounts confirm reduced loss as turnover & commercial income rise
Leeds Rhinos made a reduced pre-tax loss of £1.8m in the year to October 31, 2024 as turnover rose and commercial revenue hit a record high.
Leeds Cricket Football and Athletic Company accounts reveal the 2024 loss before tax fell from £2,312,732 the previous year to £1,868,435, while business turnover was up 2.4 per cent to £11.9m and commercial revenue reached a record £5.2m. The company’s strategic report confirms Rhinos continue to spend the full salary cap and “changes to the coaching and performance team, alongside an expanded academy and women's operation” meant expenditure on rugby rose from £4.8m to £5.2m.
Though central funding was reduced by 22 per cent to £340,000, the record 15-year stadium naming rights deal with AMT Vehicles boosted commercial income. Hospitality revenue was up by 16 per cent and installation of solar panels on the stadium’s South Stand roof helped reduce overall costs by 36 per cent.
It was a difficult year on the pitch for Rhinos with the men’s team finishing eighth in Betfred Super League for a second successive season, while the women’s side were Challenge Cup runners-up at Wembley, but failed to reach their Grand Final. Ian Blease was appointed sporting director to oversee the entire rugby operation and Brad Arthur came in as coach following the departure of previous boss Rohan Smith.
The average attendance for men’s games last year was down from 13,806 to 13,499, but work is being done to reverse that trend. The strategic report states the fall was “largely due to the differing ‘loop’ fixtures, which saw additional home fixtures against newly-promoted London and Catalans and the inconsistent performance of the team. However, the directors were pleased with new initiatives to attract new fans through more direct engagement with schools, clubs and businesses and are confident this will develop increased attendances in the medium term”.
The report adds: “The strategic partnership with global management company IMG and the performance of Rugby League Commercial will be vital to maximising rugby league’s potential in the northern hemisphere. The continued uncertain economic outlook has been a contributing factor to stagnated memberships and to corporate entities reviewing their sponsorship and hospitality budgets.
“However, the club has embraced a long term ‘One Team Rhinos’ philosophy which underpins its environmental, social and governance strategy. It has helped to attract new commercial opportunities and created stronger links with its Foundation and the wider community.”
The directors’ report said: “The success of the NRL competition in Australia is an ongoing threat to Super League due to overseas player wage inflation and the attractiveness of UK players to play in Australia. The club continues to develop a significant number of homegrown players through its pathway programmes to help alleviate some of these pressures.”
Since the accounts were filed, Rhinos’ star second-rower Morgan Gannon has signed a three-year contract with NRL side New Zealand Warriors after rejecting a new deal from Leeds, while 18-year-old forward Presley Cassell last week became the latest academy graduate to make his first team debut.