Must be nice to have your finances turn around so quickly!
THE NRL was forced to tip in $3.6 million in three months to save the Titans from collapse, a new report reveals.
The Gold Coast club was put into voluntary administration last month, allowing the NRL to take over ownership and secure their future.
A report by administrators Rodgers Reidy, released to creditors this week, outlined a number of alarming finance issues, including:
● The club posted a $4.9m loss for the 12 months to the end of the 2014 season.
● The NRL issued $2.35m in “emergency funding” between September and December last year and paid two monthly club grants in advance totalling $1.28 million in the same period.
● The club had $246,403 cash in bank accounts, of which only $68,092 was recovered by administrators due to eight finance leases for motor vehicles.
● Their greatest asset was “goodwill”, valued at $10.6 million.
● They owed the Australian Taxation Office $273,671.
http://www.couriermail.com.au/sport...s-report-reveals/story-fniabjcr-1227281832080