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OEs withdraw from Nat1 |
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Halliford
World Cup Winner Joined: 17 Feb 2010 Location: United Kingdom Status: Offline Points: 4151 |
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Just seen this on the Rosslyn Park website:
"It appears that the final nail in their coffin was an ultimatum from the
RFU, who had been working with the club to try to salvage the
situation. The club had consistently assured the RFU over a long
period that they had another major sponsor in the offing. However,
the RFU became increasingly concerned that the club would be
unable to meet its financial commitments and imposed a deadline
last week by which the club was required to provide a written
assurance that they would be able to meet those commitments. It
failed to do so."
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Thatbloke
World Cup Winner Joined: 02 Sep 2017 Location: Newport Status: Offline Points: 1721 |
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I'm not sure how much we can rely on a posting from another club's website but if true then surely the deadline imposed by the RFU should have been the date where it would still be possible to rejig the Leagues as necessary ie Roth being reinstated to Nat1.
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Rothman2
World Cup Winner Rotherham Joined: 20 Jan 2010 Location: Location Status: Offline Points: 10972 |
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Edited by Rothman2 - 10 Aug 2021 at 08:13 |
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Raider999
World Cup Winner Joined: 18 Jan 2013 Location: Crawley Status: Offline Points: 4433 |
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Record crowds at EFL this week - probably due to the fact Premier League doesn't start until 13th August. I am fully aware that the league didn't finish, but I don't see any other club's supporters bleating about it. Fully agree with you over the farce of Championship playing a few games just so the cheats could be promoted - I wonder what they would have done if the other teams had followed L Scottish example and not played, there again the answer is obvious - promote the cheats by default. |
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RAID ON
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Rothman2
World Cup Winner Rotherham Joined: 20 Jan 2010 Location: Location Status: Offline Points: 10972 |
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Edited by Rothman2 - 10 Aug 2021 at 08:14 |
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Rothman2
World Cup Winner Rotherham Joined: 20 Jan 2010 Location: Location Status: Offline Points: 10972 |
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Edited by Rothman2 - 10 Aug 2021 at 08:14 |
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castleparknight
World Cup Winner Joined: 07 Jun 2012 Location: Doncaster Status: Offline Points: 2977 |
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You lost for words Rothman2? You have some quality players joining you from Donny, and I fully intend to pop on over whenever the fixture list - if this matter had been addressed sooner your Team would no doubt still be in Nat 1 (which is a glorious league in my opinion) and we could be hoping for a return to our derby matches.....maybe two years time when you bounce back.
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Onward and Upwards C'mon Donny!
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workerbee
World Cup Winner Joined: 20 May 2009 Location: Wirral Status: Offline Points: 885 |
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OE's first XV is a limited company and as such lodges the annual accounts with Companies house for all the see and it is very clear by their 19/20 accounts they were in trouble.
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Thatbloke
World Cup Winner Joined: 02 Sep 2017 Location: Newport Status: Offline Points: 1721 |
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Enough said - Previous comments by various posters fully justified
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Scrumtime
World Cup Winner Joined: 26 Aug 2020 Location: London Status: Offline Points: 835 |
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Im sorry to say just a quick shirt through other clubs in National 1 don't paint a pretty picture. I think the RFU needs to do some proper digging on the whole lot. OEs could just be the first of many I feel. Blackheath's balance sheet reads .. - £480 k. that's £60k worse off that Oes .. wonder if the RFU has a closer look at them? Cambridge chairman posted on their web site this time last year they were £40 k away from being bust, yet they only pulled £20k of that in on their crowd funder They also managed to sign 15 players ( 8 of which were for the 20/21 season that never happened)in the course of the last year and claimed Furlough for many.. how they got away with that? Leeds had the £800k CVA reduced to £80k and wrote off £720 k of debit Chinnor have all their eggs in one basket, what happens if Rectory homes go? There are many in National 1 that have problems, time for either the RFU to act now or start to filter some CVC money down. You cannot expect to play National 1 rugby as a club and get no funding. I seem to recall it was £125 k less than 5 years ago, its now nothing. In Div 1 football (level 3) in 19/20 season the average for each club was £1.35m...that was without TV money! |
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Halliford
World Cup Winner Joined: 17 Feb 2010 Location: United Kingdom Status: Offline Points: 4151 |
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The financing of rugby clubs is a complex area. Owning your own ground is a major benefit, generating non-rugby income can often be crucial. Even then a club can be in the same position as many companies are, supporting its working capital through a strong fixed asset. Sweating that asset becomes a key step, as does engagement with members to get their support.
Reducing reliance on individual donors/sponsors is also key - unless they are Trailfinders’ owner with an enlightened long-term funding strategy, you are always focussed on the whims of one or two people and that is dangerous. As we move into a new season we are trying to find all sorts of indicators as to how income generation will change - will gates rise, will pre-match lunches sell out, will people stay in the Bar after matches, will they attend Events? Finding the answers to all of those questions will happen in the first few weeks of the season so by Christmas we will have a clearer idea of how our finances will change this season. Let’s hope the 47 remaining NLR Clubs can get through this early period and continue to show the rest of the game how to run successful rugby clubs.
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Rabbie Burns
World Cup Winner Joined: 18 Jul 2007 Location: United Kingdom Status: Offline Points: 3322 |
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It is also what the debts were, were they rugby debts (players wages etc) or running costs rent/utilities etc which there could be a payment holiday for but still has to be paid. As Halliford says it’s a complex business and unless you know the complete picture everything is just speculation
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So many Christians not enough Lions
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Raider999
World Cup Winner Joined: 18 Jan 2013 Location: Crawley Status: Offline Points: 4433 |
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Unfortunately, OE's didn't own their own ground and had little home support.
So there was little to fall back on when they ceased to get the money from their benefactor. Their demise was predicted towards the end of the 2019/20 season - provoking vehement denials on this forum from one of their officers - strangely we haven't heard anything from him lately. |
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RAID ON
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Camquin
World Cup Winner Joined: 01 Jun 2007 Location: Cambridge Status: Offline Points: 11156 |
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I note that Mr Paulsen (deceased) was declared bankrupt on the 13th August 2020 with the petition coming from a Dutch company, Semper Fortuna N.V. On the other hand, he is still listed as having Active Significant Control over Old Elthamians Rugby XV Ltd. |
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Sweeney Delenda Est
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Scrumtime
World Cup Winner Joined: 26 Aug 2020 Location: London Status: Offline Points: 835 |
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I saw a couple of OE players in the local last Saturday whilst I was watching the game.
I had to ask them the question, to be fair they were gutted but pretty open about it. It turns out that this was all started by two ex players. Both who left the club on Jan 2020, when the money stopped. One started a wats ap group headed, " I'm going to war on OE's, who is owed what" and then sent it to every player that had left. Both of these players, who's names are out there for doing this, are now plying their trade elsewhere at local clubs. Mr Paulsen it seems was not totally the picture that was painted. We all know that Secure Trading went down in May 2019 owing the RFU several millions. He owes the club via Cyber1 (still active and nasdaq listed) a very large sum, although the club is taking legal action to reclaim this, the hearing date has been moved back 3 times due to COVID, the last date it was due to be heard was June but has been moved back to Oct they were saying, that is the "owed sponsorship" in the press announcement, he also owes and has outstanding many debits to many at OEs. That might explain the timing of things! Edited by Scrumtime - 11 Aug 2021 at 07:07 |
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Runitback
World Cup Winner Joined: 22 Sep 2014 Location: North Status: Offline Points: 1210 |
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I dont think it is fair to blame the players, if they had signed contracts in good faith then the Club should have honoured them or like any business that can not meet its obligations it has to close.
I wonder how you would feel if your employer did the same? This is the Clubs responsibility and again shows the danger of Sugardaddies!
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Run with it
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workerbee
World Cup Winner Joined: 20 May 2009 Location: Wirral Status: Offline Points: 885 |
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For those who run clubs or have a financial interest and who have the stamina the RFU have just released via the Community Clubs Up date New Financial and Insolvency regulations - Regulation 5 which runs to 10 pages!!. I presume they start up a new department to over see Regulation 5,
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Scrumtime
World Cup Winner Joined: 26 Aug 2020 Location: London Status: Offline Points: 835 |
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I think they are very worried that a lot of other clubs have fallen foul and its only just coming to light.
I think this may have opened a can of worms that they are not happy with, and a lot of other clubs will be under the microscope in the very near future!
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Camquin
World Cup Winner Joined: 01 Jun 2007 Location: Cambridge Status: Offline Points: 11156 |
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I read Scrumtime's post to mean the players, possibly with others, instigated the action against Paulsen's estate - not they were at fault. |
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Sweeney Delenda Est
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Raider999
World Cup Winner Joined: 18 Jan 2013 Location: Crawley Status: Offline Points: 4433 |
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Indeed - why not if they are owed money (only Leeds can get away with that ) As others have said - this is the downside of 1 source of income. Additional OEs must have paid well to attract the calibration of players they did, hence when the money stops those players move on has the have little loyalty to the club. |
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RAID ON
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