Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


NZRL clarifies financial standing

NZRL clarifies financial standing


New Zealand Rugby League wishes to correct reports in the media over accounts due to be tabled at this week’s annual meeting in Auckland.

On Wednesday, NZRL will declare a loss of $1.2 million for the 2013/14 financial year, roughly in line with the budgeted shortfall for this period.

The result leaves the national body with a $250,000 overall deficit.

A story published in today’s Sunday Star Times claims NZRL will be $1.2 million in debt, a $2.15 million turnaround from its financial position 12 months ago.

That statement is way off the mark.

“We’re alarmed that the explanation we provided in good faith has been so seriously distorted in his story,” says NZRL chief executive Phil Holden.

“It paints a picture that is far worse than the reality and certainly not in line with what we’ll be presenting to our stakeholders on Wednesday.”

The nature of international rugby league means NZRL operates on a funding cycle that revolves around reduced revenue during a World Cup year.

During the years leading up to each tournament, the organisation must grow its reserves to cover the cost of a Cup campaign.

“In a World Cup year, we give up all our commercial rights and there’s no commercial revenue from a World Cup,” says Holden.

Last year, the reserves stood at $950,000, but the eventual loss edged out over the $1 million mark due mainly to overruns on the men’s campaign and underwriting of the NZ women’s team.

The loss would have occurred even if the Kiwis had successfully defended their World Cup crown against Australia.

Holden has toured the country over the past three months, explaining the result to grassroots stakeholders and outlining a strategic plan that includes an overhaul of the NZRL commercial base so it isn’t as reliant on returns from the national team.

ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news