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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Banks: Westpac Keeps Core Government Transactions Contract

The local arm of Westpac Banking Corp has kept its contract with the New Zealand government to provide core transactions, but will have to share peripheral services with its rivals. More>>


Science Investment Plan: Universities Welcome Statement

Universities New Zealand has welcomed the National Statement of Science Investment released by the Government today... this is a critical document as it sets out the Government’s ten-year strategic direction that will guide future investment in New Zealand’s science system. More>>


Scouring: Cavalier Merger Would Extract 'Monopoly Rents' - Godfrey Hirst

A merger of Cavalier Wool Holdings and New Zealand Wool Services International's two wool scouring operations would create a monopoly, says carpet maker Godfrey Hirst. The Commerce Commission on Friday released its second draft determination on the merger, maintaining its view that the public benefits would outweigh the loss of competition. More>>


Scoop Review Of Books: She Means Business

As Foreman says in her conclusion, this is a business book. It opens with a brief biographical section followed by a collection of interesting tips for entrepreneurs... More>>


Hourly Wage Gap Grows: Gender Pay Gap Still Fixed At Fourteen Percent

“The totally unchanged pay gap is a slap in the face for women, families and the economy,” says Coalition spokesperson, Angela McLeod. Even worse, Māori and Pacific women face an outrageous pay gap of 28% and 33% when compared with the pay packets of Pākehā men. More>>


Housing: English On Housing Affordability And The Economy

"Long lead times in the planning process tend to drive prices higher in the upswing of the housing cycle. And those lead times increase the risk that eight years later, when additional supply arrives, the demand shock that spurred the additional supply has reversed. The resulting excess supply could produce a price crash..." More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news