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

 

Scoop Business: Alex Swney Pleads Guilty To $2.5M Fraud Charge

Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. More>>

ALSO:

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Scoop Business: NZ Broadcasters Launch Battle Against Global Mode ISPs

New Zealand broadcasters have confirmed they’ve launched legal proceedings against internet service providers who give customers’ access to “global mode”, which allows customers access to offshore online content, claiming it breaches the local content providers’ copyright. More>>

ALSO:

Sanford: Closure Of Christchurch Mussel Processing Plant Confirmed

The decision comes after a period of consultation with the 232 staff employed at the Riccarton site, who were told on 9 April that Sanford was considering the future of mussel processing in Christchurch. Recent weather patterns had impacted on natural spat (offspring) supply... More>>

ALSO:

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Scoop Business: Reserve Bank’s Spencer Calls On Govt To Rethink Housing Tax

The Reserve Bank has urged the government to take another look at a capital gains tax on investment in housing, allow increased high-density development and cut red tape for planning consents to address an over-heated Auckland property market. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news