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

 

Reserve Bank: Official Cash Rate Unchanged At 1.75 Percent

Global economic growth has increased and become more broad-based. However, major challenges remain with on-going surplus capacity and extensive political uncertainty... More>>

Kaikōura Earthquake: Private Insurers Receive $1.8b Claims

Insurance Council Chief Executive Tim Grafton said most is for commercial loss at $1.36 billion, with residential claims amounting to over $460 million. “...We have a high level of confidence that most people will have received settlement offers by the end of this year." More>>

ALSO:

Forms And Data: New Proposals To Simplify Personal Income Tax

The Government is proposing to make tax simpler for individuals, with people whose only income is from a salary, wages or investments no longer being required to file tax returns to receive tax refunds or to calculate any additional tax. More>>