Coronavirus: NRL goes offshore to secure $264m to save game from financial ruin

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josie andrews
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Coronavirus: NRL goes offshore to secure $264m to save game from financial ruin

Post by josie andrews » Wed Apr 15, 2020 6:24 am

The NRL will in coming days secure a A$250 million (NZ$264 million) loan which will stop the game falling into financial ruin.

The coronavirus pandemic has brought the 13-man game to its knees, with the suspension of matches leaving broadcast partners Nine and Foxtel little choice but to skip their quarterly payments a fortnight ago.

The NRL has since reached into its coffers to provide grants to all 16 clubs to keep them afloat but they have now secured a line of credit from a consortium of British banks.

The funds will be used to keep the 16 clubs afloat until games are slated to return on May 28.

The money has been brokered by London firm Oakwell Sports Advisory as the NRL struggled to find a financial backer on Australian soil due to a lack of assets.

The AFL, in contrast, was able to secure a A$600 million (NZ$633 million) loan from NAB and ANZ thanks to its ownership of Melbourne's Marvel Stadium.

The NRL has been contacted for comment. ... ubs-afloat
Anyone can support a team when it is winning, that takes no courage.
But to stand behind a team, to defend a team when it is down and really needs you,
that takes a lot of courage.

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