STAINS AND THE SALARY CAP?
Posted: Fri Apr 20, 2007 4:10 pm
Below taken from the BBC today:
St Helens chairman Eamonn McManus has revealed he has dismissed an offer from an Irish-based consortium to buy the Super League champions.
McManus said they were "genuinely wealthy" but "totally unsuitable".
"It was a total farce. They'd never seen a rugby league game in their lives and didn't even know where St Helens is," said Saints' majority shareholder.
"There is no way I would sell my share in the club to anyone unless I felt they could do a better job than me."
McManus, a 50-year-old retired financier who was born and bred in St Helens, added: "Their only stipulation was that the current management should remain in place long term. It was knocked back immediately."
Within the next few weeks we should have a detailed announcement and press conference about the new stadium
Saints chairman Eamonn McManus
McManus is considered to be largely responsible for transforming the fortunes of St Helens, who are also the world club champions, off the pitch.
The club were £4m in debt and losing £1m a year when McManus joined the board five years ago but reported a loss of just £25,000 in 2005.
They expect to show a profit for 2006, during which they completed a clean sweep of the major trophies.
McManus is thought to have put around £2m of his own money into the club over the last five years.
St Helens are close to announcing a move to a new stadium just outside the town centre to replace the dilapidated Knowsley Road, which has been their home for more than a century.
"There are always people interested in buying and selling, like there are in any business," said McManus.
"But I have a controlling shareholding in the club and I'm committed to the club for at least another five years, with the new stadium and beyond.
"Within the next few weeks, we should have a detailed announcement and press conference about the new stadium."
Saints are expected to announce changes behind the scenes at the club in the next few days.
so if in debt and operating at a loss, then are they not in breach of the cap? I thought the whole idea of the cap was to stop clubs getting into financial difficulties :conf:
St Helens chairman Eamonn McManus has revealed he has dismissed an offer from an Irish-based consortium to buy the Super League champions.
McManus said they were "genuinely wealthy" but "totally unsuitable".
"It was a total farce. They'd never seen a rugby league game in their lives and didn't even know where St Helens is," said Saints' majority shareholder.
"There is no way I would sell my share in the club to anyone unless I felt they could do a better job than me."
McManus, a 50-year-old retired financier who was born and bred in St Helens, added: "Their only stipulation was that the current management should remain in place long term. It was knocked back immediately."
Within the next few weeks we should have a detailed announcement and press conference about the new stadium
Saints chairman Eamonn McManus
McManus is considered to be largely responsible for transforming the fortunes of St Helens, who are also the world club champions, off the pitch.
The club were £4m in debt and losing £1m a year when McManus joined the board five years ago but reported a loss of just £25,000 in 2005.
They expect to show a profit for 2006, during which they completed a clean sweep of the major trophies.
McManus is thought to have put around £2m of his own money into the club over the last five years.
St Helens are close to announcing a move to a new stadium just outside the town centre to replace the dilapidated Knowsley Road, which has been their home for more than a century.
"There are always people interested in buying and selling, like there are in any business," said McManus.
"But I have a controlling shareholding in the club and I'm committed to the club for at least another five years, with the new stadium and beyond.
"Within the next few weeks, we should have a detailed announcement and press conference about the new stadium."
Saints are expected to announce changes behind the scenes at the club in the next few days.
so if in debt and operating at a loss, then are they not in breach of the cap? I thought the whole idea of the cap was to stop clubs getting into financial difficulties :conf:
