Leeds Rhinos have released their accounts from 2024 revealing a major loss, although there is some positive news too.
The Headingley club have confirmed their full accounts up to 31st October 2024, filing them with government website Companies House.
Within the accounts are of course the financial details which do reveal a post-tax loss of just over £1.4 million, however, that’s actually a smaller loss than the previous year. The loss figures before tax are actually £1,868,435, dropping from £2,312,732 the previous year.
The accounts also shed light on some of the projects at Leeds and the trajectory of the Rhinos, whilst assessing the greater financial sphere of rugby league.
Within that assessment, the NRL and it’s current success is labelled as an “ongoing threat to Super League”, with the ‘attractiveness of UK players to Australia’ noted. Leeds have since experienced that with Morgan Gannon heading Down Under at the end of this season when his contract expires as the homegrown product signs for New Zealand Warriors from 2026 onwards.
What do Leeds Rhinos’ accounts say
The headline and main takeaway from a set of financial accounts is obviously the finances and Leeds Rhinos have confirmed their pre-tax loss for the year ending October 31st 2024 to be £1,868,435.
That’s around £500,000 less than the club lost the previous year but the turnover was increased.
Turnover rose from £11,591,516 to £11,869,830 but gross profit was vastly reduced, down almost £1.25 million.
Leeds confirmed a record year for commercial revenue with an increase of £946,000 attributing to a £5.2 million commercial turnover, some of that attributed to the new Headingley sponsor of AMT Vehicles.
The club continue to spend up to the full cap with the rugby department’s spend rising from £4.8 to almost £5.3 million, despite a decline in the number of players and staff from 173 to 160.
As part of the director’s report within the accounts, financial risk management was explored and the NRL’s success was one of the major points highlighted.
That report stated: “The success of the NRL competition in Australia is an ongoing threat to Super League due to overseas player wage inflation and the attractiveness of UK players to play in Australia. The club continues to develop a significant number of homegrown players through its pathway programmes to help alleviate some of these pressures.”
It’s also confirmed that Leeds Rhinos forecast another loss for the 2025 accounts with the medium-term outlook remaining “cautious”.
Perhaps worringly for all rugby league sides, the Rhinos confirmed that central funding had dropped from £1,586,339 to just £1,242,00, a 22% decrease.
