Salford Red Devils have published their financial accounts for 2024 and they make for grim reading, whilst also explaining just how bad the situation was ahead of the current season.
The 2025 campaign has been the biggest blemish on Super League since the failure of Toronto Wolfpack, however, whilst the expansion club were in effect put out of their misery and barred from competing, Salford’s saga has continued on throughout the year.
Issues first emerged in late 2024 when they applied for an advance on their central funding and with their accounts for the financial year that ended on 30th November 2024 now published on government website Companies House, it’s easy to understand why the club wanted that advance.
Salford’s net liabilities have increased from £3,956,031 at financial year in 2023 to a whopping £5,330,672 at financial year end in 2024, an increase of almost £1.4 million.
It’s worth a reminder that these are the accounting figures for the club as of last November with the crisis that has happened since not on the record financially yet.
Salford Red Devils 2024 accounts reveal huge lending
Having requested that central funding advance in November, Salford were ordered to sell players and bring their wages down to £1.2 million, something they did not do.
A takeover in February was delayed before then being rushed through after the club fielded academy players and lost 82-0 in Round One. That takeover has ultimately failed with the money simply not put forward, leading to mounting debts which see the club facing a HMRC winding-up order on Wednesday.
A bridging loan has been promised by the owners but if that does not land then there’s a realistic chance that tonight’s game against Warrington Wolves could be the last that Salford Red Devils play.
Regarding their 2024 accounts, as well as their mounting net liabilities, the creditor amounts also rose. Those creditors due within one year rose from £1,734,050 to £2,211,971.
Long-term creditors increased over £1 million, rising from £2,485,377 to £3,649,682.
Forward Shane Wright today became the latest man to leave the club as he joined St Helens on loan until the end of the season.
Salford have already failed to fulfill one fixture and with four left this season and their major meeting with HMRC on Wednesday, it’s still unclear if the Red Devils will be able to complete the season.
