Tigers confirm loan application

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heritage1926
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Tigers confirm loan application

Post by heritage1926 » 03 Aug 2020, 12:50

https://www.totalrl.com/tigers-confirm- ... plication/
Castleford Tigers directors have confirmed that they will apply in the near future for a share of the £16 million loan that was made to the RFL by the government in April.

The RFL has indicated to all its member clubs that they can apply for financial support, with each club given a maximum financial target that it can apply for.

In a statement to their supporters, the Tigers’ directors said that the loan will help the club’s financial stability until a return to normality next year.

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mart0042
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Re: Tigers confirm loan application

Post by mart0042 » 03 Aug 2020, 12:59

Very interesting. Looks like we need a bit of help to see us through. And that's with releasing a player and not having a mortgage or rent to pay.

Wakey and Salford signing players and have either a mortgage to pay or rent. Can they be better financially sound than us? They did get smaller crowds, less merchandise sales, season ticket sales and post poorer financial results.

I'd be unhappy with the rfl if they allow the money to be used for anything other than keeping the sport and clubs alive. It's not for squad bolstering.

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Re: Tigers confirm loan application

Post by Fumper27 » 03 Aug 2020, 13:42

Apologise if I missed it but isn’t this the type of news that should break on the clubs official website first???

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Re: Tigers confirm loan application

Post by westerbeast73 » 03 Aug 2020, 13:48

Cas are always behind the media with announcements, its the norm these days.

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Re: Tigers confirm loan application

Post by tigerfeat » 03 Aug 2020, 14:02

On the news from the directors or whatever it was called ten days ago it said Cas intended to apply for a share of the 16 million to see the club through till next year
The measure of who we are is what we do with what we have
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Re: Tigers confirm loan application

Post by Casmania » 03 Aug 2020, 14:15

mart0042 wrote: 03 Aug 2020, 12:59 Very interesting. Looks like we need a bit of help to see us through. And that's with releasing a player and not having a mortgage or rent to pay.

Wakey and Salford signing players and have either a mortgage to pay or rent. Can they be better financially sound than us? They did get smaller crowds, less merchandise sales, season ticket sales and post poorer financial results.

I'd be unhappy with the rfl if they allow the money to be used for anything other than keeping the sport and clubs alive. It's not for squad bolstering.
We are paying interest at 2‰ above the base rate to the Fultons due to the loan to the club.
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Re: Tigers confirm loan application

Post by tigerfeat » 03 Aug 2020, 14:27

Sticks in ones craw that Ian Fulton as set that up with the 2% above the base rate for himself deary me
The measure of who we are is what we do with what we have
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Re: Tigers confirm loan application

Post by Fumper27 » 03 Aug 2020, 14:55

southporttiger wrote: 03 Aug 2020, 14:07 It's the penultimate section ...

https://www.castlefordtigers.com/article.php?id=6979
Cheers mate. I did miss it

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mart0042
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Re: Tigers confirm loan application

Post by mart0042 » 03 Aug 2020, 16:03

Casmania wrote: 03 Aug 2020, 14:15
mart0042 wrote: 03 Aug 2020, 12:59 Very interesting. Looks like we need a bit of help to see us through. And that's with releasing a player and not having a mortgage or rent to pay.

Wakey and Salford signing players and have either a mortgage to pay or rent. Can they be better financially sound than us? They did get smaller crowds, less merchandise sales, season ticket sales and post poorer financial results.

I'd be unhappy with the rfl if they allow the money to be used for anything other than keeping the sport and clubs alive. It's not for squad bolstering.
We are paying interest at 2‰ above the base rate to the Fultons due to the loan to the club.
But they own the club until someone buys them out. So, the owner charging themselves interest isn't a big deal. Huddersfields owner is owed 19 million by his club and they pay rent.

The point I'm making is that we are solvent and borrowing. What must be the case for others.

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Re: Tigers confirm loan application

Post by Casmania » 03 Aug 2020, 16:33

mart0042 wrote: 03 Aug 2020, 16:03
Casmania wrote: 03 Aug 2020, 14:15
mart0042 wrote: 03 Aug 2020, 12:59 Very interesting. Looks like we need a bit of help to see us through. And that's with releasing a player and not having a mortgage or rent to pay.

Wakey and Salford signing players and have either a mortgage to pay or rent. Can they be better financially sound than us? They did get smaller crowds, less merchandise sales, season ticket sales and post poorer financial results.

I'd be unhappy with the rfl if they allow the money to be used for anything other than keeping the sport and clubs alive. It's not for squad bolstering.
We are paying interest at 2‰ above the base rate to the Fultons due to the loan to the club.
But they own the club until someone buys them out. So, the owner charging themselves interest isn't a big deal. Huddersfields owner is owed 19 million by his club and they pay rent.

The point I'm making is that we are solvent and borrowing. What must be the case for others.
I think you've misunderstood the effect the loan has on the club.
Castleford RLFC changed from a public limited company to a private limited company in 2017. ie the Fultons.
The stadium cannot be used as an asset against any potential loan arrangement. (it is charged against the loan) The players aren't classed as assets - Hull FC had their loan application turned down as they have no assets.
This is a goverment backed loan, the RFL will have to show due dilligence in any loan arrangement with respect to loan security.
The interest payments are going out of the club into private hands.
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