Exeter Rugby Group, the organisation behind Exeter Chiefs, reported a pre-tax loss exceeding £4.5 million for the financial year ending on June 30, 2023.
Managing the events business situated at the Premiership club’s Sandy Park venue, the group experienced a £1.7 million increase in pre-tax losses compared to the previous year, 2022.
Despite a full season without Covid-19 restrictions, Exeter faced challenges attributable to the surge in the cost of living and diminished crowd attendance, contributing to the financial setbacks.
“The directors acknowledge the financial challenges of Exeter Rugby Group PLC with a view to re-establishing a sustainable financial model that the group was successful in achieving each year prior to the coronavirus pandemic,” chief executive Tony Rowe wrote in a statement.
“The impact of the coronavirus pandemic caused unprecedented restrictions on the ability to trade and, as a reality, significantly impacted the group’s finances.
“In addition to this, the impact of the current economic climate with high inflation, utility costs and interest rates has had an impact on both the operational running costs of the group and also income generation, as the result of the economic climate has seen a reduction in gate attendance for rugby games.”
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Warren Gatland’s 2023 Lions XV:
Back-three:
15. Hugo Keenan – Ireland
14. Duhan van der Merwe – Scotland
He wrote: “Mack Hansen is very unlucky here but I’m switching Duhan to the right wing. I think he is in much better shape physically than he was when he was with the Lions a couple of years ago. He caused defenders all sorts of problems, carried well and scored some outstanding tries. He has also definitely improved his aerial game, which was something he had to work on.”
11. James Lowe – Ireland
Centre:
13. Huw Jones – Scotland
12. Sione Tuipulotu – Scotland
He wrote: “I was also impressed with the impact Bundee Aki made for Ireland, but Sione has a superb all-around game. He does not just give you good go-forward ball but can make the pass and offload as well.”