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Search forNo financial trouble here at Bristol Rugby
Wednesday, November 19, 2008, 21:30
Bristol yesterday went public with their plea to attract new investors "to drive the club to the top of the Guinness Premiership", an admission which quickly prompted speculation about their financial future.
They revealed how they are seeking additional investment to the tune of £2 million to £2.5 million a year "to compete", but some sources believe the club – who are currently bottom of the Guinness Premiership – are in desperate financial trouble.
But Bristol head coach Hill, general manager Corin Palmer and chief executive Steve Gorvett were all eager to emphasise that the appeal for further investment is about the club progressing rather than simply surviving.
Hill said: "As far as I am concerned, the board and investors are 100 per cent behind getting this club to move upwards – and that is the only thing. There is absolutely no problem financially at this club.
"We are struggling to compete with other teams in the league. We currently operate £1 million below the salary cap and it's hard. Every year we have got to battle against relegation and it's tough.
"But we want to do more than just beat relegation – there are a lot of ambitious people here who want to move to the top end of the league on a regular basis, and the only way we are going to do that is to match their funding."
Bristol chief executive Gorvett has revealed how the club's annual losses of £1 million are about to increase based on their start to the season.
He said: "The recession has dramatically hit our corporate income, the walk-up gate is down by over 20 per cent due to the dual effect of the credit crunch and a string of poor results, and the knock-on affects our merchandise, food and beverage income.
"We are feeling the pinch, but we are not alone. All businesses are facing tough times and rugby is no different – it's likely to be a long and tough winter on and off the pitch.
"Our investors have been fantastic, but we all recognise the need to move the club forward. Up to this point, these guys have made up the club's shortfall. They do so willingly as they are all long- standing Bristol supporters and we owe them a huge debt of gratitude.
"However, we are still spending £1 million less per season on our squad than other clubs – it's why we were against increasing the salary cap to £4 million.
"We are talking to several groups about new funding, including some of our current investors, but in simple terms we need to find an additional £2 million to £2.5 million a year to compete."
Palmer was also keen to stress that the need for new funds is related purely to Bristol becoming a genuine force in English rugby rather keeping the club alive.
"It's well documented that we run a tight ship here – and no one is hiding from that," said the general manager.
"But this is about looking forward, not backward. It's about achieving what we want and getting to where we aspire to be – and we need some help to achieve that."
With their appeal now in the public domain, Hill is hoping for a quick response from investors so he can start planning his squad for the 2009-10 campaign.
"I have been keen to get this out now, as opposed to waiting until later on, because I have to start looking at strengthening the squad from January 1," he said.
"If we only have the same budget as we have had for the last three or four years, then clearly we can't invest in the squad and get the quality players like Luke McAlister or Chris Latham, who have come into the Premiership recently.
"If I had waited – or the board had waited – until the end of the season, then it would have been too late, because by the time you have got the money, all the players have gone.
"We have been talking to the people for the last couple of months, but I think the club felt that by making people more aware we might find a few more parties who are interested – and we need to speak to them as quickly as possible.
"I need to know what my budget is for next year, and then I can get on and sign up the appropriate squad."
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