Saints announce losses

Saints' losses come despite winning the 2002 Super League Grand Final

St Helens have revealed an operating loss of almost £800,000 for the year covering the 2002 season.

Saints' holding company, Sporting Club St Helens Ltd, made a loss of £799,344 during the 12 months ending 31 October 2002, the year in which the club were found guilty of breaching the salary cap.

Saints also reached the Challenge Cup final and won the Super League Grand Final during that period.

Club chairman Eamonn McManus insists that the club's finances have now been brought under control and such a loss will not occur again.

"The year was a significant one in the history of the club," he told the club's website.

"In April 2002 a financial rescue and recapitalisation exercise was successfully implemented, strengthening the club's balance sheet and significantly reducing the debt.

"However, the club recorded further losses in 2002 and the board of directors has conducted a major overhaul of management positions in order to ensure an improved business performance in 2003 and beyond."

McManus claims that, despite the Knowsley Road club's failure to reach this season's Challenge Cup final, the immediate financial outlook is good.

"Our costs have been controlled, whilst revenues from gates, sponsorship, merchandising and lottery are all improving in 2003," he added.

"As a result a financial improvement is projected, even though we did not reach the Challenge Cup final this season, which of course we did in 2002.

"In addition, we eagerly await a successful outcome to the current TV rights negotiations, as this will further assist our efforts.

"The strategy of the club will be to continue financing the cost of a top-class squad whilst capitalising on the revenue opportunities arising from that more successfully than has been the case historically."

Saints will have their appeal against the two points deducted for breaching the salary cap heard on Monday.