Salford Red Devils, a struggling rugby league club, face a possible player sale crisis due to financial difficulties. The Rugby Football League (RFL) has imposed a sustainability cap of £1.2 million, forcing the club to sell players until they reach this figure. CEO Paul King remains hopeful for a takeover deal by a new investment group, with talks progressing. However, if the takeover isn't completed by January 21st, the club will be forced to sell its star players. King acknowledges the devastating impact of potential player departures but assures that the club will rebuild.
about the club's financial situation, the potential new owners, what the next few days may bring and much moreCEO Paul King remains hopeful that a deal can be agreed for a new investment group to save the financially strugglinghave been instructed this week by the Rugby Football League to sell players after being issued a sustainability cap of £1.2 million.
“I’m hopeful at that point the RFL will back off a little bit. Again, the RFL is the governing body, they have to do what they have to do. Former owner Marwan Koulash handed over control of Salford to a community trust, led by lifelong Red Devils fan King, in 2018.Salford claim they ran into financial trouble on 4 November last year after failing to receive a subsidy control grant promised by the local council.
The club was granted a £500,000 advance of its central distribution by the RFL at the end of November.“It was first supposed to be March, then it got delayed until November, and then on 4 November I was told they weren’t doing it. That was a shock to the system and left us in a big hole.“I’m not blaming them. I’m the CEO, I’m the one who sent us flying too close to the sun so blame me. We invested in a squad but the expected incomes haven’t been released in time.
RUGBY LEAGUE FINANCIAL CRISIS TAKEOVER PLAYER SALES SALFORD RED DEVILS
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