The new Super League season begins next week with a growing level of excitement around rugby league’s premier competition. Wigan Warriors face Leigh Leopards in a mouthwatering derby as they look to emulate last year’s quadruple, before the sport heads to Las Vegas next month for an historic fixture between Wigan and Warrington.
Crowds are up, interest is growing and the sport has every reason to be optimistic. But skim beneath the surface and these are fascinating times on a financial level, prompting plenty of intrigue about how things look at boardroom level.
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Four of the clubs who competed in Super League last year have been subject to some sort of takeover during the winter with two of those – Salford and London Broncos – facing financial difficulties. Of the others, Castleford are in the midst of a takeover by the investor Martin Jepson, who has already sunk a six-figure sum into the Tigers.
Hull FC also have new ownership for 2025 but there was some welcome news on Friday following confirmation Salford had been bought by the Swiss investment banker Dario Berta, ending fears the Red Devils would have to slash their playing budget to make the start of the new campaign. They also took an advance of £500,000 on their central distribution to get through the off-season.
But until Friday’s deal, Salford were one of only a handful of clubs without a benefactor willing to cover the financial black holes left by shrinking broadcast revenue among other factors. For those at the heart of the club, it was hardly a surprise when difficulties were encountered.
Their outgoing owner, Paul King, told the Observer: “It’s really tough at the moment for everyone. The game exists because of a person or two at each club who digs deep and at Super League level throws in £1m-£2m a year out of their own pocket. I’m not sure how that’s sustainable, I know some of the guys are getting fed up of it.”
Rugby league has essentially survived for the best part of the summer era from the strength of its deal with Sky Sports. But that income has dwindled over the past decade: in 2014, Super League agreed a £200m deal over five years, which benefited clubs throughout the professional pyramid and allowed them to thrive.
But last year Super League received around £21m from Sky: half what it was getting just before the pandemic. All the while, salaries and the cost of running a club have soared, leaving clubs such as Salford, without benefactors with deep pockets, struggling to make ends meet.
Clubs were getting close to £2m a year at the peak of the Sky deal but that figure has shrunk to around £1.3m. How do you bridge that gap without wealthy owners? Salford have had to sell their star talent to balance the books, a situation they will now hope is behind them with fresh ownership.
“We didn’t have sufficient income to cover on and off-field investment,” King says. “With running costs at circa £4.1m and income at £3.2m we have a gap to fill of £800,000-plus per annum and no one to close it.”
It is a problem Jepson, who has made his fortune in real estate, is now encountering at Castleford as he aims to complete a full takeover within the coming months. “The finances of all rugby league clubs are not in great shape without benefactors,” he says. “I struggle to understand how a club can survive. There’s a few difficult years ahead.”
Clubs are now looking at IMG to fill the void. The sport signed a 12-year strategic partnership deal with the media giant in 2022 aimed at developing fresh revenue streams and increasing viewership. On the latter front there are signs of progress. But clubs, particularly those without backers, are waiting nervously for news on the former to bridge the drop-off in Sky money.
Not least because the sport pays around £400,000 of its own money each year to IMG as a consultancy fee. London, who were relegated back to the Championship for 2025, made no secret of the fact they are struggling after their longstanding owner, David Hughes, announced he would walk away.
London are still in talks over new ownership and played a Challenge Cup tie against Goole with only 12 contracted players, with the rest of their squad trialists. As a Championship club once again, they will feel the financial pinch, with their central distribution now a paltry five-figure total.
To survive the winter, London kept some of their Super League distribution from 2024 in reserve. “There was serious consideration as to whether we could do it, whether we could survive, and could we get to the start line,” their coach, Mike Eccles, says. “I can’t lie and say there was a very real possibility of this disappearing for ever.”
A cursory glance at the top of Super League underlines the difference benefactors made. In fact Salford’s success last year – they finished fourth despite having one of the lowest budgets – was a complete anomaly. The rest of the competition’s big-hitters are essentially bankrolled by wealthy owners with the rest having little chance of competing for silverware.
The key in the short to medium term appears to lie with IMG. If the American media group can generate new revenue streams for Super League clubs, there is a more sustainable path ahead. But until then the financial fortunes of the game’s elite clubs increasingly rest on the continued support of a handful of individuals, while those not fortunate enough to have a backer look on with envy. The glamour of a showcase fixture in Las Vegas will barely cover the cracks.
