Turnover has risen and pre-tax losses narrowed at the company behind Connect Yorkshire sponsor Leeds Rhinos, with the Super League side benefitting from record commercial revenue.
The men’s side finished the 2024 season eighth in the Super League, missing out on the play-offs, and were knocked out in the sixth round of the Challenge Cup.
The women’s team reached their third consecutive Challenge Cup final, again losing to St Helens at Wembley, and lost in the play-off semi final against York.
Recently filed accounts for Rhinos parent company Leeds Cricket Football and Athletic Company Ltd show turnover of £11.9m was recorded in the year ending 31 October 2024, up from £11.6m in 2023.
Pre-tax losses reduced to £1.87m from £2.31m the previous year.
Turnover increased despite a £340,000 (22 per cent) reduction in central funding from the league.
Rhinos reported a record year for commercial revenue, up £946,000 to £5.2m, boosted by a 15-year agreement with AMT Vehicle Solutions to become the naming rights partner for Headingley Rugby Stadium – the biggest commercial deal in the club’s history.
The club also installed solar panels on the South Stand roof in November 2023, which, together with renewed electricity contracts, helped reduce energy costs by 36 per cent.
Changes to the coaching and performance team, alongside an expanded academy and women’s operation, meant expenditure increased from £4.8m to £5.2m.
Average attendances dipped to 13,499 from 13,806 the previous year.
In their report accompanying the results, the directors said: “The strategic partnership with global management company IMG and the performance of Rugby League Commercial will be vital to maximising rugby league’s potential in the northern hemisphere.
“The continued uncertain economic outlook, has been a contributing factor to stagnated memberships, and to corporate entities reviewing their sponsorship and hospitality budgets. However, the club has embraced a long-term ‘One Team Rhinos’ philosophy which underpins its environmental, social and governance strategy. It has helped to attract new commercial opportunities and created stronger links with its Foundation and the wider community.”
Leeds Rhinos currently sit fourth in the table after 19 games of the 2025 season.
The club, together with Headingley Stadium, are owned by Yorkshire-headquartered construction and property development company Caddick Group. The group reported record turnover in its latest financial results earlier this year.
Article via insidermedia.com
