Record profits recorded!
Posted: Monday 3rd September 2018 - 4:47 PM
Castleford Tigers are delighted to announce record accounts for 2017.
2017 financially has been the most successful year in the club’s history!
Turnover increased by £1.4m to £6m and this growth was driven by increased gate receipts, sponsorship, record merchandise sales and record bar sales. The increase has generated a record profit of £691,000 for 2017.
This is now the fourth consecutive year that Castleford Tigers has not received any external funding and the fourth consecutive year the club has delivered operating profits.
The financial performance allowed the club to invest heavily in 2018, spending approaching £1/4 million on transfer fees to secure the services of some of the games most highly sought-after players. The club was also able in increase its salary cap spend in 2018 and spend up to the increased cap including exemptions, this will be an increased spend of approximately £200,000.
On top of the increased investment on the field, the club has also increased investment off the field. A considerable amount of money has been spent on ensuring the Mend-A-Hose Jungle is a safe place to come and enjoy watching Super League. In February 2018 the club opened the Castleford Tigers Sports Superstore in Xscape, the profit from the 2017 season allowed the club to take this opportunity and invest in the growth of it’s retail operation. A subscription TV channel ‘Tigers TV’ has also been developed from scratch and the stadium is now using a new Season Ticket card entry system in 2018, all avenues the club has been able to explore due to the profit of 2017. Investment has also been made into off field staff to help drive the business forward in the commercial, finance and retail divisions.
Speaking with pride today, Castleford Tigers Chairman Ian Fulton said: “I’m delighted to share the news that our club made a record profit in 2017. This club is now in such a healthy place financially. The extra investment in the players budget is really bearing fruit for us right now, especially with so many injuries to key players. For us to be in the top four and challenging for the 2018 Betfred Super League Grand Final is just fantastic!"
Fulton added: “I’d like to take this opportunity to thank my team at Castleford Tigers, the players, the coaches, our team of staff who work so hard behind the scenes with such passion, our volunteers and of course our amazing fans. You are the ones that have created this record profit with your love and commitment to our great club. It fills me with pride to be part of such a great team and I am as excited as you are to see where the journey takes us as we head into the business end of the season. I hope to see you all down at the Jungle for our last few home games of the 2018 season!”
Castleford Tigers shareholders will be invited to the 2017 AGM in due course.
The Tigers are back in action on Friday night taking on Hull FC at the KCOM Stadium. Tickets and travel are available to book now. Click here for all the details.