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  • "This talk is normal in any business, as is a working overdraft. There are many people who just love to knock the concept of regional rugby simply because it is not thier regional side (Ebbw Vale based people blew it because of the greed of one man). Money is very tight yes, but just look at the other regions, the Ospreys are in trouble with the tax man and are operating at a loss, the Scarlets have been bailed out twice by the WRU and the Blues lost about £3m last year. The Dragons are carrying the debt for the new stand, but this is a sum spread over ten or twenty years so is not that much of a worry as t is being funded. Operationally things are very tight and bigger crowds are needed to make things safe. With an underspend of some £700,000 on players wages next year this cost seems to be under control and with additional income from the County playing at Rodney Parade the whole of Newport Rugby is reasonably secure but more needs to be done before anyone can say the business is secure."
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Auditors’ doubts over future of Newport Gwent Dragons

Auditors’ doubts over future of Newport Gwent Dragons

Auditors’ doubts over future of Newport Gwent Dragons

Auditors’ doubts over future of Newport Gwent Dragons

First published in Dragons South Wales Argus: Photograph of the Author by , Reporter

AUDITORS of Newport Gwent Dragons have cast doubt over whether the region can continue as a going concern.

In recent filed accounts for the year to May 2011, auditors Arthur Gait & Company said the region has liabilities of £2.4 million and incurred a net loss of £272,141.

"These conditions... indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern," the accounts read.

The accounts of Dragons Rugby Limited say that the directors considered there were "adequate facilities for the company's requirements" for a period of at least 12 months from the date of signing of the balance sheet.

"However the margin of facilities over requirements is not large and inherently there can be no certainty in relation to these matters."

The accounts show that Dragons Rugby Limited owes £762,207 to its parents company Newport Rugby Football Club Ltd, and owes £1.16 million to sister firm Rodney Parade Ltd.

On both Newport Rugby Football Club and Rodney Parade's accounts, the auditor says: "Dragons Rugby Limited may not... be able to repay this amount to the company".

Dragons Rugby is dependent on continuing financial support from the Welsh Rugby Union, its bankers, directors, "group undertakings" and others, according to the accounts.

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