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  • "When i stated that the rugby needed the County as they were in debt i was met with derision and told i was taliking rubbish , well i dont like to say i told you so , but i told you so , the rugby needs the county and the more successful the footy are the more the rugby will benefit , so are the rugby glad they have the County there ? Yes of course they are and they definetley need the footy to do well as the better the County do the more cash the rugby get , and boy dont the rugby need it , so heres to hoping that all three teams have great seasons and we all buy into the Newport sporting club venture be it Footy or Rugby , in me the rugby has gained a fan and now the barriers have come down i will pay my money and watch the rugby when im not at the County , and likewise it would be nice if the County gain rugby sports fans , as the future of sport in newport looks like we both need each other , which is no bad thing , so heres to Newport sporting success in 2012 , 2013 season ."
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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

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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