Salford Red Devils CEO sets out timeline for funds with more pain to come.
Salford Red Devils CEO Chris Irwin has outlined a timeline for the club’s financial recovery, acknowledging that further challenges lie ahead. The club is currently operating under a reduced salary cap of £1.2 million, imposed by the Rugby Football League (RFL), due to delays in securing funds from the new ownership consortium led by Swiss investment banker Dario Berta.
Irwin explained that a £1.9 million transfer intended for the club was returned due to international banking regulations, causing a setback in their financial plans. He anticipates that it will take a couple of weeks to resolve these issues and demonstrate the necessary liquidity to the RFL, which is required to lift the sustainability cap.
The financial strain has already impacted the team’s roster, with star player Marc Sneyd departing for Warrington. Additionally, other players, including Tim Lafai, have been linked with potential exits as the club navigates this challenging period.
Despite these hurdles, Irwin remains optimistic about the club’s future under the new ownership. He emphasized that the consortium is genuine and committed to stabilizing the club’s finances, though the premature timing of the takeover has contributed to the current challenges.
The club has also faced delays in the acquisition of the Salford Community Stadium, a development expected to enhance revenue streams and improve financial stability. The completion of this deal is anticipated to provide a more secure foundation for the club’s operations moving forward.
As the situation unfolds, the Salford Red Devils are working diligently to overcome these financial obstacles and are hopeful that the measures being implemented will lead to a more stable and prosperous future for the club.
