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West Wales News Review — analysis with a sustainability slant

Archive for the tag “Scarlets Regional Ltd”

Scarlets Plunge Deeper into Debt

Directors Remain Optimistic

The disappointing financial repercussions of the Scarlets’ super-sized stadium at Trostre, Llanelli, threaten the capability of Scarlets Regional Ltd to continue as a going concern, in the view of auditors Broomfield & Alexander.

The accounts for the year to June 30th 2016 show a pre-tax loss of more than £1.5 million, 50% greater than the previous year’s loss of just over £1 million.

The directors have invested in players, and the Scarlets have played pretty well in the current season. They stand 5th in the Pro 12 at the time of writing, below Leinster, Ospreys, Munster and Ulster – but 5th is not 1st, and there is still a way to go.

Broomfield & Alexander point out that, at the end of June 2016, the company’s net current liabilities exceeded assets by £2.718 million. In their view, this indicated “the existence of a material uncertainty which may cast significant doubt about the company’s ability to continue as a going concern”.

The auditors also question the £9.394 million value of the stadium as reported in the accounts, the implication being that the valuation is too high and may be impossible to realise if Scarlets Regional runs out of money. The stadium, which opened in November 2008, cost £23 million to build.

Despite the Scarlets playing lively rugby, the average gate for Pro 12 home matches in 2015-16 was 7,353, including the 4,000 or so season ticket holders, although the stadium can seat 14,870. The wide expanses of empty seats show that the claim ‘build it and customers will come’, a refrain which has been heard inside Carmarthenshire County Council, is wide of the mark.

The Scarlets owe the county council £2.614 million, which is due for repayment in 2023. Total equity in the rugby company continues to fall and at June 30th 2016 was down to £2.640 million, against £3.826 million a year earlier and £4.169 million the year before that. The county council’s investment on behalf of the people of Carmarthenshire is looking uncertain, despite the fact that a top notch rugby side brings non-financial benefits such as sporting confidence and local pride.

The board of directors, who have dug deep into their pockets to keep the rugby region going, remain optimistic, according to the accounts. Chairman Nigel Short, of Penderyn Distillery, wrote of the board’s determination to “continue to invest in development of talent”, although this had led and could well lead again to the business making a loss.

The directors “have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future”, they report in the accounts.

Those resources are likely to include more of their own money. Perhaps a lot more.

Stadium Casts Long Shadow Over Scarlets’ Financial Outlook

With a lot of support from deep-pocketed directors, the Scarlets rugby region soldiers on. The accounts for Scarlets Regional Ltd to June 30th 2015, signed off in March 2016, reveal a net loss of £987,615 — nearly £1 million — and net liabilities of £4.543 million.

The Scarlets, currently fifth in the Guinness Pro 12 league of Irish, Welsh, Scottish and Italian clubs, is the best-performing Welsh club of the season, only two points behind fourth-placed Ulster, and the players and coaching staff have worked heroically to keep the squad at the pinnacle of Welsh rugby, but the stadium is, like gravity, continually pulling them back down the mountain.

The Parc y Scarlets stadium at Llanelli’s Pemberton Retail Park, seating 14,870 people, is valued in the accounts at just on £9.621 million. The auditors, Broomfield & Alexander, point out that: “The trading conditions referred to above [in their report], along with the other matters explained in the accounting policies to the financial statements, indicate the existence of a material uncertainty which may cast significant doubt about the carrying value of the stadium. Were these key assumptions to which the accounting policies refer not realised, the result would be a requirement to reduce the carrying value of the stadium.”

The average gate in 2014-15, according to the chairman, Welsh Whisky Company’s Nigel Short, was 7,000. That’s less than half capacity, and less than 2012-13’s average of over 8,000, but not bad at all considering that the whole population of Llanelli town and the surrounding urban area is only around 45,000.

This begs the question: why was such a large, expensive stadium constructed, when filling even half of it with local paying customers would require one in six of the urban population – from babes in arms to centenarians – to buy tickets? The business plan was just too rose-tinted. And would anyone else be willing to pay £9.621 million for the stadium, on land which the Scarlets do not own?

The debts exceed even the optimistic £9.621 million valuation of the stadium. Scarlets Regional Ltd’s debts, repayable after more than a year, rose to £12.194 million from £12.037 million the previous year.

The crunch year will be 2023, when £2.614 million should be repaid to Carmarthenshire County Council (which also provided the land for the stadium, at a nominal rent for 150 years, and allowed the club to sell part of the site to pub chain Marstons for £850,000 and to keep all but £200,000 of it).

It’s hard to see where the money to repay the county council is to come from. Scarlets Regional’s turnover did rise almost 13% in 2014-15, to £8.977 million from £7.953 million the year before, and the loss for the year almost halved from £1.746 million to £987,615 – but it was still a loss, and to repay its debts in the crucial year, 2023, the company has either to generate profits exceeding £1.5 million for each year between 2016 and 2023, or raise the money on assets, essentially the stadium.

In January 2016, before the latest Scarlets Regional accounts were released, its formerly dormant subsidiary Llanelli RFC Ltd suddenly increased the director count from one, Huw Dewi Evans (to whom Scarlets Regional owes over £2.179 million) to six, four of whom – Huw Dewi Evans, Phillip John Morgan, Jonathan David Daniels and Richard Meurig Griffiths – are also directors of the parent company. The flurry of new directors suggests that a revitalised role for Llanelli RFC Ltd may be in the offing.

While Mr Evans has more money outstanding to Scarlets Regional than any other director, according to the 2014-15 accounts, Mr Timothy Philip Griffiths, chief executive of the Jersey-registered Cpaush Ltd and of 17 other companies in addition to Scarlets Regional, is owed nearly £1.003 million, Mr Granville Harold Wise £1.491 million, and real estate company Nednil Ltd, £2.117 million. Nednil’s chief executive Philip James Davies is also on the Scarlets Regional board. Three more directors have smaller loans to the company, ranging from £40,000 to £420,000.

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The Trostre steelworks,  put on the market by dumping-damaged Tata Steel Europe, are over the road from the Scarlets’ stadium. Trostre’s uncertain future is casting a shadow over the stadium — and over the whole of Llanelli.

Tata Steel Europe’s Trostre steelworks, close by the Scarlets’ home at Pemberton Retail Park, could well play a role in the future of this story. Tata has put its UK steel operations onto the dumping-deluged market, and the approximately 650 jobs at Trostre, home of tinplated steel, are by no means safe. If Trostre went, the economic impact on Llanelli would be horrible, and Scarlets Regional would not be able to escape the hurt.

Of course, the steel crisis might moderate, but even if Llanelli escapes an economic mauling, the Scarlets’ own stretched finances cast a long shadow over the club’s prospects.

 

 

 

 

Scarlets’ Money Worries Mount

With the accumulated deficit rising to almost £14.5 million in 2013-14, Scarlets Regional Ltd is in a dark financial tunnel — and its half-empty stadium doesn’t help

If only Parc y Scarlets did not exist in its present super-sized form!

The stadium constructed for the Scarlets rugby region, based in Llanelli and extending over West and North Wales, does not host sufficient top-class games, and when there is a match, it is on average half empty.

The stadium, built at a cost of £23 million on land owned by Carmarthenshire County Council and opened in November 2008, seats 14,870 people but the average home gate in the Guinness Pro 12 league, 2014-15, was just 7,069.

The structure of the Pro 12, the outer circle of European rugby union, is a problem because fans have long distances to travel to away games. The four clubs from Wales, four from Ireland, two in Scotland and two in Italy, are far-flung geographically, and the journeys add to the expense of being a fan.

So no surprise that Scarlets Regional Ltd remained financially embarrassed in 2013-14. Their annual accounts for the year to June 30th 2014, filed in May 2015, show a pre-tax loss of £1,745,954 – so no tax payable – and an excess of liabilities over assets of £4,164,241.

The stadium has become a proverbial millstone, and its funding costs restrict the amounts which the region can spend on players and coaching.

It’s tough on the shareholders, tough on directors. Room for manoeuvre is limited. The Scarlets need to invest in players, if they are to improve on their mid-table status, but how to raise the money, other than to call again on the shareholders, who are already carrying an accumulated deficit of £14,418,588 – almost £14.5 million — a big drag on any loss-making club.

James & Uzell of Swansea, the auditors, make several caveats. “The company is dependent on the continuing financial support provided by the Welsh Rugby Union and the funding directors,” they say in the financial statements. “The company has now signed a new Rugby Services Agreement with the WRU [Welsh Rugby Union]. Projections prepared on this basis suggest that there is adequate funding to enable the company to continue to trade for at least 12 months from the date of signing of the balance sheet, and so it is appropriate to prepare the financial statements on the going concern basis.

“However, there is a very small margin in terms of the company meeting its ongoing liabilities, and so there can be no real certainty with ongoing cashflows. The financial statements do not include any adjustments that would result from a withdrawal of this financial support.”

The stadium is valued at £9,847,038 in the accounts, but the auditors warn about “material uncertainty which may cast significant doubt about the carrying value of the stadium”. How much would the structure fetch if Scarlets Regional no longer qualified as a ‘going concern’? There isn’t a great second-hand market in stadia, and a queue of eager buyers is a remote possibility.

Scarlets owe Carmarthenshire County Council more than £2.6 million, repayable in 2023 and secured on the stadium. By then the stadium will be 15 years old and quite possibly worth a great deal less than £9.8 million.

I hope the Scarlets can pull through. The club is careful not to overcharge fans, and has set season ticket prices for the new season between £135 for over-60s renewing and £590 for a full-priced top package. The most expensive season ticket for under-17s is £35, and for 17-21s, £80. A family of four can buy a season ticket for £260 (early) or £280 (full price), with each additional child just £4.

If only there were another 7,000 local rugby fans able and willing to buy tickets, prospects for the club, and its stadium, would be so much brighter.

Since June 30th 2014, another year has passed, and the directors will have a good idea of the financial outcome. Let’s hope that the losses have stopped accumulating – or at least, are growing at a slower rate.

PDR

Scarlets Update: Another Big Loan

UPDATE October 15th 2014

Exactly a month ago, Carmarthenshire County Council’s Executive Board allowed Scarlets Regional Ltd to borrow another £900,000. The new loan is from the Welsh Rugby Union, and is at least interest-free. The loan can be taken in three stages, to a maximum tranche size of £325,000, and the final tranche should be taken in September 2016.

The county council could have stopped the Scarlets from accepting the loan, because of the terms of its own financial agreement with the company. The Scarlets owe the council £2.614 million (and rising), after all.

The directors are required to provide security of up to £180,000, 20% of the maximum loan, and the WRU takes a “fixed and floating charge over the assets of the club with the exception that there is no fixed charge over the club’s stadium, barn or track”, in the words of the report to the Executive Board. The stadium premises belong to the council anyway and are leased to the Scarlets.

Currently, there is clearly insufficient net worth to provide security for additional loans because, as the latest published accounts show, as at 30th June 2013 the company had an excess of liabilities over assets of £3,568,287.

Will the extra £900,000 spark a financial revival? A long run of sporting success would help greatly, but currently the Scarlets rank seventh in the Guinness Pro12, below their near neighbours the Ospreys, who are top, then Glasgow, and all four Irish teams. There is a crumb of comfort in the mid-table position — it’s a lot better than propping up the bottom. The next few months will be interesting.

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Original post

Loans from directors and from Carmarthenshire County Council are just about keeping the financial wolves away from the battered body that is The Scarlets rugby region, but for how long?

The Scarlets are central to the self-image of Llanelli in particular and of importance to West and North Wales in general. One of the four professional teams in Wales, and with the largest geographical area, the Scarlets are the modern incarnation of Llanelli RFC, which for so long played at Stradey Park inside Llanelli.

The Scarlets’ six-year-old stadium, outside Llanelli at the retail estate Parc Pemberton, seats 14,870 but the average gate, reported in newly available financial statements for 2012-13, was “over 8,000”. That gate is good for a town like Llanelli, population 35,000 according to the town council, but it’s not enough to keep the club solvent. Two particular problems are evident: the Ospreys rugby region is only just down the road at the Liberty Stadium in Swansea, and the Ospreys attract fans from the lion’s share of what is becoming a single Neath-Swansea-Llanelli conurbation. The Scarlets look to sparsely-populated West and North Wales for their fans, but these are areas with ageing and less-and-less mobile populations.

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Parc y Scarlets stadium: costing the game? Photo from Wikimedia.

Stradey Park had a capacity of 10,800. Parc y Scarlets is a lot bigger, more anonymous, and seats are further away from the play. Maybe it will acquire character in time.

Meanwhile, the shareholders found themselves more in the red at end-June 2013 than a year earlier. Their investment in the club was a negative £3.568 million, compared with negative £3.243 million the year before.

The auditors, Grant Thornton, resigned in March 2014, just before the 2012-13 accounts should have been filed with Companies House. The financial statements for the year were eventually audited by James & Uzzell Ltd of Swansea Vale, and filed with Companies House after the chairman’s report was signed on July 31st.

The auditors say: “The company incurred a net loss of £690,701 during the year ended 30th June 2013 and, at that date, the company had an excess of liabilities over assets of £3,568,287.

“These conditions along with the other matters explained in the accounting policies to the financial statements indicate the existence of a material uncertainty which may cast significant doubt about the company’s ability to continue as a going concern. The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern.”

The value of the company’s dominant asset, the stadium, is reported as £10,073,345. More than £10 million. Would it be worth that much if the company folded? Who would be willing to pay over £10 million for a 14,870-seater stadium on a retail park outside Llanelli? There could well be a buyer, but intense competition for the property is rather unlikely.

The director with most invested in the company’s shares at the year end, according to the financial statements, was Nigel Short, owner of 3.17% of the columns of red ink. Philip Davies owned 1.95% and Nednil Ltd, of which Mr Davies is a director, owned 1.46%. As well as investing in shares, the directors have been generous with interest-free loans. Just in 2012-13 Nigel Short advanced £340,000 and Nednil Ltd £200,000. At the year end, directors Huw Evans, Granville Wise, Tim Griffiths and Nigel Short were owed £3.179 million, £1.541 million, £1.003 million and £440,000 respectively. Nednil Ltd has loaned a total of £2.047 million, and Welsh Whisky Co Ltd, a business interest of Mr Short, lent £100,000.

Carmarthenshire County Council’s outstanding loan to the company increased by £100,000 from £2.514 million to £2.614 million. This is secured by a “floating charge over the company’s assets”, to quote from the financial statements. The main asset is of course the stadium, which could not realistically have been built – the Carmarthen Journal reported that the development cost £25.4 million —  without a grant of £10.3 million from the county council, plus £5.56 million in ‘Section 106’ money from the developers who received planning permission to build homes on Stradey Park. The council’s grant more or less equals the stadium’s present value.

The county council issued a 150-year lease to the Scarlets, at nominal rent, and part of the car park on this leased land was sold to pub company Marstons for £850,000. Only £200,000 of this made its way into county council coffers, although a fairer split would have been 50:50.

Scarlets Regional Ltd is a privately owned company and some people feel that Carmarthenshire County Council might have broken European Union regulations about handing state aid to commercial concerns. The council argues that it has not broken any rules.

Certainly no one appears to be making profits from the council’s largesse.

The Scarlets’ financial performance in 2012-13, as presented in the accounts, was rather better than in 2011-12. Turnover rose 0.15% from £7.980 million to £7.992 million, but this lagged behind inflation. The cost of sales soared 13.1% to £6.153 million, but net operating expenses fell over a third from £3.647 million to £2.395 million. No worries about corporation tax, for there was no profit. And although the loss on ordinary activities almost halved from £1.297 million to £690,701, the losses carried forward rose by this amount to £12.673 million.

Servicing debt is feasible at present, because interest rates are so low, and in addition the Scarlets are benefiting from many interest-free loans. During the year to June 30th 2014 Scarlets Regional were due to pay bills and repay loans totalling over £5.272 million, a tall order. The next accounts will show if this was achieved. The average gate at home games in 2013-14 was 7,218, a little down on 7,478 in 2012-13, according to calculations from figures on the Scarlets website.  The company put the 2012-13 average gate at over 8,000, which could well be correct if absent season-ticket holders were counted in.

More than 4,300 people had season tickets in 2012-13, a respectable total. A standard season ticket for the current season costs £215, with more expensive variants up to £590 for a Carwyn James Patron ticket, and lower prices for students and children. Better public transport to and from Parc y Scarlets could entice additional season ticket purchasers, but that seems an unrealistic wish. Charging a lot more for season tickets is also unrealistic. Greatly increased income from TV rights would help. Couldn’t the Welsh Rugby Union be more generous? According to David Moffett, group chief executive of the WRU from 2002 to 2005, the regions are being starved of WRU funding because the union opted to repay early £16.6 million of debt.

A few big matches – against the All Blacks, Australia or South Africa, maybe – could be life-prolongers. On October 31st 1972, the then Llanelli RFC played the All Blacks on the old ground at Stradey Park – and won. There would be little doubt about the Scarlets being a going concern if rugby was still played at Stradey.

The gloomy finances at Parc y Scarlets are also emphasised by the fact that Scarlets Regional Ltd lost its auditors in March 2014, and in August 2014 company secretary Nick Gallivan resigned after just over two years in the post.

That stadium is just TOO BIG and TOO EXPENSIVE for a club which needs to devote more resources to RUGBY.

 

Scarlets latest: £12.673 million losses to carry forward

UPDATE October 15th 2014

Exactly a month ago, Carmarthenshire County Council’s Executive Board allowed Scarlets Regional Ltd to borrow another £900,000. The new loan is from the Welsh Rugby Union, and is at least interest-free. The loan can be taken in three stages, to a maximum tranche size of £325,000, and the final tranche should be taken in September 2016.

The county council could have stopped the Scarlets from accepting the loan, because of the terms of its own financial agreement with the company. The Scarlets owe the council £2.614 million (and rising), after all.

The directors are required to provide security of up to £180,000, 20% of the maximum loan, and the WRU takes a “fixed and floating charge over the assets of the club with the exception that there is no fixed charge over the club’s stadium, barn or track”, in the words of the report to the Executive Board. The stadium premises belong to the council anyway and are leased to the Scarlets.

Currently, there is clearly insufficient net worth to provide security for additional loans because, as the latest published accounts show, as at 30th June 2013 the company had an excess of liabilities over assets of £3,568,287.

Will the extra £900,000 spark a financial revival? A long run of sporting success would help greatly, but currently the Scarlets rank seventh in the Guinness Pro12, below their near neighbours the Ospreys, who are top, then Glasgow, and all four Irish teams. There is a crumb of comfort in the mid-table position — it’s a lot better than propping up the bottom. The next few months will be interesting.

——————–

Original post

Loans from directors and from Carmarthenshire County Council are just about keeping the financial wolves away from the battered body that is The Scarlets rugby region, but for how long?

The Scarlets are central to the self-image of Llanelli in particular and of importance to West and North Wales in general. One of the four professional teams in Wales, and with the largest geographical area, the Scarlets are the modern incarnation of Llanelli RFC, which for so long played at Stradey Park inside Llanelli.

The Scarlets’ six-year-old stadium, outside Llanelli at the retail estate Parc Pemberton, seats 14,870 but the average gate, reported in newly available financial statements for 2012-13, was “over 8,000”. That gate is good for a town like Llanelli, population 35,000 according to the town council, but it’s not enough to keep the club solvent. Two particular problems are evident: the Ospreys rugby region is only just down the road at the Liberty Stadium in Swansea, and the Ospreys attract fans from the lion’s share of what is becoming a single Neath-Swansea-Llanelli conurbation. The Scarlets look to sparsely-populated West and North Wales for their fans, but these are areas with ageing and less-and-less mobile populations.

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Parc y Scarlets stadium: costing the game? Photo from Wikimedia.

Stradey Park had a capacity of 10,800. Parc y Scarlets is a lot bigger, more anonymous, and seats are further away from the play. Maybe it will acquire character in time.

Meanwhile, the shareholders found themselves more in the red at end-June 2013 than a year earlier. Their investment in the club was a negative £3.568 million, compared with negative £3.243 million the year before.

The auditors, Grant Thornton, resigned in March 2014, just before the 2012-13 accounts should have been filed with Companies House. The financial statements for the year were eventually audited by James & Uzzell Ltd of Swansea Vale, and filed with Companies House after the chairman’s report was signed on July 31st.

The auditors say: “The company incurred a net loss of £690,701 during the year ended 30th June 2013 and, at that date, the company had an excess of liabilities over assets of £3,568,287.

“These conditions along with the other matters explained in the accounting policies to the financial statements indicate the existence of a material uncertainty which may cast significant doubt about the company’s ability to continue as a going concern. The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern.”

The value of the company’s dominant asset, the stadium, is reported as £10,073,345. More than £10 million. Would it be worth that much if the company folded? Who would be willing to pay over £10 million for a 14,870-seater stadium on a retail park outside Llanelli? There could well be a buyer, but intense competition for the property is rather unlikely.

The director with most invested in the company’s shares at the year end, according to the financial statements, was Nigel Short, owner of 3.17% of the columns of red ink. Philip Davies owned 1.95% and Nednil Ltd, of which Mr Davies is a director, owned 1.46%. As well as investing in shares, the directors have been generous with interest-free loans. Just in 2012-13 Nigel Short advanced £340,000 and Nednil Ltd £200,000. At the year end, directors Huw Evans, Granville Wise, Tim Griffiths and Nigel Short were owed £3.179 million, £1.541 million, £1.003 million and £440,000 respectively. Nednil Ltd has loaned a total of £2.047 million, and Welsh Whisky Co Ltd, a business interest of Mr Short, lent £100,000.

Carmarthenshire County Council’s outstanding loan to the company increased by £100,000 from £2.514 million to £2.614 million. This is secured by a “floating charge over the company’s assets”, to quote from the financial statements. The main asset is of course the stadium, which could not realistically have been built – the Carmarthen Journal reported that the development cost £25.4 million —  without a grant of £10.3 million from the county council, plus £5.56 million in ‘Section 106’ money from the developers who received planning permission to build homes on Stradey Park. The council’s grant more or less equals the stadium’s present value.

The county council issued a 150-year lease to the Scarlets, at nominal rent, and part of the car park on this leased land was sold to pub company Marstons for £850,000. Only £200,000 of this made its way into county council coffers, although a fairer split would have been 50:50.

Scarlets Regional Ltd is a privately owned company and some people feel that Carmarthenshire County Council might have broken European Union regulations about handing state aid to commercial concerns. The council argues that it has not broken any rules.

Certainly no one appears to be making profits from the council’s largesse.

The Scarlets’ financial performance in 2012-13, as presented in the accounts, was rather better than in 2011-12. Turnover rose 0.15% from £7.980 million to £7.992 million, but this lagged behind inflation. The cost of sales soared 13.1% to £6.153 million, but net operating expenses fell over a third from £3.647 million to £2.395 million. No worries about corporation tax, for there was no profit. And although the loss on ordinary activities almost halved from £1.297 million to £690,701, the losses carried forward rose by this amount to £12.673 million.

Servicing debt is feasible at present, because interest rates are so low, and in addition the Scarlets are benefiting from many interest-free loans. During the year to June 30th 2014 Scarlets Regional were due to pay bills and repay loans totalling over £5.272 million, a tall order. The next accounts will show if this was achieved. The average gate at home games in 2013-14 was 7,218, a little down on 7,478 in 2012-13, according to calculations from figures on the Scarlets website.  The company put the 2012-13 average gate at over 8,000, which could well be correct if absent season-ticket holders were counted in.

More than 4,300 people had season tickets in 2012-13, a respectable total. A standard season ticket for the current season costs £215, with more expensive variants up to £590 for a Carwyn James Patron ticket, and lower prices for students and children. Better public transport to and from Parc y Scarlets could entice additional season ticket purchasers, but that seems an unrealistic wish. Charging a lot more for season tickets is also unrealistic. Greatly increased income from TV rights would help. Couldn’t the Welsh Rugby Union be more generous? According to David Moffett, group chief executive of the WRU from 2002 to 2005, the regions are being starved of WRU funding because the union opted to repay early £16.6 million of debt.

A few big matches – against the All Blacks, Australia or South Africa, maybe – could be life-prolongers. On October 31st 1972, the then Llanelli RFC played the All Blacks on the old ground at Stradey Park – and won. There would be little doubt about the Scarlets being a going concern if rugby was still played at Stradey.

The gloomy finances at Parc y Scarlets are also emphasised by the fact that Scarlets Regional Ltd lost its auditors in March 2014, and in August 2014 company secretary Nick Gallivan resigned after just over two years in the post.

That stadium is just TOO BIG and TOO EXPENSIVE for a club which needs to devote more resources to RUGBY.

 

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