Castleford have announced that they have generated a record profit of £691,000 for 2017.
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 the Tigers have not received any external funding and the fourth year running that the club has delivered operating profits.
The financial performance allowed the club to invest heavily in 2018, spending almost £250,000 on transfer fees to secure the services of players. The club was also able to increase its salary cap spend in 2018 and spent up to the increased cap including exemptions. This will be an increased spend of approximately £200,000.
On the club’s record profits, Castleford 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!
“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.”