Salford Red Devils financial update as bridging loan reports emerge
There has been a fresh update on Salford's financial future.
Salford Red Devils have reportedly secured a bridging loan to provide a financial boost to the club – but it is not due before the club face the courts next week.
The Red Devils remain under severe financial pressure, four months into the new Super League season and since they were taken over by a new consortium.
They are due to face a winding-up order next week over unpaid debts to HMRC in excess of £600,000, and their future remains grossly uncertain.
However, The Sun revealed this week – which was then followed up by Sky Sports prior to Castleford’s clash with Hull KR – that the club are due to at least receive some much-needed financial capital by way of what was described as a bridging loan.
Bridging loans are short-term cash injections used to overcome a financial gap ahead of a likely influx of investment or money, proving businesses with quick access to capital while there is a delay over funds arriving from other sources.
The club’s ownership group have promised that funds are on the way at some stage, though they have yet to materialise with pay-day again looming on the horizon, as well as the date with HMRC.
Love Rugby League has been told that bridging loan is unlikely to arrive before the winding-up petition is heard, but will be forthcoming in the next two to three weeks.
That would likely mean payment of salaries for Salford’s squad and staff for the month of June would hopefully pass through with minimal issue.
But beyond that, all associated with the Red Devils are waiting nervously to see if the promised funding from the owners arrives.
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