St Helens have strengthened the balance sheet of the club after converting some of its shareholders’ loans into permanent equity capital.
The Saints have capitalised on converting loans into a permanent fix as they look to improve the club’s profitability and cashflow moving forward.
St Helens chairman Eamonn McManus has played a key role in taking the club forward since taking over in 2002, helping come up with plans for to create the now Totally Wicked Stadium.
He said: “This is the final stage of a long term financial restructuring of the club, after a series of timed capitalisation exercises dating back to 2002. It leaves the club in fantastic financial shape.
“In 2002, the club was effectively insolvent, had negative net assets and was in facilities not fit for modern professional sport.
“As a result of the final stage of this long-term programme, we are debt free, profitable and have a net asset value of approximately £22million. We now aim to improve further going forward by way of increased operational profit.
“In addition, we have an unencumbered new stadium which underpins the playing success and financial stability of the club in the decades ahead.”
McManus added: “I would like personally to thank Crowther Street Holdings for their considerable and timely investment and for their continued support of the club and its management.
“Crowther Street has additionally agreed that I acquire part of their enlarged shareholding, resulting from this latest capitalisation, in order that me and my family’s existing shareholding remains significant.
“We both intend to hold our shareholdings long-term and each remain committed to the continued success of St Helens and of Super League.”