Eagles rise above financial peril

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SHEFFIELD Eagles may have lost their unbeaten record in midweek but they are enjoying financial success with a profit for the second year running.

The club, which reached its first Championship Grand Final last season, reported a profit of £9,852 in the year ended 30 September 2011 an increase of £1,574 on the previous year.

It comes in a week that saw Super League Bradford Bulls revealed they may go bust.

Eagles’ chairman Ian Swire said: “Over the last 13 years we have witnessed many clubs having short term success despite having no long term business plan. We have bided our time and waited for their inevitable but predictable financial meltdowns.”

The profit was achieved against the background of rising costs with turnover increasing to £801,960 from £644,710 in 2010.

Swire said: “We have a policy of growth and development at every level but at the same time recognising financial realities. This has been achieved by trading within our means with no debt but with the support of the directors and sponsors.”

Eagles long-term target is a return to the Super League which they dropped out of in 1999 following the ill-fated merger with Huddersfield.

Swire, who has been chairman since the new Eagles was created, says any bid to join the game’s top tier will be based on a stable financial foundation.