Exeter Chiefs cut losses by more than £2.5m

Exeter have cut their pre-tax loses by more than £2.5m according to the Premiership club’s latest accounts.

Figures submitted to Companies House show in the year to 30 June 2024 the Sandy Park club lost £458,744, having lost £2,982,503 in the previous 12-month period.

As well as cutting £1.2m off their wage bill, the accounts show the club sold another stake in a hotel on club grounds to chairman Tony Rowe.

“This generated an additional cash inflow to the group and reduced the group’s shareholding in Sandy Park Hotel Limited to 24%,” the accounts reveal.

Exeter say they may need to sell the rest of their stake in the hotel to balance the books should current attendances continue to be lower than expected.

This season has been Exeter’s worst on the field since they were promoted to the top flight – they have won just three Premiership matches all season and lost all of their European Champions Cup matches.

They did make the Premiership Rugby Cup final but were well beaten by Bath.

Exeter say there is still uncertainty over the repayment of loans given to the club from the Department of Culture, Media and Sport during the Covid-19 pandemic.

Rugby union as a whole was lent around £400m by the government to keep clubs going during the pandemic as matches were played behind closed doors.