WE WON’T GO BROKE
Broncos boss stands firm
BRONCOS boss Paul White is confident the NRL’s glamour club will not go broke and has revealed he may extend his tenure as chief executive to help the Broncos survive the crippling coronavirus pandemic.
White announced yesterday the Broncos were slashing costs with the CEO to take a pay cut of about $160,000, while coach Anthony Seibold has accepted a $100,000-plus reduction to help Brisbane stave off bankruptcy.
Several NRL clubs are tipped to go bust by season’s end with the ARL Commission vowing to do everything possible to ensure the code overcomes the COVID-19 crisis to field a 16team premiership in 2021.
The Broncos are the richest club in the NRL.
They have $14.8 million in the bank and last month posted a $3.3 million profit for the 2019 financial year and the Broncos will rely on those funds for protection in a desperate scrap for survival.
“At the moment, we are in a strong position,” White said.
“Bearing in mind, our business model is based on another 15 clubs participating in a competition. Our business model is based on the NRL proceeding.
“I can guarantee you at the moment our club is in a strong position. There will be more pain to come for some wonderful people at our organisation and that is my priority at the moment and we need to treat staff and players with the respect they deserve.
“The horizon is if we can salvage something later in the year with an abridged competition, that would be a great result, but we certainly want to be around for season 2021. We are looking at all scenarios.”
White announced late last year that he would walk away as chief executive at season’s end after a 10-year tenure at the Broncos.
But with the code in crisis, White admits the coronavirus ordeal could convince him to soldier on to help stabilise the Broncos in 2021.
“The one thing is I am enormously invested in this club,” he said. “I had made a decision to make this year my last in the best interests of the club.
“If I believe me remaining for a period of time is what this club needs and the board gives an indication they may like to see that happen, I will make a decision at that point in time.
“But I’m not going to tap out until I am satisfied the club is back on level footing. I’m not giving a definitive answer (on continuing on next season) but I’m not saying no either.”
White confirmed the Broncos were undertaking major cost-cutting to an organisation that has about 170 employees including their NRL playing group.
He said Broncos players could face the prospect of unpaid leave depending on how long the competition remains in suspension.
White and the Broncos executive, including Seibold, have agreed to 20 per cent pay cuts effective immediately.
“We’re taking costs out of the business and that will involve reductions of staff,” he said.
“We are cutting any expenditure we don’t require.
“Myself and the executive will take pay cuts in the first instance and if there is pain to be taken, I’ll be the first one to put my hand up to take that.
“The cuts we’ve made might not be enough in the long term but at least we will be in a position where we can manage a staged approach.”