St Helens have announced a major capitalisation of shareholders' loans into permanent equity capital, further strengthening the balance sheet of the club, as well as improving its profitability and cash flow going forward.
Chairman Eamonn McManus said: “This is the final stage of a long-term financial restructuring after a series of timed capitalisation exercises dating back to 2002. It leaves the club in fantastic financial shape.''
Mr McManus went on: "In 2002 we were 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.''
He added: ''In addition, we have an unencumbered new stadium which underpins the playing success and financial stability of the club in the decades ahead.
''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.”