Bristol Rugby needs £2.5m cash boost- 20 Nov 2008 00:00:00
Guinness Premiership team Bristol needs £2.5m in additional funding if it is to maintain its top flight status according to the rugby club’s chief executive.
The club already operates at a £1m annual loss and expects further losses because of the current economic climate and a 20% drop in attendances.
Bristol Rugby chief executive Steve Gorvett stated: ‘By raising public awareness that we are looking for investment, a new group may come forward. Our over-riding interest is securing the best future for Bristol.
‘If we want to compete at the top end of the league and bring Heineken Cup rugby here again, we need to have the funding in place.
‘We are talking to several groups about new funding, including some of our current investors, but in simple terms we need to find an additional £2m-£2.5m a year to compete.’
Bristol spends £1m less than other clubs on their playing squad with the Premiership salary cap increasing from £3m to £4m this season.
The club secured their first Premiership win of the season on Sunday, beating Northampton 14-13.
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