NRL 2 years ago

Eels hit with $11 million loss

  • Eels hit with $11 million loss

    SYDNEY, AUSTRALIA - AUGUST 29: Michael Gordon of the Eels celebrates a try he scored during the round 25 NRL match between the Parramatta Eels and the St George Illawarra Dragons at Pirtek Stadium on August 29, 2016 in Sydney, Australia. (Photo by Mark Nolan/Getty Images)

Parramatta's horror year punctuated by a salary cap scandal, player misdemeanours and boardroom squabbles has led to the NRL club reportedly losing $11 million.

A letter will soon be sent to members detailing the cost of the Eels' forgettable 2016, according to News Corp Australia on Tuesday.

Nearly $1 milllion has gone towards player contract terminations, including Anthony Watmough and Kieran Foran, with around the same amount paid in fines and penalties.

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It is also understood $1.24 million has been spent on legal and other advisors' fees, much of which is related to five former Parramatta officials appealing their sacking in the NSW Supreme Court.

There has also been loss of sponsorship revenue.

The hit to the club's bottom line comes as the club attempts to rebuild from a year in which it was effectively ruled out of the finals race when docked 12 competition points for breaching the salary cap.

Corey Norman (illegal drugs possession) and Foran, who departed the club just eight months after signing a massive four-year deal, were also in the headlines for the wrong reasons.

Parramatta Leagues Club will reportedly pick up the bill while also announcing an annual profit of around $4 million.

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