Connacht in financial crisis
Sun, 19 Jan 2014 14:34
Irish club Connacht are reportedly facing a crippling shortfall of €900,000 at the end of the current financial year.
According to Irish Independent, it was confirmed at an Ireland Rugby Football Union (IRFU) committee meeting in December that overspending and a shortfall in projected income will result in a near €1 million deficit.
While it's unlikely that Connacht will close their doors, as was first feared in 2003, the pressure will be on the club's Professional Game Board to prove they can competently run the club, with the IRFU set to investigate how Connacht conduct their affairs.
Tom Sears' failed 15-month stint as chief executive is believed to have contributed to the Pat Lam-coached club's dire financial situation. The club are yet to appoint a replacement for Sears.
Connacht crashed to a 6-64 loss in their final European Cup pool game against Saracens at Allianz Park on Saturday.
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