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Finance Notes: Parramatta Board Could Cost NRL Club More Than $7M

National Rugby League side Parramatta Eels' board "could cost the embattled club" more than A$10M ($7.4M). That "is the cold, harsh financial reality of a board that has presided over a club in crisis." Parramatta faces a "financial black hole" on top of being stripped of all 12 of its competition points on Tuesday for breaches of the salary cap. A source close to the club said, "It is an extraordinary amount of wasted money." The cost mismanagement has "led to calls" for Chair Steve Sharp to stand down immediately (Sydney DAILY TELEGRAPH, 5/4).

Revenues and profits at Paddy Power Betfair "rose in the first quarter of 2016 despite having to pay out" £20M ($29M) in winning bets at this year’s Cheltenham Festival. Irish bookmaker Paddy Power "completed its merger with online betting exchange Betfair in February to form one of the world’s largest internet betting companies." It said on Wednesday that "it was on track to meet its target for savings from the combination." For the first quarter, combined revenues increased 16% to £339M ($491M) compared to the same period last year. The group "did not report pre-tax profits," but said operating profits had increased by 36% to £42.5M ($61.6M) (FINANCIAL TIMES, 5/4).

An economic crimes prosecutor "accused Adriano of defrauding the Spanish state" by almost €650,000 as another Barcelona player is "embroiled in a tax scandal." According to a court in Barcelona, the prosecutor "has accused the player of committing two tax crimes against Hacienda in the 2011 and 2012 financial years." The investigation "stems from a report by the country’s tax agency, which found that Adriano had not included the income from selling his image rights" to Barcelona (FOOTBALL ESPANA, 5/4).

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