The money is less of a mirage
NRL annual report, some actual footy and socials
Welcome to The Maroon Observer, a weekly newsletter about rugby league, Queensland and rugby league in Queensland.
NRL annual report!
Are there any three more exciting words in the English language? Yes, lots of them. “McDonalds caramel thickshake”, for example. Nonetheless, these annual reports represent an understanding of Peter V’Landys’ power because they contain lots of impressive sounding headline numbers:
Rugby league will head to Las Vegas in the rudest of health after it emerged that the ARL Commission would post record revenue in excess of $740 million for 2024 and a surplus of more than $60 million.
Remarkably, the game now boasts more than $320 million in net assets after a concerted campaign designed to ring-fence rugby league from financial disaster.
The commission topped $700 million in revenue for the first time in 2023 but the 2024 season has left that mark in its wake as the game surges towards the billion-dollar barrier.
You can practically hear Brent Read undertaking some sexual activities that are not fit to print, such is his delectation over the NRL turning a profit.
“They have done an amazing job,” one club official, who asked to remain anonymous until the results were officially revealed, told this masthead.
“They have fireproofed the game from a disaster and the game continues to grow. It’s an amazing result.”
Christ, have some self-respect. Firstly, “fireproof”? Nothing is fireproof. You mean fire-resistant. Secondly, those hotels are wasted dollars that could’ve been shoved down the gullet of Souths/Penrith/Gold Coast/other whingers for them to waste. That’s your money! Why are you praising him?
Last year, I wrote that the money is a mirage. Putting aside inflation, the financial boom the NRL is experiencing largely came from head office doing less, cutting funding to state bodies and shovelling a lot more money to the clubs to keep them out of the papers - where they would normally be white anting the administration because of their own self-made financial precarity - and leaving enough to print a fat sounding number as a sign of the administration’s superior financial capabilities.
The state bodies got a boost last year, after the QRL threatened to sue the ARLC for breach of constitutional responsibilities, and managed to get funding restored to roughly where it had been during Greenberg’s tenure. Ben Ikin seems to be working a lot more with the national administration than against it now. We’ll see where that goes.
There is no argument to be had that the game’s revenues are as high as they’ve ever been, both in real and nominal terms, and that is acknowledged in the spirit of detente.
But it is interesting to note that Greenberg’s administration added $30m in real revenue between 2018 and 2019’s reports. Extrapolating that out from $666m in 2019 to 2025, would put the game about $80m ahead of where it is now. By contrast, V’Landys and Abdo have only added $20m per year of real revenue over the last four years and that includes a broadcast deal, of sorts. Am I cherry picking data points? You bet but the headline numbers are no less cherry-picked for being headlines. Greenberg isn’t even the top performer in that sense.
“Ah but the NRL used to lose heaps of money,” you say, taking on the role of antagonistic strawman in my own newsletter for some reason, “and now it is very profitable.”
That’s not even really true and even then, Abdo’s returns are within the norm of prior NRL CEOs. This line go up approach is what’s striking about Abdo’s reign:
While the returns have not been oversized, the returns have been consistent. Considering the impact of COVID on the bottom line - grossly overexaggerated at the time but still not insignificant - that suggests something is going well. Or, similar to Chinese GDP numbers, there’s a huge accounting malfeasance. I haven’t decided which I believe yet.
To what extent you care about the financial surpluses of a body that is notionally meant to promote and propagate the sport of rugby league is up to you. I once believed that such profits were inherently good, the kind of thing that could be invested in getting a new Perth franchise off the ground or in a digital strategy that would make the NRL less reliant on Nine and Fox or rescuing France or buying out rugby union, only to shut it down.
The reality has proven otherwise. Those surpluses, the extra value created by you watching the sport after the players have been paid, either go to hotel-owning landlords (there are nine “investment properties” with a listed value of $21.7m in 2024’s report) or the incumbent NRL clubs, with freebies handed out to broadcasters that treat you like you’re stupid.
If that is the sole use the Controlling Body can find for this money, then I don’t care how big the surplus is. The ARLC have no concept of rugby league as a whole, just the NRL and its constituent parts, and so make decisions accordingly. That money could at least bolster the second tier or regional clubs but isn’t, unless those formerly independent clubs win a bucket-of-crabs race to get into the NRL. Given there is no real mandate for anyone to oppose the status quo, let alone any accountability for this strategy or recourse to make changes, it is what it is.
Rugby league’s revenue has tripled in real terms since the divestment of News Corp and the institution of the ARLC. That has mirrored the enormous unlocking of profitability seen by many elite sports around the world over the same time. Nonetheless, this is an impressive achievement, doubly so when compared to the travails of Super Rugby, Super League and the A-Leagues (less so when compared to the AFL, where the NRL still only makes 70% of their revenue). This achievement is not the singular work of a man but the efforts of many people, from the chair and CEO down to the lowliest junior development officer and, yes, even the clubs and players. It would be nice if there was a bit of kudos to go around.
For example, from 2018’s report:
We have taken the game from a position where it was seeking a loan only 12 months ago to a healthy surplus of more than $40 million this year.
The improvement is due to a number of factors, including the new broadcasting agreement, a strong increase in off-field revenues such as sponsorships and a tight control on expenditure.
Now that we have recorded a surplus, the Commission is determined to use it wisely to set up the game’s long-term future.
It remains a source of embarrassment that the game still has no assets after more than 100 years of rugby league.
That is why we have set up an Investment Committee…
The committee will look at all options, including the purchase of property, to ensure the game has assets to fall back on in hard times or to use as a financial base to ensure the game prospers in the future.
That looks a lot like today’s strategy. How much of what’s happening now is Peter V’Landys taking credit for strategies instigated by Todd Greenberg, just executed faster and with less consultation?
Anyway, the Dub is killing it. Told you. Keep the course, stop worrying.
If you would like a summary of the game’s finances, you can click here and download the data.
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I was on a podcast
I was on the I Miss You Man podcast last Sunday night, which was posted yesterday. Lonnie, Dyland and I talked brain damage - less from personal experience, despite my general demeanour - in the context of pro sports and pro wrestling.
Here’s some supplementary material that I thought of in the week leading up or after the recording but I didn't manage to ram through in the interests of letting someone else talk:
I managed to not relate half a dozen concussion anecdotes of my own (hit my head doing something incredibly stupid x3 or 4, hit by car while riding a bike x2)
The bargain athletes have to make is very much like Achilles and his kleos (haven't read the Iliad, have skimmed Wikipedia)
I used to find the concussion aspect deeply unsettling but got more cynical and stopped caring. It's a very 20s attitude to have I think.
Should Tua Tagovailoa retire? (probably not)
Other category of person prone to head injuries: motor sports (most just glad to have lived through their experience)
Will be fascinated to see what the impacts of the concussion protocol etc are long term. It may prove to be enough and, as the pre-2010s generation ages out, this problem may just go away (I doubt it but it's possible)
If you want to get me on my shit, apparently starting in 15th or 16th century Europe, on the precipice of modernity, is one way to go. Suggested reading: The Verge by Patrick Wyman.
You can make the world better everyday but actually fixing problems in a fundamental way is a tall order for almost everyone.
Thanks to Lonnie and Dylan for having me on their show.
Around the grounds
National State Championship: Norths Devils 20 defeated Newtown Jets 18. I am a little ashamed to admit that I missed this live. I had put the game out of mind, assuming that the Devils would get crushed as they did in 2022 and most Queensland teams had since 2015. I was delighted to find out they had won but then still took a while to get around to a watch of it.
It was a strange game, with the Jets playing below their best, but still well enough that the Devils weren’t handed a victory. It was a prototypical Devils championship: they won, it’s not clear why or how, a lot of it seems to be Jack Ahearn-related and maybe a few other guys playing the game of their lives, but they did it anyway. Jordan Lipp is fast and tall, which will see him have a long career in QCup, but if he could sort out some mental/hand-eye coordination stuff, he could be a talent in the Trbojevic mould. Oryn Keeley was originally my Guy of the Year for the Dolphins before I realised he had a fantastic season for the Devils (not as good as Manase Kaho but still excellent). If he can’t crack the NRL Dolphins lineup, he can have a Matt Soper-Lawler ex-Novocastrian in Cup career. An iconic win to cap off a dynastic team’s resume but makes it all the stranger that Nundah replaced the coach. Ben Homer is a decent commentator but who wants to hear Mark Carroll? Woeful.
Super League, Round 1: Leigh 1 defeated Wigan 0 (GP). Not a typo. See the intermission.
Super League, Round 1: St Helens 82 defeated Salford 0. Also not a typo. Salford did not play their first string line up, restricted in their spending because of financial problems. This deserves a write-up in the general ‘what’s going on in rugby league’ context and I was prepared to write a whole spiel about Super League for Agenda 2025 but ran out of time and space.
Even if the average margin of victory comes in by 50 points, Salford would still be favourites for relegation and would not be likely to win a playoff against Toulouse. The only people this makes happy are Wakefield Trinity, who play in a stadium that’s an even bigger dump than Davies Park. Salford lost by “only” 26 to Leeds in round 2, after restrictions were lifted.
Women’s All Stars: Indigenous 20 defeated Maori 18. I did not miss the voice of Tarsha Gale but not even that could ruin the magnificience of Dibb’s kick for the first try. So much time available to her. The ending was deflating for what had been an exciting contest (on which I’d kept half an eye while writing season previews), despite Indigenous probably deserving the win more. This is the first back to back win for the either women's All-stars. Indigenous have been trading victories with the Maori since 2019.
Men’s All Stars: Maori 10 defeated Indigenous 6. We were missing the Cup guys that I enjoyed last year but this year’s edition seemed to visibly benefit (eye test only) from the higher calibre, dare I say All-star, level of player that made themselves available for the game. It looked like everyone had a fun time. Will we see more of the Hohepa Puru-style interpcetion? Going to need PVL to pressure the referees to cancel the play the ball crackdown. Maori lead the men’s series 4-3 since 2019.
Intermission
The Super League season opener delivered a nil-all draw at full time. Contrary to expectation, it wasn't a slopfest but instead, the platonic ideal of an arm wrestle extended over 80 minutes. Opportunities in the red zone were few and those few were wasted, mostly by Wigan early in proceedings. It just went back and forth until the Leopards won on a field goal.
This graphic from Sky was extremely optimistic with hindsight.
A couple of other observations:
Super League have continued their idiosyncratic roll out of V'Landys’ ruleset. They now have deleted the penalty for the goal line drop out failing to go ten metres and have introduced the captain's challenge. However, they have not brought in the automatic review of try scoring which means that a decision to award a try is able to be challenged. I'm sure it'll be fine.
After 80 minutes of scoreless action, technical difficulties delayed the start of golden point by five minutes or so.
I prefer Super League for competition points to any format of Pre-Season Challenge content-like games. See also: The wild results that made Super League so compelling
Unintentional comedy
Lol, lmao even:
“I definitely think tax-free dollars will resonate with a lot of people and I think that will entice a few players to play for PNG.”
Asked if he would personally play for PNG, he said: “I have discussed this hypothetical at home with my wife. There’s pros and cons to work both ways, but it would be an amazing life experience … basically you would be getting twice your pay.”
DCE describing a doubling of pay as “an amazing life experience” is the Krusty saying the quiet part loud bit - “It moved me… TO A BIGGER HOUSE!” To be fair, most people don’t get the opportunity to live in a country that runs a headline like “Baruni dump evictions intensify following horrific murder” or where the distinction between cannibalism and regular old mutilation is quite important. Those are experiences too. Port Moresby makes Baltimore look like Canada and look what Homicide, The Wire and We Own This City did for them.
Meanwhile at Red Hill:
Under Queensland’s speed-limit laws, e-scooters cannot travel in excess of 25km/h.
Mam’s V3 Rogue had the ability to go twice as fast - had he ridden it.
A Broncos spokesperson confirmed Mam at no stage used the e-scooter after learning of the possible speed-limit breaches.
That has prompted Mam to give away the V3 Rogue and find an alternative method to attend Broncos training.
There’s just no way he rode that thing over 25km/h. I find that extremely plausible and if he had, Mam would be the only person in Brisbane doing that.
The Pre-Season Challenge vesus the All-Stars
Even though the Brisbane Broncos are now back-to-back champions of the Pre-Season Challenge (take that, Penrith), I can’t say I particularly care for the competition. Weak branding aside, trials are meant to be meaningless, played under weird rules with Selwyn Cobbo listed for both sides and switching jerseys at half time. There’s something Not Right about Foxtel broadcasting them in HD with a presentation like its the real deal.
The most disappointing thing about this year’s PSC was that there were games wedged in around the NRL All-Stars, a pair of matches whose format is flawless and which needs no notes but does need some clear air to pay it the appropriate respect. As a tentpole on which to build into the season kickoff in Vegas, the All-Stars is great and the PSC is not.
With nearly the entire media following PVL’s whims around like puppies, I was surprised to read this from Christian Nicolussi:
The 2025 Pre-Season Challenge finishes this weekend – and let’s hope it is the last one.
Hands up if you seriously enjoyed watching what was dished up the past few days?
Hands up if you knew more than three players who were thrown into the action after half-time in any of the games?
It is a painful watch, yet one that will end with the NRL handing over a $100,000 cheque to the winner.
Yes, $100,000 – for winning two Mickey Mouse games at the start of the year. That’s half what the minor premiers receive for being the best team throughout 27 gruelling rounds.
Nicolussi goes on to list some problems and some rooms for improvement, which I won’t bore you with because you can figure them out easily enough. It’s worth noting that THIS MASTHEAD which Nicolussi works for has nothing to do with the PSC, rather it being bonus content PVL handed to Fox for whatever inscrutable reason he decided to do that, so maybe its just the usual Australian duopoly being jerks to each other.
Still, weird to see something resembling negativity in print.
Upcoming Slate
Ugh, Vegas. Check back next week. Oh hey look, Olivia Kernick is back. I wonder how that’s going to go (England are probably going to lose).
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After quitting Twitter sometime in 2023, I had more or less sworn off social media and focussed my posting energy here. Rugby League Eye Test twisted my arm (very gently, see below reads) and needs must for getting a bit more attention and people in the funnel.
So you can now follow TMO on Bluesky, the posting retirement home, where I guarantee any posts will be less good than any content in the newsletter. I won't be posting much, unless I'm really bored or can’t figure out where to put something, and I don't care if you follow there anywhere near as much as I care if you subscribe here. If they turn off the spigot, I'm out. I refuse to be sucked in.
Or you can follow on Instagram, where I posted a picture of a big snake. Logging in to Instagram after something like a decade away was a little like watching colour TV for the first time. I can’t say I particularly care for the Pop Crave-ification of news dissemination and I refuse to participate in that. I will also probably not spend a lot of time scrolling a horrifyingly Skinner box-like feed but will check notifications from time to time and post pictures of random wildlife, bad photos of sunsets and basically the kind of crap people used to back in my day (c. 2013).
RL Reads You Should Read
Great stats from Rugby League Eye Test: Applying More Context to Missed Tackles and Putting a dollar figure on player impact
The Sportress: Rugby League Media Watch. Dan doesn’t seem to be aware that Corey Parker, who has been relegated to SEN (which I don’t even know how to access) and is suffering from self-diagnosed CTE, should be an object of pity. This is despite Parker filling air time by complaining about turnouts for trials in a different state, like the the most depraved weirdo imaginable. But Dan is ultimately right and so I assume Parker made similar comments aimed at the Indigenous and Maori communities based on their failure to sellout Parramatta.
The Ball Playing Forward: 2025 NRL Love/Hate. As good (and, likely, accurate) a season preview format as any.
Jason Oliver: A few introductions, Sharpe at five-eighth & Dragons halves and 3 Takeaways From Week 2
Rugby League in The Athletic: Rugby league in Las Vegas: Brutal hits, no pads and inflatable baseball bat trouble. I don’t think I’ve ever seen that before.
Notes
Apologies for making Agenda 2025 so long and dense. Unfortunately I am cursed with an affliction that my brain gets real itchy until I put certain stuff on the record, even if its boring. If you didn’t read it, that’s ok - it was an offseason recap and table setting for the year ahead. I also planned to trim these weekly newsletters down a bit. The last one was 5000 words and this is 4000, albeit it’s like two weeks of news. We’re all a work in progress.
Jaime Chapman and Hamiso Tabuai-Fidow’s relationship has the potential to create an all-time eligibility crisis in about 20 years.
Williams-Guthrie extends for one more year with Titans and one almighty Friday night news dump that looks a lot like the Titans giving up: Kiria-Ratu to the Sharks, Emily Bass not returning to Parkwood this year, Rilee Jorgensen out for the year.
It gets worse: Kieran Foran with a bicep injury
Good news though: Max Plath extends to 2028
Demands dossier revealed: NRL on the verge of striking expansion deal with the Western Bears. Three on the byline for this one, so it must be important.
Wally Lewis announces $12.5 million federal government program for CTE awareness
2032: North Queensland cities push for their own new Olympic stadiums and Queensland government to reveal 2032 Brisbane Olympics stadium decision on March 25
Old news but 'All Blacks would have toured Nazi Germany'
Some good content
Speaking of Nazis, just when you think PVL has learned something about the value of shutting up, he decides to open his mouth.
That sheen of sweat is pure desperation. Trump can smell the stink of toadying like a shark can smell blood in the water, especially when dangled in front of him on Fox News, so I guarantee the big orange guy will attend. Another masterstroke, sir.
Then again, Trump will probably turn up with a full security retinue that the NRL is absolutely not prepared to deal with, off handedly call him Slimy Pete or something with cameras rolling and PVL wil never live it down. It'll be the best thing Trump has done since ending the Korean War, a thing that I can’t still quite believe happened and now that I look it up, I see that, in fact, is not what happened.
But oh no, Slimy Pete has competition:
Blame Bill Guerin. On Monday the former NHLer and Team USA GM went on Fox News to plead with the president to attend Thursday's 4 Nations Face-Off final in Boston… After that, a whole bunch of people who have never watched a hockey game in their life all of a sudden became huge, or at least loud, Team USA fans because their politics consist solely of supporting things that will upset the people they're told they should hate.
(yes, the Americans re-invented international sport for the umpteenth time and no, Trump did not turn up to watch Team USA lose to Canada)
I'm sure this will all blow over, even as DV organisations walk away in disgust. I personally think V'Landys’ and Abdo’s claims of being a game for everyone is something Neville Chamberlain would thoroughly approve of.