What’s the plan to change the current position?
The strategy to re-establish a stable financial position for Cambridge rugby and to make provision for on-going operating and infrastructure provision is based on a four-legged approach.
Our four legged approach is as follows:
- Enhanced local sponsorship and support from Grange Road operations
- Progressively increasing contributions from the Varsity Match Company Limited (VMCL).
- Alumni support for short term playing operations whilst we build an endowment fund to finance player support.
- Potential changes in our cost base structure and support for our future infrastructure development projects, currently under discussions with the University.
So Red Lion 150 will initially help to eradicate this operating deficit, and then be used to finance and implement the long-term development programmes for Rugby at Cambridge.
The overall RL 150 target is to obtain funds that produce an added income of at least £175,000 per annum which would equate to an Endowment fund of £4.5 million.
Clearly there are ongoing discussions and factors that may change the breakdown of these numbers, and we will provide alumni with firm information as and when individual negotiations are concluded, but we do not expect the overall quantum to vary significantly. There is of course lots of detail behind these top-line numbers. We are happy to discuss any areas individually with you, and we will be publishing updates progressively on the campaign website as soon as possible and appropriate.