About $15 million has been wiped off the market value of the Brisbane Broncos in just over two-and-a-half years as poor on-field performances, off-field dramas and the coronavirus outbreak have led to the company’s stock price plummeting | proshenks
Shares were trading at 41 cents during the week, representing an eight-figure fall in market capitalisation in 32 months.
“It doesn’t help that we have had this virus affect crowd attendance, that the NRL TV rights have been negotiated down. Player, administration and coach costs are always under pressure, so perhaps that may explain the struggling stock price.”News Corporation, via its subsidiary Nationwide News Pty Ltd, owns 69 per cent of the Broncos. The other major shareholder is Phil Murphy at about 22 per cent. Roosters chairman Nick Politis also owns a small piece of the club.
“The profitability impact that will have on the Broncos will be much bigger than one bad season when you can’t have fans anyway,” Dr Fujak said. “If anything, it’s a good time to have a bad season because your [crowd] drawing capacity is low anyway.Getty
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