The Brisbane Broncos made a smaller profit in the first half of 2014 due to the cost of investigating allegations of salary cap breaches at the NRL club.
An investigation into allegations of salary cap breaches has eaten into profit at the Brisbane Broncos NRL club.
The publicly listed club made a profit of $1.55 million in first six months of 2014, down from $1.87 million in the first half of 2013.
Costs were up 11 per cent to $18.3 million, mainly because of the club’s investigation into allegations it has cheated the salary cap by $450,000 over the past three years.
The NRL integrity unit is also investigating.
A restructure of the club’s football operations and a higher salary cap also contributed to higher costs.
Brisbane’s home game attendances, sponsorship revenue and merchandise sales were all higher in the first half of 2014 than in the same period in 2013.
News Corp owns a 69 per cent stake in the Broncos.