Toronto Wolfpack: Financial investment will fix payroll issue
- Published
Toronto Wolfpack have had strong attendance figures at Lamport Stadium
Toronto Wolfpack say salary delays in December were a 'short-term' issue and have confirmed £5.87m of investment for the 2019 season.
The Canadian club insist payments to players will be made this week.
Wolfpack have named ex-Leeds boss Brian McDermott as their new coach and signed Jon Wilkin, Bodene Thompson and Ricky Leutele to lift their Super League bid.
"In prioritising the long-term, we unfortunately caused some short-term pain," owner David Argyle said.
"Our December payroll for players was delayed. We are obviously not happy that we fell short of the values and standards we hold ourselves to as an organisation."
Investment has come from the food and drink and wellness sectors in Canada, and will see Wolfpack-branded products on the market.
After a whirlwind first season in which they were promoted from League One, last year saw further progress for the club as they made it to the Million Pound Game but missed out on promotion to Super League when they were beaten by London Broncos.
Further recruitment to bolster the squad, added to costs during the fallow off-season period put pressure on the club, but Argyle says the influx of new funds should allay any further fears.
"This injection of cash prepares us for the next phase of our journey," he added.
"Having been financed exclusively by private investment to date, our refinancing now means we have a rigorous and sustainable business model to push into 2019 and beyond.
"We are very grateful to our new investment partners and look forward to working together to grow our respective organisations."