In the statement, external, he said: “Super League clubs are experiencing worsening financial performances principally due (to) smaller central distributions deriving from reduced Super League broadcasting rights.

“We also incurred a material increase in our cost base due to general inflationary pressures and in particular increased energy costs at our stadium.

“2024 is projected to see a further increase in losses. These will be exacerbated by the commencement in annual repayments in Covid loans which were necessarily taken out during the pandemic years. (Super League clubs were particularly badly hit financially by the pandemic as we were the only professional sport to be affected for two full seasons due to the February commencement date of our season which coincided with the outbreak).”

He went on to say the club is exploring the possibility of other revenue streams and has already agreed to rent the Totally Wicked Stadium to Liverpool FC’s women’s team.

He added: “However, real progress can only be made if central distributions in time revert to higher levels. We continue to support RL Commercial and IMG (International Management Group) in their endeavours to attain this.

“That said, the club will continue to spend full salary cap and to utilise all marquee exemptions in so doing. To do otherwise represents a false economy. However, other less essential costs will necessarily need to be reviewed.”

Saints won the Super League four years on the trot from 2019 to 2022, before rivals Wigan Warriors ended that streak last year, and were among the front-runners this year until a slump of eight defeats in 11 matches has seen them drop to sixth.