Progress Wrestling have posted huge losses for the 2023 financial year, casting further discussions about the future of the company.
Despite being one of the top promotions in the UK, Progress have incurred huge losses over the past year. This was after they merged with DEFY earlier this year, which may have an impact on their financials.
Andrew Ogden posted Progress Wrestling’s balance sheet on Twitter, showing their losses for 2022 and 2023. The company owe close to £500,000 (£461, 268) to creditors, up from just £82,662 the year prior.
They also have just over £50,000 in the bank, with total equity of £313,622. They have loaded up on debt in the past year, and have borrowed more (around £380,000) in the past 12 months than their total liabilities. This has led to speculation that the company may be loading up on debt, ready to liquidate the promotion.
This would be a shame, as Progress have been one of the top UK promotions for close to a decade. They were at the forefront of the BritWres revival, which ended when they partnered with WWE to help launch NXT UK.
Their balance sheet shows just how unprofitable it is to run a wrestling company, especially in the smaller UK market.
Progress Aren’t The Only Company In Debt
While Progress Wrestling are in incredible debt, they aren’t the only company in the red.
Ogden also reported on the current financial situation surrounding RevPro. He posted to Twitter the balance sheet for Dynamic Wrestling LTD, the parent company that runs RevPro.
He reported that they currently owe £74, 121 in net liabilities. This seems like a lot, but compared to Progress, it is a drop in the bucket. This is also up from over £25,000 last year, so both companies seem to be piling on debt over the past year.
Hopefully, these debts don’t end in the two biggest companies in the UK folding. It would be a huge loss for the scene and could plunge British wrestling back into the dark ages of the mid 2000s.
