Pro12 Side Cardiff Blues Blaming Disappointing Financial Results On Poor Pitch Performance

Pro12 side Cardiff Blues reported an increased deficit for the '14-15 season of £881,000, "despite an improved annual income" of £9.24M, according to RUNNING RUGBY. The previous year’s pre-tax loss was £238,552, with an annual income of £7.95M. The region claims that underperforming on the pitch, despite "heavy investment" in the playing squad, and the resultant lack of int'l representation "was to blame for the disappointing financial results." A new agreement was signed with the Welsh Rugby Union "during the course of the past financial year that provides financial rewards to regions for players called up to international sides." The region reported turnover of £9.24M for the period ending June 30 with an operating loss before interest, taxes, depreciation and amortization (EBITDA) of £881,944. The '14-15 season was also the first of the Blues' sponsorship deal wit BT Sport to "rename its ground BT Sport Cardiff Arms Park," with the three-year agreement thought to be worth £350,000 (RUNNING RUGBY, 4/14).