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New Zealand Rugby Posts Record Revenue But Still Has NZ$6M Loss

New Zealand Rugby's income has "grown to a record level," topping NZ$160M ($110M), but the organization still posted a NZ$6M ($4.1M) loss, according to RADIO NEW ZEALAND. Despite the loss, NZR CEO Steve Tew told the organization's annual general meeting in Wellington that it was in "solid financial health." He said that the NZ$6M loss was NZ$3M ($2.1M) "better than budgeted," and had "come about through deliberately using the income due from this year's British and Irish Lions tour early." NZR's total income for the past year was NZ$161M ($111M), up over 20% on '15. Tew said, "Rather than spend it all in one year we are ensuring the financial benefits from the Lions Series and other areas of income are invested sustainably over the mid-term to set rugby up for long-term success. We made this investment in rugby in 2016 because our balance sheet could sustain it due to having no debt and a strong cash position" (RADIO NZ, 4/27). TV NEW ZEALAND reported expenditure of NZ$169.2M ($116.3M) featured "increased funding to provincial unions, Super Rugby teams, the women's game and to the pool of money to retain professional rugby players." Revenue was also at a record level, mainly through "boosted broadcasting rights income" of more than NZ$73M ($50.2M). Tew said that keeping New Zealand's best players from leaving for the "riches of Europe" will be an "ongoing problem and will continue to eat away at the bottom line." However, "watering the grass roots was also vital, and paid off with a boost in playing numbers" in '16, most notably at junior level (TV NZ, 4/27).

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