Rugby Football Union Reports $10M Loss, Cites Fewer Matches At Twickenham
The Rugby Football Union has reported a planned loss of £6.3M ($10M) for the last financial year as a result of "fewer England matches at Twickenham," according to the LONDON TIMES. The governing body loses money in every World Cup season because "there are no autumn internationals," and England only has two home matches in the Six Nations. However, the reported losses are "covered by reserves set aside in the previous three profitable years of the World Cup cycle, ensuring that the RFU’s investment in the sport is not affected." RFU CEO Ian Ritchie said that the union is "on course for a record turnover in the present year." Ritchie: “The Rugby Football Union is a dynamic, credible business underpinning the whole game in England” (LONDON TIMES, 11/13).
GROWING THE GAME: The PA reported the RFU has "recently announced plans for a £76M ($121M) upgrade of Twickenham Stadium and a £26M ($41.2M) investment in the community game to "take full advantage of the 2015 World Cup legacy." RFU CFO Stephen Brown said that the RFU "will have repaid the full bank loan which financed the Twickenham south stand by the end of the current financial year" (PA, 11/13). REUTERS' Keith Weir reported the RFU is "beefing up its commercial activities ahead of the World Cup." The introduction of seven-a-side rugby to the 2016 Olympics "will also help raise the sport's profile" (REUTERS, 11/13).