World Rugby Releases Financial Statement, Plans To Invest £266M From '16-19
A year that featured rugby sevens' debut at the Rio 2016 Games was reflected in World Rugby's audited report with sponsorship and broadcast contracts completing ahead of schedule and with an uplift in value. While the overall financial target for the 2019 Rugby World Cup cycle is anticipated to be approximately 20% below the '15 cycle, partially due to time-zone and scale of the Japan event, commercial values for worldwide partnerships have increased. Investment continues to be in line with targets and an overall program of £266M ($349.8M) is anticipated to be invested from '16-19, eclipsing the record for the previous four-year cycle by 38%. A record £69M ($90.7M) is being invested during '17 to support strategic development and performance programs, including support of tier two unions on the road to the 2019 Rugby World Cup. The loss for the year before the Int'l Financial Reporting Standards adjustment was £19.3M ($25.3M), substantially better than expectations, due primarily to the contracting of commercial revenues earlier than expected in the four-year business cycle (World Rugby).