IRFU reveals £15.3m loss for 2023/24
The Irish Rugby Football Union (IRFU) has revealed a loss of €18.4m (£15.3m) in its annual report for 2023/24.
That figure is €1.4m lower than initially forecast, and follows a loss of just under €1m (£830,000) for the previous year.
The union has cited the impact of the 2023 Rugby World Cup as a key factor in its latest report for the accounting period ended on 31st July.
The IRFU says last year’s edition of the tournament had a net impact of around €12.1m (£10.1m), comprising the costs for preparation and participation in the competition, as well as the loss of revenue after not hosting any Autumn Nations fixtures in 2023.
Over the last year, the IRFU saw its annual revenue drop from €92m (£76.5m) to €79m (£65.7m).
Despite this, the national rugby body continues to have a strong balance sheet, with no debt, cash and cash investments of €69m (£57.4m), and net assets of €87m (£72.4m).
The IRFU increased its investment into women’s rugby over the last year, with a total spend of €8.3m (£6.9m), up by €2.6m (£2.2m) on 2022/23.
“While the deficit we are reporting today is certainly significant, it was anticipated and planned for; and our final result is in fact slightly ahead of what we had projected,” said Thelma O’Driscoll, Chief Financial Officer at the IRFU.
“Nevertheless, there are significant challenges ahead and although we are not forecasting to be in debt at any time over the next ten years, we must be prudent when it comes to our expenditure.
“Our focus as a union needs to be on generating new revenue streams and continually reviewing our cost base to ensure that we can continue to support the game at all levels throughout the island of Ireland.”
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