RFU Posts Loss Due To Fewer Fixtures
The Rugby Football Union has announced a reduction in pretax profits, citing the lack of England matches at Twickenham as the main reason.
Turnover decreased £7.2m from £119.2m to £112m in the year and RFU Finance Director Nick Eastwood said: ‘Although down on a strong 2008-09, the past year was in line with expectations.??’
‘Thid was mainly due to having three instead of four Investec Internationals and two instead of three RBS 6 Nations home games, which meant a £7.9m decrease in ticket income, from £29.2m to £21.3m.’
‘Despite the Twickenham match schedule and the economic environment, we delivered a strong financial performance, thanks largely to the RFU’s cost reduction programme agreed early in 2009 to respond to the challenges posed by the global recession,’ added Eastwood.
‘Last year’s results clearly showed the strength of the Union’s year-round business starting to come through, with our Conference and Events, London Marriott Hotel Twickenham and Virgin Active Classic Health Club business jointly delivering £10.4m in 2009/10, up from £3m.’??
Net worth increased by £11.7m to £162.4m whilst operating profit decreased by £6m from £31.8m to £25.8m.?
£22.8m was invested in grassroots club facilities and RFU Chief Executive John Steele added: ‘Our investment in the professional game has been some £25m in total.’??’We invested £11.5m in the Elite Rugby Department, which covers all England teams and their management, Elite Coaching, Refereeing and Sports Science and Medicine.’
‘There was also funding of £10m for the Premiership Rugby clubs, which includes fees and bonuses paid to England senior and Saxons players, and £2.3m invested in the RFU Championship, with £800,000 going to clubs in the Anglo-Welsh LV= Cup.’
