RFU reports record revenues
The English Rugby Football Union (RFU) reported record annual revenues and operating profit on Monday...
The English Rugby Football
Union (RFU) reported record annual revenues and operating profit
on Monday despite management upheaval off the field.
The sport's biggest and richest union said it would be able
to repay 'comfortably' by December next year a bank loan used to
develop the South Stand at their Twickenham Stadium, rendering
the Union effectively debt free.
Group revenues for the year ending on 30 June increased from $177 million to 136.3 million, largely
driven by the match programme of four internationals and three
Six Nations Games.
Operating profit was 40.6 million, up 14.8 million, and
sales of corporate hospitality packages increased by 17 percent
with 21,000 sold.
Ticket income grew by 8.7 million to 30 million pounds.
The RFU, who will be hosting the 2015 World Cup, said
investment in the grassroots of the game also reached a record
level of 18 million pounds.
However it added that business and administration costs had
increased by 3.5 million, with the main cause being the cost of
restructuring the senior executive management team and 1.3
million in redundancy payments.
"The results are reflective of a solid financial and
commercial base embedded over the past few years," said chief
financial officer Stephen Brown, who will take over as acting
CEO when Martyn Thomas leaves next month.
Thomas stood down as chairman of the RFU in July after a
bungled attempt to bring in a performance director that saw the
removal of chief executive John Steele.
"Securing record revenues and operating profit is
particularly relevant for the current season, when Twickenham
Stadium has no autumn internationals and only two Six Nations
matches," added Brown.
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