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RFU reports record revenues

The English Rugby Football Union (RFU) reported record annual revenues and operating profit on Monday...

EWN default image new logo

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.

Timeline

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