RFU plays down financial loss in World Cup year
Last Updated: November 13, 2012 12:31pm
RFU's Ian Ritchie: Not concerned by loss in World Cup year
The Rugby Football Union has announced a loss of £6.3m for the year 1st July 2011 to 30th June 2012.
The RFU insists however that the loss was expected and "planned for", with the financial year coinciding with the World Cup in New Zealand, which meant fewer home matches.
The RFU's Chief Exectuive Officer Ian Ritchie said: "The Rugby Football Union is a dynamic, credible business underpinning the whole game in England.
"We have both solid financial foundations and security for many years to come and plan our finances on a four-year Rugby World Cup cycle, with each World Cup year also bringing only two home Six Nations matches to Twickenham.
"In this way we continue funding every level of the game in fallow years thanks to the profits we build up over the other three.
"There are many positives in the current accounts and much to look forward to as we head towards hosting Rugby World Cup 2015, especially as 2012-13 already promises record group turnover, contribution and investment in the game."
Chief Financial Officer Stephen Brown added: "This was an excellent year in terms of underlying business performance with above plan revenues from our two Twickenham Six Nations matches, and record 103,000 weekend attendances and sales at the Marriott London Sevens.
"Despite the anticipated loss, we have a significant asset base and very secure revenue streams, combined with substantial cash inflows and reserves which enable us to comfortably meet all of our ongoing responsibilities."