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Ireland confirm an €18.4million deficit in latest financial report
By Liam Heagney
Rugby officials in Ireland have reported an €18.4million deficit in the latest IRFU financial report. The loss was €1.4m less than originally budgeted for in a year where revenues fell to €79m, down from their €92m income in 2023.
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What apparently hurt their bottom line was the absence of an Autumn Nations Series in Dublin last November due to the staging of the Rugby World Cup in France.
A statement read: “The IRFU today held its continuation AGM where the annual accounts to July 31, 2024, were officially presented. The union recorded a deficit of €18.4m, €1.4m less than originally forecast for the year, significantly due to the impact of the 2023 Rugby World Cup. In the current year, the union is budgeting to return to a breakeven cash position.
“Like many high-performance Unions in World Rugby, the 2023 Rugby World Cup impacted significantly on the IRFU’s finances, with the net impact amounting to €12.1m. This comprised the additional costs of preparing for and taking part in the tournament and the loss of revenues associated with not having Autumn Nations Series matches in 2023.
“The union’s income in the year was €79m, down from €92m the previous year, a direct result of not hosting ANS matches in 2023. Overall, however, the union’s balance sheet continues to be strong, with cash and cash investments of €69m, no debt and net assets of €87m. The union has continued to increase its investment in the women’s game, with a total spend of €8.3m, €2.6m higher than the previous year.
“With the women’s national team securing third place at this year’s Guinness Women’s Six Nations, and thereby securing automatic qualification for the 2025 Rugby World Cup and second place in the WXV 1 tournament in Canada, the additional investment in the women’s game is showing signs of progress.”
IRFU chief financial officer Thelma O’Driscoll said: “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. We are aiming to make a small cash surplus in the current financial year.
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“Ticket sales for our international matches continue to be strong, with all four games in this year’s Autumn Nations Series sold out. In addition, we had a full take-up of the tranche of 10-year premium tickets which became available earlier in the season.
“Nevertheless, there are significant challenges ahead and although we are not forecasting to be in debt at any time over the next 10 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.”
IRFU CEO Kevin Potts added: “Taking part in a Rugby World Cup, the flagship event of our sport, is a huge honour. However, it does have a significant, negative financial impact for unions which requires planning and management over a four-year cycle.
“Like all unions, we are not immune to the financial and economic headwinds facing the game and we welcome World Rugby’s recent and ongoing work with high-performance unions on the financial sustainability of the game. This is something we need to address in a collaborative manner, and we in the IRFU are committed to doing so.
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“On a positive side, I’m pleased that the increased investment in our women’s game is beginning to show signs of progress, with automatic qualification for the 2025 Rugby World Cup secured following our third-place finish in the Six Nations and more recently our superb performances at the WXV 1 tournament in Canada.
“In our ‘Rugby in Ireland’ strategy, released in June of this year, I outlined that we are at one of the most exciting points in the history of Irish rugby with a highly successful period at men’s and U20s international level, the continued growth of clubs and schools, allied to the IRFU’s increased investment in our women’s game. These are achievements of which all in Irish rugby can be proud.
“The imminent launch of the Nations Cup in 2026 provides further reason to be optimistic for our game. However, as a union, without further additional revenue streams, of which there is no certainty, we simply will not be able to maintain current levels of investment across the game.
“I would like to thank Sport Ireland and the Government for their continued and critical support for our participation programmes across the country. Finally, as we celebrate our 150th anniversary, I would like to thank all involved in Irish rugby for their unstinting support of the game.”
- Click here to read the full IRFU 2023/24 financial report
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