NZ Rugby announce 2018 financial losses
- 1802
New Zealand Rugby announced a loss of $1.9m for the 2018 financial year at its AGM meeting in Wellington on Wednesday.
Despite the losses, NZ Rugby are still ahead of budget by 44 per cent thanks to 68m in commercial sponsorships and licencing income.
Brent Impey, NZ Rugby chair, said last year set a benchmark for investment in rugby at $191m but admitted there are challenging times ahead for the sport.
"Although we are pleased with our latest financial result these are still challenging times for rugby as we look further ahead," Impey said.
"The pressure to retain our talent and support the growth in our community game puts pressure on our long-term financial projections."
He added that pending broadcast discussions would be critical in setting NZ Rugby up for success beyond 2020.
"Agility and pace are now mantras for us as leaders of the game. NZR can and must show leadership, but we need our stakeholders as partners. None of us have all the answers," he said.
"In this world, new cultures of co-operation, sharing of information, being open to new structures, and being prepared to question the status quo must be our new norm."
Financial highlights:
• 17 percent growth in income over 2016
• $68m in sponsorship and licensing revenue
• $31m invested into game development
• $8m invested in women's rugby
• $1m invested in Respect and Inclusion programme
• $3m invested in digital technology development
• $2m invested in ACC's RugbySmart programme aimed at preventing injury
Via: NZ Herald
