NZ Rugby Union Posts USD7.5m Loss, Appoints New President

The New Zealand Rugby Union (NZRU) has revealed losses amounting to US$7.5m for the 2010 financial year, an improvement of $5.2m on the 2009 loss of around $12.75m.

The NZRU body stated at its annual general meeting (AGM) that the results met their budget for the year, attributing the overall loss to preparations ahead of the Rugby World Cup in the country later this year as well as new funding provided to Super Rugby and ITM Cup sides, including payments to unions with players in the national squad.

Former All Blacks winger Bryan Williams was also elected as president of the organisation during the meeting, succeeding John Sturgeon following the end of the latter’s two-year term. Williams’ former team-mate Ian MacRae will act as his vice-president.

NZRU chief executive Steve Tew stated: “Obviously, we would prefer to at least be achieving break-even, but in the current context the 2010 result was satisfactory in that we came in under our operating budget while at the same time provided additional financial support to Provincial Unions.

“Of the (NZ)$9.4 million loss, approximately $6.4 million is accounting for the NZRU’s investment in hosting Rugby World Cup 2011 and $3 million for the budgeted operating deficit. The $3 million in operating deficit is largely accounted for by the increased funding to Provincial Unions of around $2 million and additional support for our Investec Super Rugby franchises.”