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The Welsh Rugby Union has recorded a loss of £7.5 million in 2024, despite hosting concerts by Taylor Swift and Bruce Springsteen at the Principality Stadium.
The Union announced that revenue had increased for the second year running, from £97.9m to £102.7m, with a further £4.7m generated from matches and events at Principality Stadium.
Wales did not host any autumn international matches in 2023 due to the World Cup in France, but played two warm-up matches in Cardiff as well as a match against the Barbarians. There have also been concerts with major musical acts including Pink and Foo Fighters.
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However, the WRU said the ongoing impact of Covid, high inflation, increased spending around the men’s World Cup and investment in women’s and women’s rugby have pushed costs up by £67m sterling to £75.1 million.
After recording a profit of £3m in 2022, the WRU have now seen their losses rise from £4.8m last year to £7.5m this year – all in a period tumultuous for Welsh rugby.
This year’s Annual General Meeting took place the day after Wales lost to South Africa in Cardiff – their 12th consecutive defeat at Test level, which only increased the attention brought to Warren Gatland as head coach.
On the women’s side, Wales head coach Ioan Cunningham resigned earlier this month after the governing body admitted serious failings in the way it had handled contract negotiations with the team feminine during the summer.
Funding for the regions was reduced from £35.5 million to £28.7 million, while the Dragons were sold back to private owners in July 2023. However, the governing body said it had still invested £60 million across all levels of the game in Wales.
Chief executive Abi Tierney, presenting the report for the first time since taking office in January, said the union was focused on establishing “financial stability”.
“This year’s annual report comes against the backdrop of a challenging but incredibly forward-looking period for Welsh rugby,” she said.
“The need to establish elements of financial stability at the heart of [our] strategy and is essential to shaping a sustainable future for the game.
“This year the WRU has faced a number of financial hurdles. [but] our aim, as always, is to maximize reinvestment in rugby each year. »
