The Rugby Football Union (RFU) Faces Record £37.9m Loss

The Rugby Football Union (RFU) reported unprecedented operating losses of £37.9m for the year ending June 2024. The losses stemmed primarily from a reduced number of home fixtures for England’s men’s team, who played just four matches at Twickenham during the period. The Rugby World Cup in France prevented the usual autumn internationals and the Six Nations included three away games.

The England women’s team also played just one match at Twickenham during this period a victory over Ireland. Despite the heavy losses, the RFU’s financial performance led to a significant bonus for CEO Bill Sweeney. He earned a basic salary of £742,000 which the union increased by £358,000 as part of a “long-term incentive plan” tied to revenue growth and cost control.

The plan, implemented post-COVID, aimed to incentivize the executive team to meet challenging financial targets despite an increased workload. The RFU’s previous largest annual loss was £30.9m in 2018, and the current £37.9m loss significantly surpassed the £10.8m loss in 2019. However, the union has remained financially stable with substantial cash reserves, though it has earmarked much of this for a £500m redevelopment of Twickenham by 2027.

The RFU also secured a sponsorship deal with Allianz worth over £100m which will rename the stadium for the next decade. To further boost revenue, the Rugby Football Union (RFU) plans to increase the number of non-rugby events at Twickenham including raising the cap on music concerts from three to 15, pending approval from the local council. Rising business costs, utility prices and the ongoing effects of the COVID-19 pandemic have contributed to the financial strain.