English rugby union’s RFU governing body made an operating loss of £37.9 million ($47.7 million) during the 2023-24 financial year, but still managed to pay its chief executive, Bill Sweeney, £1.1 million.
Sweeney’s basic salary came to £742,000 during the year up to the end of June this year, while he was awarded another £358,000 as part of an incentive plan related to the RFU’s recovery from the Covid pandemic in 2020 and 2021.
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This came during a year in which there was an overall loss to the RFU’s reserves of £42 million, and in which 42 RFU redundancies were made.
The substantial RFU loss in 2023-24 comes as a contrast to the profit of £4 million banked the previous financial year and as a consequence of a year-on-year revenue decline of £53.8 million.
Revenue only came to £175.2 million, down from £221.4 million in 2022-23.
In terms of the different revenue sectors, ticket sales income fell by £25.4 million, catering and hospitality by £22 million, and broadcast revenue by £6.4 million.
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By GlobalDataThese all came as a result of England’s men’s side playing fewer home games in this year’s Six Nations competition (two, as opposed to three in 2023), and also the Rugby World Cup last year meaning that no high-profile autumn international fixtures against non-European sides took place in England across October and November.
Indeed, during the previous year in question, the men’s team played only four games at Allianz Stadium (their newly-renamed Twickenham home).
Previously, the biggest annual loss the RFU had sustained came in 2018 – £30.9 million.
Sweeney, appointed in 2019, said: “The RFU has planned well for this year, the fourth year in our business planning cycle, which is always a loss-making [year] due to increased costs associated with going to the Rugby World Cup and as a result of hosting fewer games at Allianz Stadium.
“Emerging from post-Covid challenges, which saw significant lost revenues, substantial increases in costs and inflation, and a drop in player participation, we are now entering into a period of significant transformation with a great deal to be positive about.”
Tom Ilube, chair of the RFU board, added: “The Rugby World Cup revenue impacts we see in this financial year were anticipated, planned for and they are in line with expectations. This has enabled us to continue investing strategically in the game at all levels with confidence.”
These accounts do not include the sum that global insurance firm Allianz is paying to title sponsor the iconic Twickenham Stadium, in a deal unveiled in early August that runs for 10 years.
Previously, Sweeney has said that tie-up – representing the first time Twickenham has been re-named – is worth “well over £100 million.”
