New Zealand Rugby has reported a loss in 2019 of $7.9 million as it laid bare the massive economic challenges currently being faced by everyone involved in the sport.
Although this number actually represents a 37% improvement on the budget, NZR Financial Officer Nicki Nicol has warned of the harsh impact of the novel coronavirus COVID-19 pandemic. In the recent Annual General Meeting, Nicol stated that NZR is forecasting a decline of as much as 70% in revenue and the cost base had to be adjusted accordingly.
She added that it’s known that the impact has been felt across all areas of the game, from players, teams, and competitions through to programmes and partnerships with provincial unions, Super Clubs, and more. She ended up saying that it also had a huge effect on New Zealand Rugby staff and she wanted to formally call attention to their excellent work as the organisation tries to steer through these troubled waters.
NZR has also let it be known that they’ve had to absorb an unrealised loss of almost $4 million from the original $19.4 million investments on the 5% shares that were acquired in the new Sky Television broadcast deal. Shares in the company have dropped from 89c to just 71c since 1 November 2019.
As per the agreement, NZR will have to hold on to these shares for a minimum of two years.
But the news isn’t all grim, and NZR can report healthy cash reserves which registered at $93 million on December 31 2019.
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