Welsh Rugby Union posts £7.5m losses despite huge Taylor Swift and Bruce Springsteen concerts
The Welsh Rugby Union recorded a loss of £7.5m in 2024, despite hosting Taylor Swift and Bruce Springsteen concerts at the Principality Stadium.
The Union announced that turnover had risen for the second year in a row, going up from £97.9m to £102.7m, with an extra £4.7m generated from matches and events at the Principality Stadium.
Wales didn't host any autumn internationals in 2023 due to the World Cup in France, but had two warm-up matches in Cardiff as well as a match with the Barbarians. There were also 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 expenses around the men's World Cup and investment into women's and girls' rugby saw costs soar from £67m to £75.1m.
Having recorded a £3m profit in 2022, the WRU has now posted losses in the last two years - all set against a tumultuous period for Welsh rugby.
This year's Annual General Meeting took place the day after Wales' defeat to South Africa in Cardiff - their 12th defeat in a row at Test level, only serving to increase the scrutiny on Warren Gatland as head coach.
In the women's game, Wales head coach Ioan Cunningham resigned earlier this month after the governing body admitted serious failings in the way it handled contract negotiations with the women's squad over the summer.
Funding to the regions fell from £35.5m to £28.7m while Dragons were sold back to private ownership in July 2023. However, the governing body said it still invested £60m into all levels of the game in Wales.
Chief executive Abi Tierney, presenting the report for the first time since taking charge in January, said the union was focused on establishing "financial stability".
"This year’s annual report comes against a backdrop of a challenging but incredibly future-focused time for Welsh rugby," she said.
"The need to establish financial stability features at the core of [our] strategy and is essential to shaping a sustainable future for the game.
"The WRU has been presented with a number of financial obstacles this year [but] our aim, as ever, is to maximise the re-investment into rugby each year."
