NZ Rugby reveal massive financial hit

NEWS: Things are not looking good financially for New Zealand Rugby.

The headline result for the 2019 financial year was a NZ$7.4 million loss, while the bottom line was sustained by healthy cash reserves which were boosted by the New Zealand British and Irish Lions Series in 2017.

While the loss is 37 percent ahead of the budgeted loss of NZ$11.8 million, NZR financial officer Nicki Nicol warned that the COVId-19 pandemic will impact the game in a big way for the rest of  2020.

"At New Zealand Rugby we are forecasting up to a 70 percent decline in revenue and we’ve had to quickly adjust our cost base accordingly," Nicol said at Thursday’s annual general meeting.

Story continues below...

Meanwhile, New Zealand Rugby has a new-look at the top with an increasingly diverse Board, and a new patron, following an historic 128th Annual General Meeting (AGM) on Thursday.

Vastly experienced senior executive Jennifer Kerr and Left Field Live sports agency Chief Executive Bart Campbell were confirmed and Pango Productions founder Bailey Mackey elected to the Board, while former All Blacks captain Ian Kirkpatrick was also elected as Patron during the first NZR AGM to be conducted online.

NZR Chair Brent Impey said the new Board were guiding NZR into uncharted waters in the wake of the COVID-19 pandemic but stressed there was also a rare opportunity to rebuild and reshape rugby.

"We face significant challenges, but many are not new with continued demand for our players overseas, the need to stay relevant to young people and adapt to fast-moving technologies.

"We now have an opportunity to take stock and I am confident that if the dedicated and passionate people involved in rugby commit to working together in 2020 and beyond, we have the ability to ensure our sport thrives into the future."

NZR Chief Executive Mark Robinson said it was important to pause and celebrate the successes of 2019, while also making tough decisions.

"Many of our achievements in 2019 highlight the best of rugby and we should not forget the part we play in New Zealand society. Now is the time to focus firmly on rugby’s core business, so that rugby can continue to inspire and unify future generations of New Zealanders."

In other news: