NZRU announce financial loss
The New Zealand Rugby Union have revealed a loss of NZ$9.4million (£4.6million) for the 2010 financial year.
The result is a $6.5 million improvement on the $15.9 loss posted in 2009 and the NZRU says the results meet their budget for the year.
The loss has been attributed to investment in the hosting of the Rugby World Cup, which takes place later this year, as well as new funding provided to Super Rugby and ITM Cup sides, including payments to unions with players in the national squad.
The results were revealed at the NZRU's Annual General Meeting in Wellington and chief executive Steve Tew said: "Obviously, we would prefer to at least be achieving break-even, but in the current context the 2010 result was satisfactory in that we came in under our operating budget while at the same time provided additional financial support to Provincial Unions.
"Of the $9.4 million loss, approximately $6.4 million is accounting for the NZRU's investment in hosting RWC 2011 and $3 million for the budgeted operating deficit.
"The $3 million in operating deficit is largely accounted for by the increased funding to Provincial Unions of around $2 million and additional support for our Investec Super Rugby franchises."
The NZRU expect to return to profit in 2011 due to the hosting of the global showpiece in September and October.
The AGM also saw former All Blacks winger Bryan Williams elected as NZRU president, succeeding John Sturgeon following the end of the latter's two-year term.
Williams, who played 38 Tests between 1970 and 1978, will have former team-mate Ian MacRae as his vice-president.