New Zealand Rugby reports $19.5 million loss, looks for sustainable financial model and flags participation growth

While operationally, New Zealand Rugby achieved a near break-even result for the 2024 financial year, it has announced a deficit of $19.5 million for 2024 as $11.7million of spending on the NZR+ digital strategy and a loss on foreign currency hedging outweighed record revenue of $285 million.

New Zealand Rugby Chair David Kirk says while the book loss of $19.5million was noteworthy, it should be recognised that “this is not a cash loss and should not detract from NZR’s solid operational performance and the organisation’s $174.5 million reserves demonstrates the organisation’s strong cash position.” 

Kirk noted “achieving a new high watermark of $285 million income, healthy commercial revenue streams in what is a difficult international operating environment, and reinvesting into the game at all levels, are grounds for optimism. NZR retains an incredibly strong balance sheet which is vital for rugby in New Zealand and its ability to weather any major shocks.”

However, NZR Chief Executive Mark Robinson stressed the need for a more sustainable financial model noting “we are committed to working on a sustainable financial model for our game as this year’s result again demonstrates that the high fixed-cost structure we live within is not sustainable, even as we grow our overall revenue. That work will step up in earnest this year.”

This is NZ Rugby’s third consecutive loss, and larger than the $8.9 million deficit for 2023.

NZ Rugby’s annual statements showed that revenue for the year ending December 31, 2024, rose to $285 million from $268 million due to increases in broadcast, sponsorship and matchday revenue, which are all lower in 2023 due to the Rugby World Cup.

However, costs for ‘teams in black’ and ‘administration’ rose, contributing to a significant leap in expenditure to $305million from $277million.

A currency hedge related to the aborted INEOS sponsorship deal also added $7.8million to expenditure, although this could be clawed back in 2025, depending on currency movements.

Stakeholders will also look into NZ Rugby’s digital strategy, and the $11.7 million spending on NZR+, but Robinson said it was already delivering for the sport.

Toyota New Zealand has been confirmed as a new apparel sponsor, and it is likely that another consumer brand will take the space on the back of the All Blacks’ shorts.

NZR Chief Executive Mark Robinson spotlights the following significant gains within the sport  

Women and girls’ rugby shines
Growth in women and girls’ rugby, supported by $27.3million of investment and celebrated with the Black Ferns Sevens’ brilliant gold medal success at the Paris Olympic Games.

Last year saw a record number of women and girls playing the game (33,757, a 15% increase), and building blocks such as the Farah Palmer Cup presented by Bunnings Warehouse, Sky Super Rugby Aupiki and, now in 2025, a first ever Trans-Tasman Super Rugby Women’s Champions Final, are evidence of NZR’s commitment to supporting and growing the women’s game.

Participation growing
Overall, player numbers increased in nearly every category and overall player numbers were up 6% to more than 155,000 registered players. Both teenage boys’ participation (up 2,400 to 29,153) and senior men (up 1,500) saw increases, as did coaches.

“Across our game from community and club level to provincial rugby to DHL Super Rugby Pacific and to our Teams in Black, we are seeing terrific fan engagement, high performance delivery and progress on and off the field. Our mission is to develop a financial model for the game that continues to invest in growth at all levels of the game.”

Teams in Black
While Teams in Black experienced a mix of results, rugby fans benefited from enjoying a full programme at home and offshore, and the addition of the All Blacks XV generated high performance development opportunities for many players, while the Māori All Blacks were back in action with two matches in Japan.

Fan engagement
In addition to strong viewership domestically on Sky, NZR’s digital reach continues to expand and engage fans. NZR+ content is now available on major airlines, globally connected TVs, and across local free-to-air and cable TV networks in the United States. In total, NZR+ content achieved one billion views in 2024, with 25% coming from the US and UK. More than 280,000 users had also registered with NZR+ and NZR and Teams in Black brands had over 13 million followers or subscribers across key social media platforms, including the All Blacks’ YouTube channel, which surpassed one million subscribers.

The success of DHL Super Rugby Pacific in the front half of 2024 was mirrored by the fan support generated during the Bunnings Warehouse National Provincial Championship (NPC) season.

Commercial growth
Supported by growing fan engagement and digital reach, commercial revenue reached record levels in 2024 and NZR is continuing to build out commercial partnership opportunities both onshore and offshore. 

The 2024 financial year saw a further tranche of investment into commercial revenue growth opportunities through NZR as part of the Project Future deal with Silver Lake.   

“In total $38m was tagged to use for future commercial initiatives, and in 2024 we drew down $11.7m to invest in NZR+ to continue to grow its reach and tell our stories. While this is about the long-term, we also believe this is generating positive commercial outcomes in the short-term.” 

As previously announced, NZR and INEOS reached a confidential settlement in April which concludes the relationship, and the two organisations are moving ahead. There was no impact on 2024 commercial revenues. As noted in the Financial Statements, the reclassification of FX hedging contracts is related to sponsorship revenue.

Looking ahead
As observed by many commentators, DHL Super Rugby Pacific has continued its momentum in 2025, enjoying a break-out year, with significantly higher match attendance, television viewership and online engagement. 

In addition to the work taking place around the structure and financial sustainability of the game, key negotiations continue on broadcast rights as well as a new group strategy, which will shape and support the continued success of the game.

"In the international arena, the programme for the All Blacks and Rugby World Cup-bound Black Ferns, at home and offshore, are compelling." 

Click here to view New Zealand Rugby’s audited 2024 Group Performance Report