NZRU reveals financial loss and appoints Bryan Williams as new President

The New Zealand Rugby Union (NZRU) has revealed a loss of NZ$9.4 million (AUS$7.5 million) for the 2010 financial year.

The result is a NZ$6.5 million improvement on the NZ$15.9 million loss posted in 2009 and at its annual general meeting the NZRU the body said the results met their budget for the year. The overall loss was attributed to preparations ahead of the Rugby World Cup in New Zealand 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.

At the AGM, former All Blacks winger Bryan Williams was also elected NZRU President. Williams, who played 38 Tests between 1970 and 1978, will succeed John Sturgeon following the end of the latter's two-year term and will also have former team-mate Ian MacRae as his Vice-President.

NZRU Chief Executive Steve Tew explained "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 Rugby World Cup 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."

16th April 2010 - DWINDLING CROWDS HIT WELLINGTON RUGBY