(Reuters) – England’s Rugby Soccer Union (RFU) stated in its annual report https://www.englandrugby.com/information/article/rfu-annual-report-published that income for the monetary yr 2020-21 was 120 million kilos ($160.15 million) lower than pre-COVID-19 forecasts and warned it might take “a lot of years” to recuperate.
Income for the yr was 97 million kilos, the RFU stated, down from 167 million kilos within the earlier yr.
The RFU, which relies on internet hosting video games at Twickenham for 85% of its revenues, suffered a success as this yr’s Six Nations was performed behind closed doorways.
The report added that monetary stability was secured via 119 redundancies, a debenture donation programme and emergency finance schemes made obtainable by the federal government.
“We’re in a robust monetary place. Nevertheless, it can take a lot of years to recuperate from underlying losses,” RFU’s chief monetary officer Sue Day stated.
“Our value base might want to stay at present ranges whereas we rebuild reserves, proper measurement our debt and regain certainty over future revenues.”
RFU chief government Invoice Sweeney stated the yr had been “immensely difficult”.
“We’ve labored tougher than ever earlier than to help the skilled and group sport although the pandemic, with a clearly centered strategic plan to make sure we ship actual profit and help to the sport,” he added.
“As we emerge out of COVID, the RFU will proceed to take a management position in reshaping and enhancing the sport for the good thing about all concerned.”
($1 = 0.7493 kilos)
(Reporting by Hritika Sharma in Bengaluru; Modifying by Peter Rutherford)