NZ Rugby Reports $19.5 Million Deficit Despite Record Revenue

New Zealand Rugby reports a $19.5 million net deficit for 2024, its third consecutive loss, despite achieving record income of $285 million, citing foreign currency hedging and increased commercial investments as contributing factors.

New Zealand Rugby reported a net deficit of NZD $19.5 million for the 2024 financial year, marking its third consecutive financial loss despite achieving a record income of NZD $285 million. The governing body's expenditure rose 10% due to foreign currency hedging and increased commercial investments, contributing to the deficit. NZR's financial struggles follow losses of $8.9 million in 2023 and $47 million in 2022.

Despite these losses, NZR maintains a strong financial position with $174.5 million in reserves. Chair David Kirk emphasized that the organization's operational performance is near break-even and commercial revenue streams are healthy. CEO Mark Robinson highlighted the need for a sustainable financial model, stating that NZR is committed to finding a solution to manage its high fixed-cost structure.

Key financial highlights include:

• Record Income: NZD $285 million
• Net Deficit: NZD $19.5 million
• Reserves: NZD $174.5 million
• Expenditure Increase: 10% rise contributing to the deficit

NZR remains optimistic about its financial future, citing healthy commercial revenue growth and a robust cash position. The organization is working to address its financial challenges and ensure long-term sustainability.

New Zealand Rugby (NZR) attributed its loss to foreign currency hedging on sponsorship revenue and increased commercial investments. Despite this, the organization reported strong cash reserves of NZ$174.5 million.

NZR Chairman David Kirk expressed optimism, citing record income of $285 million and healthy commercial revenue streams. He noted that reinvesting in the game at all levels provides a positive outlook despite challenges in the international environment.

New Zealand Rugby (NZR) emphasized its strong financial position, with NZ$174.5 million in reserves. “NZR retains an incredibly strong balance sheet which is vital for rugby in New Zealand and its ability to weather any major shocks.”

The recent settlement with INEOS, which pulled out of its sponsorship deal, had no impact on NZR's 2024 revenues, according to the organization.

🇳🇿Balance 2024 del rugby neozelandés:
🏉Déficit neto de $19,5 millones (a pesar de unos ingresos de $285 millones).
🏉Crecimiento en rugby femenino: 33.757 jugadoras (+15%).
🏉Crecimiento en rugby masculino: 155.000 jugadores registrados (+6%).
🏉📺 Crecimiento en NZR y YouTube. pic.twitter.com/zQBa4QgfIY

— Rugby Sur🧉🏉 (@RugbySur) May 8, 2025