For the second straight year SA Rugby declared a massive loss to take its deficit over the past two years to close to R60m.SA Rugby announced a R33.3m loss for the 2017 financial year‚ which comes on the back of a R23.3m loss in 2016.There were mitigating circumstances due to the price of bidding for Rugby World Cup 2023‚ which added over R24m to costs for the year.Adding the Southern Kings and Cheetahs to PRO 14 also cost the union over R30m‚ which added to the strain on resources.According to SA Rugby the investments skewed results‚ which would have shown a modest pre-tax profit but for the extraordinary items.CEO Jurie Roux said the organisation believed both expenses were strategic imperatives."We took the view that the long-term prospects for rugby in South Africa would have been significantly improved by hosting the 2023 Rugby World Cup‚" Roux said."The investment SA Rugby made in the process – in the region of R24.4m in 2017 – was justified by winning the recommendation of th...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.