New Zealand Rugby Faces Third Consecutive Financial Loss Despite Record Income

New Zealand Rugby reported a net deficit of NZ$19.5 million for the 2024 financial year despite a record income of NZ$285 million. The governing body's loss is attributed to foreign currency hedging and increased expenditure. NZR maintains strong reserves and optimism for future investments.

New Zealand Rugby (NZR) has announced a net deficit of NZ$19.5 million for the 2024 financial year, marking its third consecutive financial loss despite record income of NZ$285 million, a result of rising expenditures.

According to NZR, foreign currency hedging on sponsorship revenue and increased commercial investments contributed to the deficit, yet the organization emphasizes its NZ$174.5 million reserves as a sign of financial stability.

The recent settlement with INEOS did not affect 2024 revenues, and NZR remains confident in its robust cash position and future investments within a challenging international fiscal landscape.

(With inputs from agencies.)