Rugby: NZRU posts $9.4m loss

The New Zealand Rugby Union (NZRU) has posted a $9.4 million loss for 2010 it announced at its annual meeting in Wellington today. 

The NZRU attributed the budgeted loss to the continuing impact of the global recession along with the financial commitment of hosting the rugby World Cup later this year.

Of the $9.4 million loss, approximately $6.4 million is accounting for the NZRU's investment in hosting RWC 2011 and $3 million for the budgeted operating deficit chief executive Steve Tew said.

"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."

The 2010 loss is a $6.5 million improvement on the $15.9 million loss posted in 2009.