IRFU set to report ‘significant deficit’ in annual accounts for 2023/24
The IRFU acknowledged at their Annual Council meeting in the Aviva Stadium yesterday that the union are set to report a ‘significant deficit’ in their annual accounts later this year.
While their financial statements for 2023/24 won’t be published until November, the IRFU’s Chief Executive Kevin Potts explained in an annual report that was issued at the meeting on Thursday how (as expected) the presence of the Ireland men’s national team at last year’s Rugby World Cup in France – and the absence of home Autumn Nations Series games – has impacted the union from a financial perspective.
“As this is a Rugby World Cup year, we will – as forecast – report a significant deficit in our annual accounts later this year. This deficit arises from the increased costs associated with preparing for, and participating in the Rugby World Cup, as well as the loss of our home Autumn Nations Series match revenues,” Potts outlined in his report.
Yet Potts also stressed this is something that the IRFU always factors into the equation when it comes to the nation’s participation at a Rugby World Cup.
“The IRFU plans for this scenario as part of each 4-year cycle, and thereby ensures that we continue to deliver our various programmes on an annual basis. Financial sustainability is vital for the long-term wellbeing of the IRFU and our provinces, and it will continue to remain central in our decision making.”
These points were largely echoed by the IRFU’s Honorary Treasurer Patrick Kennedy from the top table at the annual council meeting. He also said that Tier One funding from World Rugby and the revenue generated through the hosting of two World Cup warm-up games against Italy and England in August of last year did partially help them from a financial standpoint.
Additionally, Kennedy explained ticket sales for the autumn international tests with New Zealand, Argentina, Fiji and Australia are quite strong at the moment, and that the clash between the British & Irish Lions and Argentina in the Aviva Stadium next June will also serve as a substantial financial injection.
Elsewhere in the annual report, it was shown that there was a total number of 370,166 players participating in some form of rugby in Ireland from May 1st 2023 to April 30th 2024. Of this tally, 240,000 were approximately said to be male players with 131,000 being female.
To expand further, there were 90,209 registered players in Ireland during this 12-month period and 279, 957 community rugby participants.
Registered players were defined in the report as being those involved in active membership categories – namely Pre-Mini, Mini, Youth, Adult, School, Tag, Give It A Try and Provincial – whereas community players are those who took part in sessions delivered by community rugby officers.
Meanwhile, the annual council meeting also saw Garryowen’s Declan Madden being elected as the 135th IRFU President – he takes over the position from Cork Constitution clubman Greg Barrett. Madden had previously served as the union’s Senior Vice-President and that role will now be taken by former Ireland international, Dr John O’Driscoll.