New Zealand Rugby [NZR] have posted their first profit since 2017, announcing on Thursday they had generated a $5.5 million profit in the past financial year.
The NZR confirmed their revenue had increased by $51 million to $189 million in 2021 following their 130th annual general meeting in Wellington.
The positive financial result, driven by broadcasting revenue, sponsorship and licensing, came despite the forced postponement the women's Rugby World Cup and restrictions at domestic and Test matches over the last year due to the Covid-19 pandemic.
"A key takeaway from the last 12 months was gaining certainty around our professional competitions," NZR chair Stewart Mitchell said.
Despite Sir Bryan Williams' life membership and a profitable year, the Silver Lake deal remains an issue to address. (Source: 1News)
"We were able to introduce the Fijian Drua and Moana Pasifika to see the creation of Super Rugby Pacific, and we cemented the first edition of the ground-breaking Super Rugby Aupiki competition.
"This certainty creates a framework for driving commercial revenue and value for our stakeholders."
The NZR added that expenses rose significantly in the past financial year as well from $26 million to $183 million, mainly due to more rugby being played both at a domestic level and internationally.
Despite the expenses, there was no negative impact on the NZR's investment in developing the game with funding for provincial unions boosted to $31 million and investment in the women's game increased to $11 million.
"We should reflect on 2021 with a sense of pride as we emerge from a tough period on sound financial footing, and with some key building blocks in place as we move into a crucial period for the game," Mitchell said.
"We have been able to lay the foundations for our new four-year strategy, Strategy 2025, and now have the opportunity to re-imagine rugby for a modern world, but to do so we believe we need significant new investment in the game, or we run the very real risk of being left behind."
The NZR also noted the AGM did not include a members vote on the Project Future private equity proposal involving Silver Lake after the provincial unions asked for more information on the deal earlier this month.
The meeting did see former All Black Sir Bryan Williams elected as a life member of NZR after being nominated by the Auckland Rugby Union.
Williams was unanimously approved by members, joining Richie Guy (elected 2001); Rob Fisher (2011); John Sturgeon (2012); Andy Leslie (2015); Sir Graham Henry (2016); Richard "Dick" Littlejohn (2018); and Mike Eagle (2020) as NZR's current life members.
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