MELBOURNE, April 16 (Reuters) - Rugby Australia $(RA)$ reported a A$36.80 million ($23.33 million) loss for 2024 on Wednesday after embarking on a costly programme to integrate loss-making Super Rugby Pacific teams and spending millions propping up the Melbourne Rebels before they collapsed.
The loss adds to a A$9.2m deficit posted for 2023, when the Wallabies crashed out of the World Cup in France at the group stage, and outstrips the A$27.1m shortfall for 2020 during the depths of the COVID-19 pandemic.
Despite the red ink, the governing body was positive about the outlook and said it was now positioned to retain the "full up-side" of this year's British and Irish Lions tour and the coming 2027 World Cup on home soil.
"Rugby Australia made great progress in 2024 towards building a sustainable, thriving model for Australian Rugby," CEO Phil Waugh said in a statement.
"There is still much to do but the pathway to a prosperous future is clear."
RA said it spent more than A$10 million integrating the Canberra-based ACT Brumbies and Sydney-based New South Wales Waratahs under its management and more than A$5 million on the voluntary administration and exit of the Rebels.
More than A$9 million was paid to service an A$80 million loan taken out with a private lender in 2023.
Waugh said RA was forecasting a record surplus in 2025 on the back of the Lions tour, which should give it the option of exiting the loan.
The governing body then enters a new broadcasting deal with Nine Entertainment from 2026 on better terms than the previous deal.
($1 = 1.5775 Australian dollars)
(Reporting by Ian Ransom in Melbourne; Editing by Peter Rutherford)
((ian.ransom@thomsonreuters.com; Follow me on Twitter https://twitter.com/MyRansomNotes; +61 3 9286 1447;))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.