Scottish Rugby Union finally publishes its financial statements for 2021-22
The Scottish Rugby Union has reported a deficit of £5.3 million on its base business after finally publishing its financial statements for 2021-22.
Under the union’s own bye-laws, a full set of audited accounts should have been laid before an annual general meeting before 31 August. However, last month’s agm passed without them being presented and they will now go before ‘agm part 2’ on Wednesday, September 28.
Soaring energy prices and the cost of living crisis have impacted on Scottish rugby, as they have everywhere else. The £5.3m deficit is blamed on “increased utilities costs and costs related to health and safety related Covid spend”.
The return of supporters to international matches at BT Murrayfield post-pandemic has helped drive overall revenue up to within 5 per cent of pre-pandemic levels at £57.9m, a rise of £5.5m from the previous year.
Six of the seven home men’s Scotland matches were sold out in 2021-22, contributing to ticketing revenue of more than £16.4m, an increase on 2019-20, when games were last played in front of fans.
The union’s financial health was also significantly boosted by the Six Nations’ deal with the private equity firm CVC Capital Partners which bought a 14.3 per cent stake in the championship.
According to the accounts, “it drove a gain on disposal of investment of £34.2m, bringing our net surplus after tax to £29m for the year”.
The union reported a rise in investment in domestic rugby, with £8.1m (roughly 14 per cent of total turnover) spent on the grassroots game, £1m more than in the previous year.
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