IRFU reports strong finances ahead of expensive Rugby World Cup

The IRFU has reported a stronger than expected financial position with the release of its annual accounts.

While the union did report a deficit of just under €1m for the year ending 31 July 2023, it was considerably less than the €7.4m deficit that had been forecast 12 months ago.

That was in large part down to Ireland's Six Nations Grand Slam success in March, the addition of Bank of Ireland as a sponsor of the November series, as well as the sale of new nine-year tickets.

Income saw a large drop in the last 12 months from €116m to €92m, which can be attributed to the government Covid-19 grant the union had received in 2022 to cover losses in 2021. Likewise, expenditure decreased by almost €17m to €93m as the cost profile returned to normal post-Covid.

The union's balance sheet remains solid, with net assets relatively unchanged at €106m and cash balances of €63m.

Today's figures don't account for the Rugby World Cup, which IRFU chief executive Kevin Potts says will have cost an estimated €10m after World Rugby's World Rugby's €5m contribution.

"One, the loss of our regular November international matches, which is not fully offset in any way by the summer warm-up games," Potts said, as he explained the World Cup costs.

"Two, the significant additional costs of preparing our team and participating in the tournament that aren't covered fully by World Rugby. These include additional training camps, additional preparation camps, additional support staff around the team, additional logistics, player costs, and additional hotel costs."

And while the CEO (above) says the World Cup will have a major impact on next year's accounts, the union remains in a strong financial position.

"So our deficit for 2023/24 is likely to be well in