Scottish Rugby has unveiled a staggering £11.3 million loss for the financial year ending June 30, 2024, despite generating a record-breaking turnover of £73.9 million.
The deficit, which surpassed last year’s £10.5 million loss, comes as a bitter pill to swallow for Scottish Rugby officials, who had initially projected a loss of £10.6 million.
The increased deficit has been attributed to various factors, including a significant drop in ticket sales and the absence of autumn Tests due to the Rugby World Cup.
Professor Lorne Crerar, chair of Scottish Rugby, attempted to quell concerns by stating that the Scottish Ltd board is making steady progress through its financial reset programme.
“Expenditure in professional rugby, high performance rugby, Club and School Support Funds, administration and governance rose in 2023/24 compared with the previous year,” said Scottish Rugby in a statement. “Other factors contributing to spend included an additional month of employee and operational costs, Scotland’s preparation for, and attendance at, the 2023 Rugby World Cup, the move to the new player pathway and winding down of Super Series and the continuing investment in the women’s game and pro team budgets. Other business areas’ expenditure were largely consistent with the previous financial year.”
Despite the gloomy figures, Scottish Rugby officials insist they have a clear plan to right the ship. The organisation projects a reduced deficit of £3.8 million for the upcoming financial year and aims to break even by 2025-26, with a return to profitability anticipated in 2026-27.
One bright spot in the financial report was the revenue generated from a series of Taylor Swift concerts at Murrayfield, which helped boost the overall turnover.
However, this windfall was not enough to offset the substantial losses incurred elsewhere. The financial results have overshadowed previous predictions of a return to profit.
As Scottish Rugby grapples with this financial crisis, all eyes will be on the incoming chief executive, Alex Williamson, who is set to take the reins early next year and face the daunting task of steering the organisation back to financial stability.
