New Zealand Rugby posts $4.5 million annual loss
New Zealand Rugby (NZR) on Thursday announced a NZ$7.4 million (US$4.53 million) loss for 2019, having earlier this month expressed worries over the financial impact of the coronavirus pandemic.
The figures do not take into account the last few months, which have seen international rugby grind to a halt due to the health crisis.
The federation of the All Blacks -- world rugby's most dominant team of the past two decades -- have warned that the health crisis could cost it up to NZ$100 million, but on Thursday said that "cash reserves of NZ$93 million" had provided a "vital buffer".
"We face significant challenges, but many are not new with continued demand for our players overseas, the need to stay relevant to young people and adapt to fast moving technologies," said NZR chairman Brent Impey.
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In total, the federation generated NZ$187 million last year, one percent less than in 2018 but 40 percent more than in 2015, the year of the last World Cup before the 2019 edition in Japan.
The All Blacks have won the World Cup three times but were knocked out by England at the semi-final stage of last year's competition