Rugby Australia: a loss of €17.4m in 2020, search for private investors launched

Rugby Australia, the Australian rugby federation, has posted a loss of AU$27.1m (€17.4m) for the year 2020, announced the body on 29/04/2021.

"RA confirmed the result for 2020 at its annual general meeting after a AU$45.7m (€29.3m) reduction in revenue as a result of the impact of the Covid-19 pandemic. The organisation undertook significant cost reductions as a result, with over AU$31m (€19m) cut across staff, player and member costs," explained Rugby Australia, which posted a deficit of AU$9.4m (€5.2m) in 2019.

"However, Hamish McLennan (chairman of Rugby Australia) was well-aware of the gigantic challenge that faces RA and the sport, leading to suggestions surrounding private equity. Whilst they are not expecting to command the $387.5m injection that NZR received from US company Salt Lake, McLennan believes that it's 'critical' to ensure the future of the sport. The deal would see RA pursue a similar percentage, giving up no more than 15% of a share in the game, with talks ongoing with a number of parties," explained the body on 29/04/2021.

Silver Lake, as well as CVC Capital…