Rugby Australia records loss of $27.1 million

Rugby Australia has recorded a net deficit of Australian $27.1 million for 2020 due to the COVID-19 pandemic, with the governing body losing so much money it even considered reverting to amateur status.

The $45.7 million reduction in revenue was the key factor behind the huge loss, which was somewhat offset by AUD$31.2 million in drastic cost-cutting measures.

Rugby Australia chairman Hamish McLennan said the organisation was "shaken to its core" by the impact of the global pandemic.

And the size of the financial loss led to serious conversations about becoming amateur.

[Source: TV NZ]