Rugby Australia takes AU$14 million emergency relief loan from World Rugby

Rugby Australia boss Rob Clarke says a AU$14 million emergency relief loan from World Rugby will allow the under-fire organisation to close off its 2019 accounts.

Rugby Australia has faced strong criticism for not having its 2019 financial results audited and submitted to the corporate regulator, as well as for its unwillingness to make the unaudited accounts public.

Clarke and interim chairman Paul McLean maintained the organisation was not under immediate regulatory pressure to do so until May 31 but that the World Rugby cash would allow it to.

Clarke confirmed the news announcing AU$14 million in the form of a low interest loan, would be used to see the game through the next 12 months but would not “solve all of the challenges.

Meanwhile, Rugby Australia has secured a cut of more than 80 per cent to its player wages bill over a six-month period to the end of September, but will have to renegotiate if and when it gets a domestic competition up and running.

The majority of the organisation's head office staff are on stand-down for that period, while the top 15 executives are on 30 per cent pay cuts.

[Source: stuff.co]