South Africa Rugby [SAR] have revealed a financial loss of 23.3 million rand [£1.5 million] for the 2016 calendar year.
The loss was attributed to a decline in sponsorship revenues, however SAR say in a statement that cost savings meant that normal operations were unaffected.
“In a very difficult economic environment and considering the many challenges to ensure that we deliver on rugby imperatives, we consider this a satisfactory operating result.” said Jurie Roux, CEO of SA Rugby.
“We increased our support to members and the investment in rugby activities. However, the loss of R129m [£8.3 million] in budgeted sponsorship placed pressure on operations.”
Roux warned that 2017 was unlikely to see an easing of pressure on SAR finances.
“Securing and retaining sponsorships is now key for 2017 although we will continue to review our cost base,” he said.
“It is likely to be another challenging year if we are to maintain our current level of support for our members and our other rugby activities.”
Source Article from http://www.espn.co.uk/rugby/story/_/id/19000941/south-africa-rugby-announce-satisfactory-annual-loss-twenty-three-million-rand
SA Rugby announce annual loss
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