The Welsh Rugby Union have released their annual report, and it’s not for pretty reading. The governing body has recorded losses of £4.3m for the financial year, with almost half of that coming from high profile personnel losses.
£480,000 was paid out to former CEO Steve Phillips, despite him resigning back in January following some high profile accusations forwarded towards the organisation.
Prior to absconding his position, Philips was accused by former employees of running a work environment that allowed for the growth of toxic sexism and misogyny.
The former CEO also tapped up a bill of £900,000 after cutting free Wales head coach Wayne Pivac and his assistants Stephen Jones and Gethin Jenkins.
WRU chair Richard Collier-Keywood had the following to say about report: “I think that the team at the WRU has delivered a strong performance against a year full with difficulties,
“These difficulties have cost Welsh rugby significant money as the WRU parted company with some significant individuals, including a long-serving executive and chief executive and also some senior coaches during the year. The costs of these changes are disclosed clearly in our accounts and amount to £1.9m.
“We have also taken a fresh look at some accounting in prior years and made some restatements which will put us on the correct footing to approach the years ahead.
“These are all fully disclosed in the financial information that we are issuing today.
“All the profits made by the WRU Group are fed back into the game in Wales, we are guardians of our game and we take this responsibility very seriously,” said interim WRU CEO Nigel Walker. “We have a stated policy of maximum reinvestment into the game annually, rather than retaining profits, and we have been able to increase our investment in Welsh rugby by £2.4m, up to £65.3m, despite the tough financial climate our game is facing.
“We continue to explore other avenues to maximise the commercial potential of our game and take great care to prioritise and invest in new areas that will provide a return that we can plough back into Welsh Rugby – a good example of this is a new roof adventure project (SCALE) which will enhance Principality Stadium’s reputation further still as a visitor attraction.”