WALES

WRU cashes in on Grand Slam year

Wednesday 23rd July 2008

The Grand Slam: Knock-on effect brings home the bacon

The WRU has cashed in on the Grand Slam victory and the success of several financial initiatives to reduce its debt with Barclays Bank by �10m to �45m ($88m).

The union generated record revenues of some �50m over the financial year to May 2008, largely from the success of the November Tests and Six Nations campaigns.

"This is a major step forward for us and offers us considerable opportunities in taking our business planning onto a new level," said WRU CEO Roger Lewis to the Western Mail.

"Any organisation with ambitions to grow and prosper must have the confidence and the ability to manage its finances properly, effectively and responsibly.

"Now the WRU has a new level of financial freedom and the announcement of this deal sends out all the right messages to our stakeholders, potential partners for the future and the rugby fans of Wales.

"I have overseen major changes in the senior management team, internal structuring and commercial strategy of the WRU and Barclays are basically telling us we are making the right decisions.

"I know Steve [Phillips] in particular has shown great determination and endeavour to reconfigure our internal structures to create the measures and balances we were then able to take into our talks with Barclays.

"I am now excited by the prospect of being able to utilise this new financial standing we enjoy for the benefit of Welsh rugby as a whole."