LONDON: England's Rugby Football Union warned on Thursday that it could lose £145 million in revenue in the short term in its"mid-case" scenario, but managed to keep its annual operating losses for 2019-20 within budget despite the impact of COVID-19.
It budgeted for an annual loss of £11.5 million, but its operating loss came in slightly better at £10.8 million, despite the organisation ending the year with revenues £23 million pounds behind budget. The shortfall in revenue was driven mainly by the loss in income from broadcast, ticketing, hospitality, conferences and events, brought on by the stoppage caused by the pandemic."The long-term financial challenges of coronavirus are significant for the entire economy," Sweeney said."The RFU relies on revenue from matches and events at Twickenham Stadium and re-invests this back into the game.
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