Rugby Australia secure eight-figure loan after major sponsor walks
Cash-strapped Rugby Australia has secured access to an $80 million line of credit over the next five years in its bid to pump more money into developing the floundering code.
Just a day after losing Harvey Norman as a major sponsor in what presents a multi-million dollar blow, RA announced the $80 million loan agreement with Pacific Equity Partners.
RA had entertained the idea of private equity, but in the end decided to take on a huge loan knowing that the 2025 British and Irish Lions tour and the 2027 (men’s) and 2029 (women’s) home World Cups would help pay off the debt.
The news comes just days after Hamish McLennan quit as RA chairman after six member unions demanded his resignation.
Pressure on McLennan reached fever pitch following the recent World Cup, in which the Wallabies failed to make it out of the group stage for the first time.
McLennan’s role in appointing the since-departed Eddie Jones as coach played a key role in his downfall.
Former Wallaby Daniel Herbert has been appointed as McLennan’s replacement.
RA say the $80 million loan will go towards critical areas of the game’s development, with high-performance integration, women’s rugby and community and pathways being areas of focus.
Chief executive Phil Waugh believes pursuing a debt capital path was the right decision for rugby in Australia and believes the injection of cash will help set the game up for the future.
“Given the visibility we have on revenues from the British and Irish Lions and World Cups, it became clear that debt capital was going to be the best solution for Rugby,” Waugh said in a statement.
“This does not compromise RA’s options down the road, which could include private equity investment.
“This approach ensures that we retain 100 per cent of the commercial revenues from the game, that all capital raised will go into the game, and that RA controls its own direction during this next period of growth and development.”
Comments on RugbyPass
Tamati Tua. …the Taniwha NPC midfielder.
1 Go to commentsFiji deserve to be in the rugby championship, fans love seeing the Fijian national team play, the Fijian Drua is a wonderful idea but the players can still be stolen to play for NZ and AUS…
1 Go to commentsThe first concern for this afternoon are wheather forecast…
1 Go to commentsWhy cant I watch Rugby games please?
1 Go to commentsBeautiful shot from Finau, end of story. Gutted for Shaun Stevenson though.
4 Go to commentsThe Chiefs definitely didn’t win ugly. They had the superior scrum, a dominant lineout, and their defence was excellent once the Waratahs scored their two tries (thanks to some lucky refereeing calls mind you). They put pressure on the Waratahs lineout throughout the game, and the mind boggles as to why the referee did not award a yellow card or a penalty try against the Waratahs for repeated scrum infringements on their own try line before Narawa’s first try. And the Chiefs were slick with their passing and running angles on attack. It was a dominant performance all round, even with many questionable refereeing decisions.
1 Go to commentsWasnt late. Ref 2 assistants andTMO all saw it so who are you to say it was?
4 Go to commentsAre the Brumbies playing the Blues twice in a row?
4 Go to commentsBig difference from the Saders. Forwards really muscled up and laid a solid platform. Scooter brought some steel and I liked the loosie combination. Newell has been rather disappointing this season but stepped up big time - happy also to see Franks dot down. He should do that more often! Reihana had a good game and there seems to be more flair and invention with him in the saddle. McNicoll plays well from the back and is reliable plus inventive when he joins the line. Keep it up chaps!
3 Go to comments🤦♂️🤣 who cares who’s the best . All I know is the All Blacks have the star coach but have few star players now …
33 Go to commentsJe suis sûr que Farrell est impatient de jouer avec Lopez et Machenaud et d’être entraîné par Collazo… 🤭
1 Go to commentsAn on field red (aka a full red) in SRP must surely carry a bigger suspension than a red card given by the bunker as that carries a 20 minute team punishment. Had Damon Murphy abdicated his responsibility as a ref and issued both Drua players a yellow, which would have been upgraded to a 20 minute red by the bunker, that would have killed Australia and New Zealand’s push for the 20 minute red to be trialled globally from July this year.
11 Go to commentsEver so often you all post a Danny Care story that isn’t the announcement that he has finally re-signed for one more, victory tour season at Quins and I’m just like, “well you fooled me again!” My absolute favorite player ever, we need to make his final year at the Stoop (and Twickers) official already. I know he supposedly snubbed France but I won’t feel better until he signs.
1 Go to commentslate hit what late hit it wasn’t at all late and can clearly see he was committed before the tackle
4 Go to commentsChristian Lio -Willies 2 try perfomance was a standout. As was captain Scott Barrett. Up front was where the boys won it.They are a great team and players. Fantastic Crusaders , you can keep going.
3 Go to commentsI don't know how the locals feel about that? I guess if you call yourselves the Worcester Wasps that might be appease. But really we need more teams in the Premiership in my view so they are not padding it out as they are at the moment. It might curtail so many players going abroad as well
5 Go to commentsNZ 😭😭😭is certainly rivaling England for best whingers cup!😭😭😭 !!!
33 Go to commentsYup. New Zealand won 3 out of 10 world cups played. SA 4 out of 8 attempts 30 Vs 50 per cent.🤔🤔
33 Go to commentsShould've done this years ago. Change Saturday kick off times to around 11am. Up and off and back home before 3pm, limit travel time too. Allows players to actually do something else with their Saturday that's family oriented or being rugby fans they could ‘watch’ pro rugby. Increases crowds etc. How can anyone that enjoys grassroots and pro rugby have to choose between the two on Saturdays?
9 Go to commentsI bet he inspired those supporters just as much.
1 Go to comments