WRU doles out £20million loan, with Scarlets receiving the biggest share
The Welsh Rugby Union (WRU) have completed agreements with the four regions to lend them a £20million NatWest Cymru loan from the Coronavirus Large Business Interruption Loan Scheme (CLBILS) – Cardiff Blues are set to receive £5m, the Dragons £4.5m, the Ospreys £5m and the Scarlets £5.5m.
WRU’s appointed banker granted final approval for CLBILS funding earlier in October and the agreements with the regions now means this money can now be lent onwards.
The money was sourced by the WRU with the aim of sustaining Wales’ four regional sides for the 2020/21 season because of the negative impact the ongoing pandemic has had on the ability of each business to generate revenue in the usual way.
The allocation of the CLBILS funds was determined by each region, working together in the PRB and agreed collectively, what they each needed to bridge the challenges of this current season.
The £20m loan agreement is between the WRU and NatWest Cymru, with the money onward lent to each individual region with the terms of the agreements between the WRU and the regions reflecting the terms of the original loan.
"I had never seen them in my life. This man pulls them out of his bag as if it is nothing. That bag was a bag of tricks"https://t.co/1ZFNIqZsif
— RugbyPass (@RugbyPass) November 4, 2020
“We are extremely grateful to NatWest Cymru for supporting professional rugby in Wales with this hugely significant contribution to our sustainability for the year ahead,” said PRB chair Amanda Blanc. “PRB members have engaged in open discussions about the allocation of funds according to the individual and different needs of each entity.
“This is precisely what the PRB is here to do, to manage, facilitate and enable professional rugby in Wales and to sustain all five professional entities in accordance to the needs of each at a given time. For a region to accept and vote through a decision which gives themselves less funding than a neighbour, but for justifiable and entirely explicable reasons, shows the PRB working at its finest.”
NatWest Cymru was officially appointed as banker to the WRU in March 2019, in a deal which provided an approximate £40m funding package at the time, including revolving credit facilities to support earnings enhancing capital expenditure and ongoing working capital needs.
“We have been engaged in healthy discussions with NatWest Cymru and ended up with a sensible solution which we are all very pleased about and very grateful to NatWest Cymru for,” said WRU CEO Steve Phillips, who went on to explain why Scarlets received the biggest loan. “It has been the PRB’s role to establish a consensus amongst our regional sides concerning the allocation of the money.
“The easiest thing to do would have been to split £20m four ways, but it is to everyone’s credit that we have come up with a much more appropriate solution than that. The four regions are all at different stages and their needs differ accordingly.
“So, the PRB has done what it is set up to do and brokered a solution that suits all four entities. We have ended up with fair and sensible allocation rather than equal for the sake of being able to say ‘equal’ and it is a solution for which all parties should be commended.”
Ex-Scotland lock Jim Hamilton doesn't hold back in outlining his current Lions pecking order at second row ? https://t.co/1p2aW49jhe
— RugbyPass (@RugbyPass) November 4, 2020
Comments on RugbyPass
I guess we may all agree on the fact, that the ABs and Boks are the two in contest for No 1 in rugby history (the triple-A sort of) …. the Wallabies, England and France are the next tier, with Ireland being the new kid in town (AA) …. in my view it makes little sense creating imaginary competitions (unless you have too much time to waste)
43 Go to commentsWhat a joke. Total joke and the pundits commentating, all of whom know a bit about the game, could barely disguise their contempt. Reaching for the card then pulling back when he realised a red card would carry further match suspensions is simply not his decision to make. A clear and obvious influence on the outcome of this match and indeed, the championship path.
2 Go to commentsI like the idea, in NZ the Ranfurly Shield and NPC coexist, both having their own bragging rights. The World Cup would be the pinnacle, but the competition and travels of these trophies would be interesting.
43 Go to commentsDon’t worry Sonny bill Williams leave that awkward situation about the curfew in the pass whoever it was it doesn’t matter its no big deal we back our All Blacks through the storm and the thunder until we see the Sun light again.
42 Go to commentsWho listens to this retard? He was a massive liability as a player but obviously a media sensation
42 Go to commentsI’m not surprised by such ‘virtue signalling’ by Sonny Boy. Butter wouldn’t melt in his mouth. He’s such a pious Islamic muppet, imo.
42 Go to commentsI’ve actually never heard of the guy (then I don’t watch League as it is boring). But if he is good enough.. then good luck to him. If not, well, he can always return to league.
2 Go to commentsIt is pretty clear that by almost any measure that NZ are a more successful rugby nation than South Africa. Quite aside from the distasteful events during the last RWC final. NZ lead SA in all significant measurements.
43 Go to commentsDickson went to his pocket for a card, saw who it was, changed his mind and spoke at length to TMO. One angle clearly shows Care diving over a Saints player to kill the ball. 1st yellow, reason given for not Red was player was falling backwards. He was only falling backwards after contact with Lawes. Graham try should have stood. Mitchell did not have both hands on the ball, ball went forward from a Saints boot dragging over it. 2 intentional knock-on's. One of which had an overlap on the outside. If Quins are happy to win by intentional foul play, then it does not say much for them. Would appear to be a bad day for Karl Dickson, also for the RFU in appointing a Ref who spent 8 years as a player at one of the clubs.
2 Go to commentsLet’s not forget about Ardie Savea just yet.
6 Go to commentsThe URC and the Euro Championscup can’t run at the same time, basically dilutes both competitions.
2 Go to comments“While Sotutu should start at No.8 for the All Blacks against England, but it’s only in that arena that he can prove just how good he really is.” And that my friends is where simply hasnt shone despite multiple opportunities. Even in this performance you can see what did him in in the test arena..he almost always still runs at the opposition almost ramrod upright making him easier to stop than it should be.
6 Go to commentsShould have been 0-0 and a message from SR CEO to both teams - “don’t worry about turning up next year”.
4 Go to commentsGreat work Owen Franks. A great of this team, scoring his first try for the Crusaders since 2010.He was beaming, justifiably. A fine win, he and the rest did the job up front.
1 Go to commentsDanny Care. Lang in die tand.
1 Go to commentsBig empty stadium does nothing for atmosphere but munster are playing well with solid performance
1 Go to commentsYes, Fiji can win the World Cup! With that belief plus their christian faith🙏 and hard work it is achievable. Great article. Ian Duncan Fiji resident 1981-84
2 Go to commentsInteresting comments about Touch. England’s hosting the Touch World Cup this year and the numbers have exploded since their last World Cup in 2019, something like 70% more teams and 40 nations taking part. And England Touch have made a big thing about how many universities are in their BUCS University Touch Championship as well as Sport England membership. Can only see this growing even more domestically as more people become aware of it
10 Go to comments“Cortez Ratima is light years ahead of anyone on current form, while TJ Perenara has also skyrocketed into contention following the unfortunate injury to the talented Cam Roigard.” At last some sanity. Hitherto so many pundits have been wittering on about Finlay Christie to the point one wondered if they were observing a FC in a parallel universe where the FC they saw wasnt just the mediocre Shayne Philpott project of Fosters hapless AB reign in the real world. Ratima, Perenara and Fakatava are the ONLY logical 9s for Razor now Roigard is crocked.
4 Go to commentsThis game was just as painful as the Hurricanes game. It was real fork-in-the-eye stuff.
4 Go to comments