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IRFU Reports 1.9 Million Euro Surplus

IRFU Reports 1.9 Million Euro Surplus

At the IRFU Council meeting in Dublin on Friday, Honorary Treasurer Tom Grace reported that the Union had achieved a surplus of 1.9 million euro for the 2008/09 season.

IRFU Honorary Treasurer Tom Grace went on to say that this result had been achieved largely through the increased revenues arising from the success of Irish teams on the field of play.

He took the opportunity to congratulate all those who had made this success possible. He also pointed to the fact that all of the IRFU’s matches at Croke Park during the season had been sell-outs.

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Regrettably, exchange rate movements with sterling combined with the effects of general economic conditions on the Union’s commercial income had not been to the Union’s advantage over the course of the year.

Costs also increased due mainly to the presence of a full Autumn programme of matches and the cost of the aforementioned success.

Costs were also reflective of the increased investment in the professional game particularly at national level.

In respect of the balance sheet, he drew attention to the fact that the Union were now contributing very significant sums on a monthly basis into the Aviva Stadium and the cash balance of €;38m at April 30, 2009 would be very quickly depleted over the coming months.

In line with the Union’s long term financial plan, the Union will be moving into a debt situation over the next twelve months.

In summing up the result for the year, the Honorary Treasurer stated that the Union remained on track to meet its financial commitments to the Aviva Stadium whilst maintaining all of its core activities, but expressed concern regarding the potential impact of the current economic environment on future years.

He finished by thanking all those who had helped him throughout the year.