New Zealand Rugby (NZR) posted a net deficit of $ 19.5 million for the 2024 financial year despite record revenue of $ 285 million as a result of a 10% increase in expenditure.

It is a third consecutive loss for the country’s most renowned sporting body following a $ 8.9 million deficit in 2023 and a $ 47 million loss in 2022.

NZR blamed the loss of foreign currency protection in sponsorship revenue and increase trade investment, but said its NZ $ 174.5 million reserves reflected a strong money position.

“Achieving a new high -income -incredible $ 285 million, healthy trade income income in what is a difficult international operating environment, and reinvestment at all levels, are the basis for optimism,“NZR President David Kirk said in a statement.

“NZR preserves a very strong balance that is vital to Rugby in New Zealand and its ability to motivate any great shock.“

The solution that the body reached with inert last month after the multinational Conglomerate owned by the British withdrew halfway through its six -year -old sponsorship agreement had no impact on the revenue of 2024, NZR said.