Welsh Rugby Union cashes in on their success
The WRU has cashed on the successful 6 Nations Championship and some financial initiatives designed to raise funding. It has now managed to reduce it's debt with Barclays Bank by £10m to £45m. The Union generated revenues of around £50m in the year up to May 2008.
"This is a major step forward for us and offers us considerable opportunities in taking our business planning onto a new level. Any organization with ambitions to grow and proper must have the confidence and the ability to manage it's finances properly, effectively and responsibly. Now the WRU has new level of financial freedom and the announcement of this deal sends out all right messages to our stakeholders, potential partners for the future and the rugby fans of Wales. I am now excited by the prospect of being able to utilise this financial standing we enjoy for the benefit of Welsh rugby as a whole."
