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Wellington, April 30, 2023
Catherine Savage and Stu Mather have been welcomed onto the New Zealand Rugby (NZR) Board at the 131st Annual General Meeting held at Poneke Football Club in Wellington on April 28, 2023.
NZR posted $271 million as income and $277 million as expenditure, with extra costs in 2022 including getting Rugby started under covid protocols, managing inflationary pressures and supporting the Women and Girls game including RWC 21 (played in 2022).
The completion of the Silver Lake partnership in June envisaged a drawdown of $100 million allowing $37 million to be paid to stakeholders.
NZR closed the year with strong cash reserves. But without stakeholder payments, Silver Lake transaction costs and Covid-related expenses, NZR’s operating result would be near breakeven.
Supporting Women’s Rugby
NZR Chair Dame Patsy Reddy said that 2022 had been a challenging but historic year for Rugby in Aotearoa, led by the Black Ferns Rugby World Cup success and the country’s support of women’s Rugby.
“There is no doubt that 2022 will be remembered for the way the Black Ferns captured the imagination of fans during the Rugby World Cup. It was an event that reminded us of how our sport can bring people together and inspire a generation. It also provided a moment of celebration for New Zealanders as we emerged from the backdrop of Covid,” she said.
Dame Patsy said that NZR and the game recovered from Covid declines through 2020 and 2021, particularly for women and girls.
“We set up the commercial arm of our business to ensure that we can take the opportunities ahead. It is an exciting time to welcome our new Board members,” she said.
Dame Patsy said that Savage and Mather will bring complementary skills and diversity to the Board and thanked outgoing Board member Bart Campbell for his service over the past four years. She also acknowledged the reappointment of Deputy Chair Bailey Mackey, who moved into the Nominated role vacated by outgoing Chair Stewart Mitchell.
Savage, the former Chair of New Zealand’s Super Fund, moved into the independently appointed Board position vacated by Campbell’s decision to step away. Mather, the current Chair of the Auckland Rugby Union, was elected to the Board after being nominated by the Auckland Union, heading off Shaun Nixon for a place on the nine-person Board.
Celebrating Diversity
Dame Patsy said that the NZR Board’s growing diversity should be celebrated.
“We are cognisant of the changing landscape of both society and sport and proud that our overall Board diversity is greater than 50%, including four female Directors. At a time when women’s and girls’ Rugby is a priority area for our organisation, we believe our increasing gender diversity strengthens our ability to capitalise on the momentum created by the Rugby World Cup and the ongoing growth of our female participation numbers.”
Ms Savage said that it was exciting to join the New Zealand Rugby Board with the new initiatives and great opportunities in New Zealand and internationally.
“I have a long association with the sport and look forward to bringing my commercial and governance expertise to the role and contributing to the game,” she said.
Record Revenue
A record revenue of $271 million and the first tranche of funding from the Silver Lake transaction allowed NZR to pay $37 million to its stakeholders and build more than $90 million in cash reserves despite the ongoing Covid costs and inflationary pressure through 2022.
NZR Chief Executive Mark Robinson said that it was pleasing to emerge from a turbulent period globally with a strong balance sheet and healthy reserves.
“The challenges of recent years should not be underestimated but the NZR Board remained committed to investing in our game. The Silver Lake transaction allowed us to inject nearly $40 million into our community clubs, Provincial Unions, Super Rugby clubs, Players pool, Associate members and Māori Rugby while increasing our investment in women’s Rugby,” he said.
Mr Robinson said that the 2021 Rugby World Cup, played in 2022 was a priority for NZR, alongside the establishment of Sky Super Rugby Aupiki.
“We have seen a continuation of that strategy in recent weeks with $21 million committed to the first year of our 10-year women and girls’ strategy,” he said.
He said that it was pleasing to see uninterrupted Rugby after much disruption with fans in the stands and competitions able to be played in full.
It is encouraging to come through three years with 40% growth in commercial revenue and with the establishment of New Zealand Rugby Commercial over the past six months.
“We are well placed to see new revenue streams opening up for Rugby, and with fan engagement initiatives in the pipeline, the future looks bright,” Mr Robinson said.
NZR Chief Financial Officer Jo Perez said that NZR’s commercial revenue, largely through broadcast and global sponsorships, reached a record high of $271 million in 2022, up 43% from $189 million in 2021.
Source: New Zealand Rugby
