Secret All Blacks document reveals worrying situation for rugby
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Not good.
New Zealand Rugby is facing major financial and structural challenges despite the continued commercial strength of the All Blacks.
A confidential document prepared ahead of a major rugby summit reportedly forecasts combined losses of NZ$66 million between 2027 and 2031.
Significantly, that projection includes the substantial income expected from the British and Irish Lions tour of New Zealand in 2029.
“Current five-year projections have NZR continuing to lose a combined $66m across 2027–31,” the document states, according to The Post.
“That includes the 1-in-12-year profit from the 2029 Men’s Lions tour. NZR is incurring significant losses on women’s elite competitions – $8.5m a year.”
The internal report, titled Rugby System Programme, has been circulated to stakeholders ahead of discussions over the future structure of the professional game.
The review will initially focus on the men’s system, including New Zealand’s five Super Rugby franchises and the 14 provincial unions competing in the NPC.
Another major concern is rugby league’s growing popularity. The document reportedly shows that the NRL now attracts considerably more viewing time in New Zealand than either Super Rugby or the NPC.
“NRL now draws 28m NZ viewing hours against Super Rugby’s 19m and NPC’s 14m,” it states.
NZ Rugby remains in a relatively strong immediate position, with approximately NZ$150m held in cash reserves. A further NZ$62.5m reportedly remains in a legacy fund created following the sale of a minority stake in its commercial business to Silver Lake.
However, the figures underline the sport’s reliance on the All Blacks. The national men’s team is reportedly the only side currently generating a profit, with a projected return of NZ$38m for 2026.
The recent fourth Test against South Africa in Baltimore is also understood to have earned NZ Rugby approximately NZ$9m.
Across the wider system, national and provincial player payments reportedly amount to NZ$95m, with another NZ$46m distributed to Super Rugby franchises and provincial unions.
A Deloitte assessment previously found that none of New Zealand’s Super Rugby teams would have been profitable since 2019 without financial support from NZ Rugby.
Former All Blacks captain David Kirk is leading the strategic review, with options expected to be presented before NZ Rugby’s board makes its final decisions in December.
