Finance explorer
Follow the WRU money trail down to the clubs.
This shows why headline WRU turnover is not the same as money available to the game, then lets readers check each layer for themselves.
Scenario worksheet
Use the snapshot cards on phones to scan viability first, then swipe the full table only when you need the line-by-line model.
Mobile snapshot
PRA 2025
4 clubs, equal funding
- WRU funding requirement
- £38.0m
- Region P&L
- £15.8m
- Headroom
- £0.0m
Model A
4 clubs, unequal funding (2+2)
- WRU funding requirement
- £45.5m
- Region P&L
- £5.0m
- Headroom
- -£7.5m
Model B
3 clubs, equal funding
- WRU funding requirement
- £40.0m
- Region P&L
- £8.6m
- Headroom
- -£2.0m
Model C
3 clubs, unequal funding (2+1)
- WRU funding requirement
- £38.5m
- Region P&L
- £10.1m
- Headroom
- -£0.5m
Model D
2 clubs, equal funding
- WRU funding requirement
- £32.7m
- Region P&L
- £13.9m
- Headroom
- £5.3m
Model E
4 clubs, same perimeter as the four-region proof / workbook route
- WRU funding requirement
- £38.0m
- Region P&L
- £12.6m
- Headroom
- £0.0m
| Measure | PRA 2025 4 clubs, equal funding Tight | Model A 4 clubs, unequal funding (2+2) Not viable | Model B 3 clubs, equal funding Not viable | Model C 3 clubs, unequal funding (2+1) Deficit | Model D 2 clubs, equal funding Works | Model E 4 clubs, same perimeter as the four-region proof / workbook route Tight |
|---|---|---|---|---|---|---|
| Clubs | 4 | 4 | 3 | 3 | 2 | 4 |
| Men's average squad budget per club | ||||||
| Women's budget | ||||||
| SRC budget | ||||||
| Pathway budget | ||||||
| Community | ||||||
| Academy budget | ||||||
| Coaching budget | ||||||
| WRU funding requirement | £38.0m | £45.5m | £40.0m | £38.5m | £32.7m | £38.0m |
| Region revenue combined | £7.5m | £7.5m | £6.4m | £6.4m | £5.2m | £7.5m |
| Outside investment required | ||||||
| Region P&L | £15.8m | £5.0m | £8.6m | £10.1m | £13.9m | £12.6m |
| Headroom | £0.0m | -£7.5m | -£2.0m | -£0.5m | £5.3m | £0.0m |
| Restore defaults |
Selected item
Welsh Rugby Union
Interactive bridge
WRU money flow
This interactive view turns the WRU money story into a Sankey diagram you can move around. Click a node and the source drawer updates alongside it.
Use scroll, drag, and the section switches to inspect the commercial base, rugby spend, distributions, staff, and debt.
The launch data does not yet split the staff layer cleanly enough to show it numerically.
Selected node
Total turnover
Top-line WRU turnover for the selected period.
£106.1m
Click a node to update the source drawer.
WRU money bridge
WRU
It starts at turnover and narrows to group loss before tax. That is the squeeze that explains why not every pound of income reaches the game.
WRU interactive org chart and asset map
National governing body and parent entity for the WRU group. Book values for major assets below are mainly from the audited 2024 annual report; company status and filing signals are from Companies House pages crawled in 2026.
System tree
Welsh Rugby Union
The tree breaks the picture into the commercial base, central rugby spend, wider-game distributions, and finance drag.
System tree
Tap any row to update the source drawer. Horizontal scrolling is only there for the numeric columns.
| Label | Income | Spend | Net | Share of parent | Source status | Source |
|---|---|---|---|---|---|---|
| £106,100,000 | £73,300,000 | -£7,200,000 | — | Mixed | ||
| £106,100,000 | — | £106,100,000 | 100% | Mixed | ||
| £37,000,000 | — | £37,000,000 | 35% | Reported | ||
| £17,300,000 | — | £17,300,000 | 16% | Reported | ||
| £17,700,000 | — | £17,700,000 | 17% | Reported | ||
| £13,000,000 | — | £13,000,000 | 12% | Reported | ||
| £9,000,000 | — | £9,000,000 | 8.5% | Reported | ||
| £7,300,000 | — | £7,300,000 | 6.9% | Reported | ||
| £4,800,000 | — | £4,800,000 | 4.5% | Derived | ||
| — | £46,200,000 | -£46,200,000 | 44% | Derived | ||
| — | £11,400,000 | -£11,400,000 | 25% | Reported | ||
| — | £10,700,000 | -£10,700,000 | 23% | Reported | ||
| — | £8,000,000 | -£8,000,000 | 17% | Reported | ||
| — | £6,900,000 | -£6,900,000 | 15% | Reported | ||
| — | £9,200,000 | -£9,200,000 | 20% | Reported | ||
| — | £27,100,000 | -£27,100,000 | 26% | Reported | ||
| — | £17,800,000 | -£17,800,000 | 66% | Mixed | ||
| — | £6,300,000 | -£6,300,000 | 23% | Reported | ||
| — | £3,000,000 | -£3,000,000 | 11% | Reported | ||
| — | £30,900,000 | -£30,900,000 | 29% | Derived | ||
| — | £26,700,000 | -£26,700,000 | 86% | Mixed | ||
| — | £900,000 | -£900,000 | 2.9% | Mixed | ||
| — | £3,300,000 | -£3,300,000 | 11% | Mixed | ||
| — | £9,100,000 | -£9,100,000 | 8.6% | Mixed | ||
| — | £7,200,000 | -£7,200,000 | 79% | Reported |
Staff and pay overlay
Staff and pay overlay
The staff view shows which pay groups sit inside each cost line. Where public reporting still lumps them together, the gap is left visible.
Staff and pay overlay
Tap any row to update the source drawer. Horizontal scrolling is only there for the numeric columns.
| Label | Parent line | Headcount | FTE | Total staff cost | Average cost per head | Source status | Source |
|---|---|---|---|---|---|---|---|
| Business and administration | — | — | Not isolated yet | Not isolated yet | Disclosure gap | ||
| Direct costs | — | — | Not isolated yet | Not isolated yet | Disclosure gap | ||
| Stadia | — | — | Not isolated yet | Not isolated yet | Disclosure gap | ||
| Performance rugby | — | — | Not isolated yet | Not isolated yet | Disclosure gap | ||
| Community rugby | — | — | Not isolated yet | Not isolated yet | Disclosure gap | ||
| Business and administration | — | — | Not isolated yet | Not isolated yet | Disclosure gap | ||
| Business and administration | — | — | Not isolated yet | Not isolated yet | Disclosure gap |
Debt and constraints
Debt and constraints
This shows debt, finance drag, and covenant notes that help explain the pressure on the end result.
Debt and constraints
Tap any row to update the source drawer. Horizontal scrolling is only there for the numeric columns.
| Label | Amount | Source status | Note | Source |
|---|---|---|---|---|
| £9,100,000 | Reported | Published accounting and finance drag moving the group from operating margin to loss before tax. | ||
| £248,200,000 | Reported | Published net debt position for FY2025. | ||
| £71,200,000 | Reported | Gross bank and other loans reported in the published debt position. | ||
| £97,600,000 | Reported | Debenture loans within the FY2025 debt stack. | ||
| £130,800,000 | Reported | Finance lease obligations reported in the FY2025 debt position. | ||
| £11,700,000 | Reported | Cash held against gross debt. | ||
| £5,900,000 | Reported | Interest payable plus bank charges in the published FY2025 debt lines. | ||
| Not disclosed | Reported | Minimum cashflow and EBITDA covenants remain in force, with lender consent required on key matters. A capital repayment holiday on NatWest and Welsh Government facilities ran to 30 June 2025. |
Unresolved disclosure gaps
Unresolved disclosure gaps
Missing public splits stay visible here instead of disappearing into a tidy presentation.
Tree
National teams
Performance rugby subcomponent not publicly split out for FY2025.
Tree
Pathway and academy
Performance rugby subcomponent not publicly split out for FY2025.
Tree
Women's and age-grade programmes
Performance rugby subcomponent not publicly split out for FY2025.
Tree
Referees and NCoE
Performance rugby subcomponent not publicly split out for FY2025.
Tree
Cardiff Rugby
Region-level drilldown placeholder. The public FY2025 split is not disclosed.
Tree
Dragons RFC
Region-level drilldown placeholder. The public FY2025 split is not disclosed.
Tree
Ospreys
Region-level drilldown placeholder. The public FY2025 split is not disclosed.
Tree
Scarlets
Region-level drilldown placeholder. The public FY2025 split is not disclosed.
Tree
Semi-professional member-club layer
The semi-professional member-club layer is represented in the live structure, but club-by-club FY2025 records are not yet loaded.
Tree
Semi-professional clubs not yet loaded
Individual semi-professional club records are not yet loaded into the public launch dataset.
Tree
Member club layer
The base-of-game member-club layer is shown live even though the club-by-club dataset is still incomplete.
Tree
Member clubs not yet loaded
Most member-club rows are not yet loaded individually for the public launch dataset.
Tree
Affiliates and shared services
The public FY2025 pack does not split community-affiliate spending between member clubs and other affiliates.
Staff
Management and admin staff
Public launch data does not yet isolate management and admin headcount or pay as a standalone line.
Staff
Direct / event staff
Direct and event staffing sits inside wider direct-cost lines in the current public pack.
Staff
Stadia staff
Stadia staffing cost is embedded in the stadium operating line and not yet disclosed separately.
Staff
Performance rugby staff
Performance rugby staffing is part of the wider performance-rugby cost line and still needs published sub-splits.
Staff
Community rugby staff
Community rugby staffing remains embedded within the community-rugby operating line in the public launch data.
Staff
Directors’ remuneration
Directors’ remuneration is not yet isolated in the canonical launch model.
Staff
Key management compensation
Key management compensation is not yet isolated in the canonical launch model.
Debt
Covenant / restriction notes
Minimum cashflow and EBITDA covenants remain in force, with lender consent required on key matters. A capital repayment holiday on NatWest and Welsh Government facilities ran to 30 June 2025.
What next
Keep the sources and the case in view
Once the model is clear, move straight into the source register or back into the wider case so the numbers stay inside the decision context.