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14 hours ago
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England’s worst Six Nations performance has contributed to the Rugby Football Union expecting a £10m loss in the financial year ending June 2026, the Guardian can reveal.
Steve Borthwick oversaw a miserable campaign in which England lost four of their five matches, ensuring a fifth-place finish in the Six Nations table and reduced prize money on the back of what the RFU has described as a “hugely disappointing” competition.
Finishing second bottom, a year after coming second, has been identified by the union as a factor behind an expected underlying loss of £4m and a total net loss of £10m – down from an underlying profit of £8m and a total loss of £2m the previous year.
The RFU chief executive, Bill Sweeney, has insisted that the union has “continued to perform in line with our plans despite significant headwinds” but the financial position would have been worse had an extra autumn fixture against Australia not been shoehorned into the calendar last November, outside the official Test window.
Borthwick was given a qualified vote of confidence after England’s historic defeat by Italy in March but he received the RFU’s backing after a review into the Six Nations campaign. A demoralising defeat by South Africa followed before a thumping win against a poor Fiji side and a narrow victory against Argentina.
The RFU has insisted a £10m loss represents a “continued improvement in financial performance” and has highlighted a 50% increase in sponsorship revenue since 2024 as a key reason. The union is poised to announce a new deal which will feature a sponsor emblazoned across the back of England jerseys with the RFU claiming it will then have the “largest sponsorship revenue in world rugby”, eclipsing France and New Zealand. The union also points to financial stabilisation since Covid and its continued investment in strategic growth initiatives.
England hosted only two home Tests during the Six Nations this year and the expected £10m loss demonstrates the reliance on men’s matches at Twickenham which account for about 85% of the union’s revenues. RFU insiders insist a “light calendar” is more significant than England’s Six Nations flop. Accordingly, in June the RFU submitted its planning application to Richmond council to allow for more concerts to be held at Twickenham in an attempt to further maximise revenues from its greatest asset.
The RFU is setting about implementing its £660m stadium overhaul but wants to increase the number of non-sporting stadium events to eight – held over a maximum of 15 days – by 2029. At present, Twickenham is only allowed to host three. The RFU’s plans to host more concerts will cost up to £2m with a decision expected by Richmond council in October.
As revealed previously by the Guardian, the RFU’s plans hit a roadblock last September when the council’s licensing committee determined the number of events should remain at three, forcing the union back to the drawing board. The RFU has no bank debt but will require a loan to carry out its stadium overhaul and will need approval from its council to do so.
The financial year ending 2027 is expected to be more prosperous for the union but the year ending 2028, which takes into consideration the 2027 World Cup, will be the most damaging of the four-year cycle due to costs associated with the tournament in Australia and the inability to stage autumn internationals at Twickenham.
For the year ending 2024, the RFU posted a record operating loss of £37.9m while also revealing details of Sweeney’s long-term incentive plan bonus which took his salary to £1.1m and sparked outrage across the game in England, culminating in a special general meeting in March 2025.
