SA Rugby told the Portfolio Committee of Sport and Recreation in parliament on Tuesday that it had suffered a net loss of R62-million in 2017.
According to EWN Sport, this was due to the failed 2023 World Cup bid, which resulted in sponsorships of up to R38.5-million not materialising, and the costs involved in getting the Cheetahs and Kings into the Pro14, said to be R33-million.
SA Rugby’s cash reserves are now R15.7-million, having once stood at R68-million.
