New Zealand Rugby achieves record income, near break-even operational result in 2024

• Record income of $285m. $44m invested into growing the game in key areas 
• Operationally, NZR achieved a near break-even result    
• Maintained cash position - $174.5m in reserves 
• Expenditure impacted by foreign exchange turbulence, contributing to $19.5m net deficit 

Operationally, New Zealand Rugby (NZR) achieved a near break-even result for the 2024 financial year, supported by a record level of income and continued growth in commercial revenue. 

The growth in income supported continued investment into the community game, and a strong cash position at year’s end.  

While the organisation came close to break-even operationally, foreign exchange hedging on sponsorship revenue; and investment into revenue growth initiatives through New Zealand Rugby Commercial (NZRC) resulted in a $19.5m net deficit. 

The hedging impact resulted from the turbulence on global foreign exchange markets and a need to reclassify foreign exchange hedging contracts at the December 31 balance date.  

NZR Chair David Kirk says while the book loss of $19.5m was noteworthy, it should be recognised that this is not a cash loss and should not detract from NZR’s solid operational performance and the organisation’s $174.5m reserves demonstrates the organisation’s strong cash position.  

“Achieving a new high watermark of $285m income, healthy commercial revenue streams in what is a difficult international operating environment, and reinvesting into the game at all levels, are grounds for optimism. NZR retains an incredibly strong balance sheet which is vital for rugby in New Zealand and its ability to weather any major shocks,” he says.  

Click here to view New Zealand Rugby’s audited 2024 Group Performance Report   
 

NZR CEO Mark Robinson says while the further work was needed to achieve a sustainable financial model for rugby, the organisation has continued to grow revenue while preserving its strong cash position. 

“Pleasingly, we continued to grow our commercial revenue, with strong results in sponsorship and matchday revenue, we retained our cash position and reserves, and operationally, delivered a near break-even result.  

“However, we are committed to working on a sustainable financial model for our game as this year’s result again demonstrates that the high fixed-cost structure we live within is not sustainable, even as we grow our overall revenue. That work will step up in earnest this year.” 

Women and girls’ rugby shines 

None of that should over-shadow the significant gains that were made in 2024, he says, including growth in women and girls’ rugby, supported by $27.3m of investment and celebrated with the Black Ferns Sevens’ brilliant gold medal success at the Paris Olympic Games. 

Last year saw a record number of women and girls playing the game (33,757, a 15% increase), and building blocks such as the Farah Palmer Cup presented by Bunnings Warehouse, Sky Super Rugby Aupiki and, now in 2025, a first ever Trans-Tasman Super Rugby Women’s Champions Final, are evidence of NZR’s commitment to supporting and growing the women’s game. 

Participation growing 

Overall, player numbers increased in nearly every category and overall player numbers were up 6 percent to more than 155,000 registered players. Both teenage boys’ participation (up 2,400 to 29,153) and senior men (up 1,500) saw increases, as did coaches. 

“Across our game from community and club level to provincial rugby to DHL Super Rugby Pacific and to our Teams in Black, we are seeing terrific fan engagement, high performance delivery and progress on and off the field. Our mission is to develop a financial model for the game that continues to invest in growth at all levels of the game.” 

Teams in Black 

While Teams in Black experienced a mix of results, rugby fans benefited from enjoying a full programme at home and offshore, and the addition of the All Blacks XV generated high performance development opportunities for many players, while the Māori All Blacks were back in action with two matches in Japan. 

Fan engagement 

In addition to strong viewership domestically on Sky, NZR’s digital reach continues to expand and engage fans. NZR+ content is now available on major airlines, globally connected TVs, and across local free-to-air and cable TV networks in the United States. In total, NZR+ content achieved one billion views in 2024, with 25% coming from the US and UK. More than 280,000 users had also registered with NZR+ and NZR and Teams in Black brands had over 13 million followers or subscribers across key social media platforms, including the All Blacks’ YouTube channel, which surpassed one million subscribers. 

The success of DHL Super Rugby Pacific in the front half of 2024 was mirrored by the fan support generated during the Bunnings Warehouse National Provincial Championship (NPC) season. 

Commercial growth 

Supported by growing fan engagement and digital reach, commercial revenue reached record levels in 2024 and NZR is continuing to build out commercial partnership opportunities both onshore and offshore.  

Robinson says the 2024 financial year saw a further tranche of investment into commercial revenue growth opportunities through NZR as part of the Project Future deal with Silver Lake.  
 
“In total $38m was tagged to use for future commercial initiatives, and in 2024 we drew down $11.7m to invest in NZR+ to continue to grow its reach and tell our stories. While this is about the long-term, we also believe this is generating positive commercial outcomes in the short-term.”  

As previously announced, NZR and INEOS reached a confidential settlement in April which concludes the relationship, and the two organisations are moving ahead. There was no impact on 2024 commercial revenues. As noted in the Financial Statements, the reclassification of FX hedging contracts is related to sponsorship revenue.1 

Looking ahead 

As observed by many commentators, DHL Super Rugby Pacific has continued its momentum in 2025, enjoying a break-out year, with significantly higher match attendance, television viewership and online engagement.  

In addition to the work taking place around the structure and financial sustainability of the game, key negotiations continue on broadcast rights as well as a new group strategy, which will shape and support the continued success of the game. 

In the international arena, the programme for the All Blacks and Rugby World Cup-bound Black Ferns, at home and offshore, are compelling.  

“The All Blacks’ 2025 Lipovitan-D Series sees them play three Tests against France, followed by what is expected to be a very close Lipovitan-D Rugby Championship, with massive anticipation for the September 6 clash between the All Blacks and the Springboks at Eden Park,” says Robinson.  

“Of course, New Zealand rugby fans will be united in their support of the Black Ferns as they set out to try and retain the World Cup in England in August. 

“There is much work to do to get the shape of our game right – but the great thing about rugby as a team game is that there is a recognition that we are all in this together and we share in that goal. And there is so much to look forward to in 2025 and beyond.” 

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1. NZR had foreign currency contracts in place for settlement of the USD invoices from INEOS for the contracted sponsorship term. These foreign currency contracts are designated as cash flow hedges. Following the notification of early termination and non-payment by INEOS, the hedges have been deemed to be ineffective and as a result the net change in the fair value of these hedging instruments have been recognised as a loss in the 2024 financial statements.