IRFU seek end to financial 'mistakes'
Published 23/07/2011 | 05:00
THE IRFU made a profit of €6.8m last season but that cash surplus has already been spent on the Aviva Stadium.
Treasurer Tom Grace yesterday revealed that the IRFU are currently using €11.5m of their of a €38m loan facility with AIB and will delve significantly further into that fund before their planned sale of 3,700 10-year tickets in 2013.
The union's accounts showed that the November tickets fiasco cost the union €5m and the reduction in ticket prices for the Six Nations and future events at the stadium mean that the budget for the domestic game has been cut to 16pc of the overall expenditure at €10m, from a high of 20pc in 2007.
Grace warned that the union had "made mistakes, important lessons have been learned and we have to avoid a repeat," at yesterday's Annual Council Meeting at the Lansdowne Road venue.
Grace and chief executive Philip Browne both warned delegates that the economic climate was having a negative effect on their operating environment and the budget for the provincial and domestic games could be reduced if income levels fall further.
€65m of the total €69m revenue was generated at representative matches, while the majority of expenditure, €33m, was spent on the professional game.
Meanwhile, St Mary's man John Hussey was elected president at the meeting, becoming the first member of the Dublin club to hold the office. The chartered accountant and former chairman of the Celtic League takes over from Caleb Powell.