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An independent review of the financial state of English Premiership rugby clubs warns that unless significant changes are implemented, the sport faces serious financial difficulties.

marks the first comprehensive index evaluating the financial health of English Premiership rugby. Spanning the five-year period from 2018/19 to 2022/23, the study ranks the top ten clubs based on their performance both on and off the pitch. 

The report has been compiled by an expert panel that includes current and former rugby union professionals, alongside financial advisers and sports finance academics.

Dr Christina Philippou, Associate Professor in Accounting and Sport Finance in the School of Accounting, Economics, and Finance, at the С����Ƶ, formed part of the expert panel, involved in refining the methodology behind the Financial Performance Index.  

Last year, she co-authored an independent study, Commissioned by the Department for Culture, Media and Sport (DCMS), which painted a grim picture of the current financial state of football clubs. 

Commenting on the latest report, Dr Phillppou said: “The financial sustainability of English Premiership rugby union clubs was thrust into the limelight with the relatively recent administrations of Wasps, Worcester Warriors and London Irish. 

“Looking at the financial state of the current English Premiership teams is important in safeguarding the club game, and so this report looks at the financial health of these clubs, assesses them against each other, but also considers the wider rugby ecosystem. There is hopefully something useful here for investors, commercial partners, clubs and fans alike.”

The report highlights a wide spectrum of challenges, including financial instability, the growing importance of women’s rugby, and the need to preserve the competitiveness of the Premiership. Using the latest publicly available audited figures, experts found that collectively, the clubs posted a combined loss of £30.5 million for the 2022/23 season, with overall net debts reaching £311 million. Nine of the ten clubs reported losses exceeding £1 million.

Key findings of the report reveal:

• Harlequins ranked first, scoring 3.24 on the Financial Performance Index, followed by Northampton Saints (3.54) and Leicester Tigers (3.89).
• Newcastle Falcons ranked last, with a score of 7.55, reflecting significant struggles on and off the field.
• No club posted a profit in the 2022/23 season, with Saracens reporting the highest loss at £5.3 million.
• Seven of the ten Premiership clubs are balance sheet insolvent and rely on owner support to remain operational, compounding existing financial losses.

James Haskell, former England rugby international, said: “As someone who has always loved English rugby, I’m saddened by the results in this report, even if they aren’t entirely surprising. My hope is that this serves as a wake-up call for the sport’s leadership to introduce real changes in the way Premiership rugby is governed and marketed.”

Alex Cadwallader, director at Leonard Curtis, commented on the findings: “On the field, Premiership rugby in England is as dramatic and entertaining as ever, and with five different winners in the past five seasons, it’s a league with great competitive balance too. Unfortunately, as this report reveals, the business of rugby in England is not performing nearly as well, with a worrying loss-making trend having persisted for several years now.”

The report serves as a critical tool for understanding the current state of the sport and guiding future financial decisions.  A full copy of the report can be downloaded