Welsh Rugby Union: £63m record turnover in Grand Slam year

by maestegmafia Mon 01 Oct 2012, 12:09 pm

The Welsh Rugby Union (WRU) recorded revenue of £63m last year, its highest ever turnover, its annual report shows.

The Millennium Stadium debt, which was about £75m when the ground was built in 1999, is now £19m, the report said.

The figures for the Grand Slam year ending June 2012 showed a pre-tax profit of £2.4m and the WRU said it was on target to be debt-free by 2021.

http://www.bbc.co.uk/news/uk-wales-19777099

by **Biltong** Mon 01 Oct 2012, 12:11 pm

Good news.

by LordDowlais Mon 01 Oct 2012, 12:45 pm

If they wanted to they could be debt free now, or at least a long time before 2021. What could they do if they had another Grand Slam year, also what are they going to do with that extra 2.4m, I assume this is the ammount after they have supplimented the regions and paid for all their grass routes projects. Could we see another region any time soon ?

by maestegmafia Mon 01 Oct 2012, 3:11 pm

The extra money is going to Grass Roots rugby.

Read below from the BBC

Welsh Rugby Union in £3.5m grassroots funding boost

http://www.bbc.co.uk/news/uk-wales-18351251

WRU Group chief executive Roger Lewis said the investment followed a 'powerful financial performance

Cash is being injected into a number of schemes aimed at improving rugby standards at community, school and college level, said the WRU.

It will also help enhance rugby club facilities across Wales, including the Millennium Stadium in Cardiff.

The debt on the stadium has also been cut from £70m to £26m, with the possibility of the WRU becoming debt-free by 2021.

WRU Group chief executive Roger Lewis said it has had a "powerful financial performance" this year.

“We want to attract and retain players of all ages, as well as coaches, match officials, volunteers and supporters”

Roger Lewis WRU Group chief executive WRU announced:

- £500,000 to encourage clubs to improve their infrastructures, with clubs able to apply for grants of up to £50,000 each

- An array of funding packages for the schools system to pay for teacher courses and player skills curricula

- Funding for a new Freshers League and other college rugby tournaments

- £200,000 to develop schools and college rugby

- A programme to refurbish and modernise the 122 hospitality boxes on level 5 of the Millennium Stadium

- Rugby memorabilia to go on show to supporters and guided tour visitors

- Archive broadcast footage of Wales international rugby matches to be digitised.

- Mr Lewis said the investment was aimed at getting more people involved in the game in the face of mounting competition from other sports and activities.

'Foundations and future'
"Our focus with this new funding is firmly targeted at the foundations and the future of rugby in Wales," he said.

"We want to attract and retain players of all ages, as well as coaches, match officials, volunteers and supporters.

"We also want make certain that our facilities in our clubs and in our Millennium Stadium are in the best condition possible."

Mr Lewis added: "We are able to immediately release such significant amounts of new money into rugby projects across Wales due to our powerful financial performance this year.

The WRU said it had outperformed all other rugby unions in the world by achieving a compound annual growth rate of 13.4% over a five-year period.

It said in the past six years turnover had increased by about 24%, and its distribution of funding into the game across the same period by 30%.

by maestegmafia Mon 01 Oct 2012, 3:15 pm

Continued to the Above post WRU also announced last week about televising college rugby in wales. As an initiative to give the college game a higher profile.

Fantastic

http://www.wru.co.uk/eng/news/23513.php

by Casartelli Mon 01 Oct 2012, 3:17 pm

Tony Brown, the Newport fella, is less than impressed by the way the WRU are spending all the cash;

http://www.bbc.co.uk/sport/0/rugby-union/19779419

He makes some interesting points.

by mystiroakey Mon 01 Oct 2012, 3:18 pm

Thats a great idea(televising college rugby)

by maestegmafia Mon 01 Oct 2012, 3:28 pm

I think so too. It is hugely successful in america with Basketball, Football in fact all their major sports, plus in NZ and SA a lot of college rugby is televised too...

It has been difficult in wales as the governments investment in sports at comprehensives in wales and more pupils and schools decided not to do A levels that more attended colleges which did not provide sports.

Now those colleges are taking sports seriously and we are reaping the benefits at all levels as rugby is played by more people, boys and girls, in wales than ever before.

by Casartelli Mon 01 Oct 2012, 3:55 pm

Nick Servini, a BBC business correspondent, adds some balance to this one;

http://www.bbc.co.uk/news/uk-wales-19777099

It is quite interesting, as we continue to await the PWC report, to ponder what the WRU strategy is in respect of the regions. Or if there is one.

by maestegmafia Mon 01 Oct 2012, 4:05 pm

Kingshu wrote: Today at 3:03 pm on the Club Rugby forum:

http://www.bbc.co.uk/news/uk-wales-19777099

Intresting points are,
The cash cow is home rugby matches at the Millennium Stadium and the union sweats its asset, with seven home games in total last season, even though there were no Autumn internationals because of the Rugby World Cup.

The WRU's report said it allocated £20.1m to the regions, semi-professional clubs and community rugby, a rise of 4% on the year and 35% over the past five years.

Within that £20.1m, Wales' four regions received £6.2m to pay for the release of their international players.

In total, there was a 1% rise in money that went to the regions from the WRU compared with the previous year.

"the big danger is if there's more and more of a push to France, and what it does for regional rugby".

So good news for Welsh rugby, but could the WRU do more to support the regions?

I wish we could see the pricewaterhousecooper report.

by maestegmafia Mon 01 Oct 2012, 4:10 pm

Welsh rugby chief Roger Lewis dismisses Tony Brown accusations

Welsh Rugby Union chief executive Roger Lewis has rebutted accusations from ex-Newport benefactor Tony Brown that the regions are being allowed to "bleed to death".

Brown, now a non-executive director of the Newport Gwent Dragons, has called on the WRU to give more financial support to Wales' four regional sides.

But the WRU claims it invests more than £15m a year in the regions. "I think Tony is a bit lost in action here," said WRU's Lewis. "He has only attended one meeting with the Welsh Rugby Union and the four regions over the last six years - that took place this year. "So, I didn't quite know what to make of Tony's comments there because we have been working hard with the people who are at the sharp end of regional rugby."

Lewis was responding to Brown, who claimed: "The regions need more help from the WRU."

The WRU has released its own annual report, which includes details of a record turnover of £63m last year. Brown is rumoured to have spent in the region of £10m when he was the millionaire backer of Newport Rugby Club.

“It seems appalling to me that while the WRU appear to be extremely well-off, the regions are bleeding.”

Tony Brown Former Newport Rugby Club benefactor who signed Gary Teichmann, the former South Africa skipper, in 1999 and Springboks star Percy Montgomery in 2002 during his four-year stint in charge at Rodney Parade.

The four regions - the Newport Gwent Dragons, the Cardiff Blues, the Ospreys and the Scarlets - have imposed a £3.5m salary cap and a host of Test stars have left Wales to collect higher wages.

Dwindling crowds are another concern for the regions, who had an average of fewer than 8,000 spectators in Pro12 competition last season, although season ticket sales for the new season have been encouraging.

Brown has voiced his fears about the state of regional rugby in Wales and the funding by the WRU.

"There is not enough dialogue between the WRU and the four regions," Brown told the Rugby Paper. "It seems appalling to me that while the WRU appear to be extremely well-off, the regions are bleeding. "The WRU are paying off the debt on the Millennium Stadium 30 years earlier than scheduled and in the meantime regional rugby is costing the regions an arm and a leg."

He claims the Welsh regions will struggle on the European stage and points to how well the Irish provinces are doing in comparison.

"The opposite is true in Wales where we have a successful national team and the regions bleeding to death," said Brown. "The regions need more help from the WRU. The amount of time an international player can spend with his region is very limited. "There needs to be some sort of contractual arrangement between the two parties."

Scarlets chief executive Mark Davies insists the WRU and the regions are working together effectively to fund the Welsh game. "We all believe - the regions and the WRU and the regions together - that working within the right structures together we can improve the health of the professional game whilst ensuring the health of the community game," he said.

"That's why it's taking time and that's why it's not as simple as moving money from A to B. "If we simply move money from A to B anywhere within Welsh rugby it doesn't necessarily improve Welsh rugby."

The WRU and the four Welsh regions' financial review of professional rugby has been completed. The review by accountants Price Waterhouse Coopers was commissioned in December 2011.

The report has examined all aspects of professional rugby in Wales and the "tough economic challenges" facing Welsh rugby and has taken eight months to complete. The WRU and the Welsh regions are expected to make an announcement on the report in the coming weeks.

by HammerofThunor Mon 01 Oct 2012, 6:28 pm

Assuming the WRU give a only a little bit more than £15M to the regions you're talking at least £3.75M to each region. That's more than the salary cap. So really the regions just need to find the running costs.

Now I do think the WRU focus too much on the International game but I'm not Welsh and my experience living in Wales suggests the international game IS the main focus of most of the people, so that's fine. The WRU could pump more money into the regions but where would it go? On infrastructure? Or just expanding player wages? The regions need to get themselves sorted and then grew themselves. It'll be more sustainable that way. Scarlets are hoping to break even this year or next year, Blues have moved 'home' and attracting the fans again, Ospreys are trying to lure in new supporters with their membership deals. I don't know much about Dragons but given the talk in the summer I can understand why the non-executive manager wants more help.

by glamorganalun Mon 01 Oct 2012, 7:04 pm

I am always cautious of statements like record revenues without stating increased profits. I assume the surplus has gone down due to increased costs such as wages for the increased in staffing and bonuses/pensions, new lights etc, etc. I notice there are additional debts to the bank and repayment of the debenture seats in 10 years so that the real debts are more like £70M. The WRU should work with the regions to reduce duplicated costs such as centralise the travel and hotel booking administration for Wales and the regions to improve economy's of scale discounts and staff reductions at the regions.

Yes the balance sheet is looking better but the WRU are going into property development and not spending on rugby, I suspect Tony Brown has a case against the WRU direction.

I also note the WRU are still after CAP at £10M so they can subsidise the Blues with better facilities. Hardly supporting the other three regions.

by offload Mon 01 Oct 2012, 7:19 pm

LordDowlais wrote:If they wanted to they could be debt free now, or at least a long time before 2021. What could they do if they had another Grand Slam year, also what are they going to do with that extra 2.4m, I assume this is the ammount after they have supplimented the regions and paid for all their grass routes projects. Could we see another region any time soon ?

Well, in today's market it doesn't pay to be debt free as it's so cheap to borrow. IMO it doesn't matter how much money the WRU makes - we don't need another region - not enough people are paying to watch the four we have!

by maestegmafia Mon 01 Oct 2012, 9:46 pm

Offload the other region is meant to be in an area where no one is watching a region but where they do want one. Valleys or North.

by glamorganalun Mon 01 Oct 2012, 10:39 pm

maestegmafia wrote:Offload the other region is meant to be in an area where no one is watching a region but where they do want one. Valleys or North.

+1 some don't look at the bigger picture and just in their own world until it affects them.

by offload Tue 02 Oct 2012, 8:19 am

glamorganalun wrote:
maestegmafia wrote:Offload the other region is meant to be in an area where no one is watching a region but where they do want one. Valleys or North.

+1 some don't look at the bigger picture and just in their own world until it affects them.

I am certainly not just "in my own world" and my opinion is based exactly on the bigger picture. The so called 'valleys business plan' is fantasy and can't support or sustain a professional team. There is no evidence that a professional team could be sustained in the North either. Wanting another region isn't enough. In fact financially there is probably a good case for there being only three regions.

Rather than waste more money on a doomed fifth region the WRU would be better advised to help to create a sustainable business model for professional rugby in Wales and move to central contracts.

by maestegmafia Tue 02 Oct 2012, 8:54 am

offload wrote:
glamorganalun wrote:
maestegmafia wrote:Offload the other region is meant to be in an area where no one is watching a region but where they do want one. Valleys or North.

+1 some don't look at the bigger picture and just in their own world until it affects them.

I am certainly not just "in my own world" and my opinion is based exactly on the bigger picture. The so called 'valleys business plan' is fantasy and can't support or sustain a professional team. There is no evidence that a professional team could be sustained in the North either. Wanting another region isn't enough. In fact financially there is probably a good case for there being only three regions.

Rather than waste more money on a doomed fifth region the WRU would be better advised to help to create a sustainable business model for professional rugby in Wales and move to central contracts.

I think the WRU are doing plenty to help the regions make themselves sustainable, they also seem to be doing the right thing by rugby in North Wales. the Goggs are doing well. their win over Rhydyfelin RFC this weekend was their fourth win.

by Casartelli Tue 02 Oct 2012, 9:39 am

"Doing plenty" Maes? Ease up on the technical analysis eh? This is a rugby blog not the Financial Times.

Whether or not they are 'doing plenty' to help the regions, they are doing 'plenty more' to repay the Barclays loan. This is Roger Lewis's main priority, but he never says why. Or what this strategy is meant to achieve. Which is maybe why the ex Newport bloke is asking questions.

I suspect that the board wrote it into Roger's performance plan and his bonus is measured on how much the debt reduces by - despite the cost of funds being much lower now.

Even if the board wanted to spend more on clubs and regions, Roger isn't going to want to change the strategy when it will hit him where it hurts the most, in his pocket.

by maestegmafia Tue 02 Oct 2012, 10:02 am

Maybe true Casterelli it certainly seemed like the debt over the WRu and the stadium was the main issue a few years ago.

The WRu has increased money to the Regions, reduced the debt for the MS, improved youth rugby and the national teams competitiveness.

I'd say Lewis is doing a good job.

by Casartelli Tue 02 Oct 2012, 10:23 am

Roger's doing a good job at reducing the debt, but in chief exec terms that's just falling off a log. Unlike the boss of a real business in a free market, he knows with virtual certainty what his income and expenditure will be 'going forward'. For £300k+ a year (plus bonuses) I think we could have not just a 'management exec' but somebody who cares about the rugby too, not just the overdraft.

Anyways, that's not the point. If the WRU are boasting about record income, then they should also tell us what they plan to spend it on, and why reducing the debt is the priority in these times of record low interest rates. Or admit they're just making it up as they go along.

by Luckless Pedestrian Tue 02 Oct 2012, 10:52 am

Do you think Roger Lewis could spare some of this £63m for us to have undersoil heating at Dave Parade? Or is that asking too much?

by Casartelli Tue 02 Oct 2012, 11:18 am

Luckless Pedestrian wrote:Do you think Roger Lewis could spare some of this £63m for us to have undersoil heating at Dave Parade? Or is that asking too much?

Will there be any benefit to the grassroots?

by SecretFly Tue 02 Oct 2012, 12:19 pm

warm roots is happy roots

by Smirnoffpriest Tue 02 Oct 2012, 12:36 pm

Cyril - not sure how Lewis ensuring that the WRU aren't crippled by debt and in danger of being bankrupt, and increasing regional and grassroots funding year on year, and providing them with record amounts of funding, is not caring about rugby.

Moffats article on the BBC http://www.bbc.co.uk/sport/0/rugby-union/19779419 is just a huge load of gumpf, where he suggests that the regions are suffering because Lewis is plowing all the money into clearing the debt, but fails to mention that the regions get more money than at any point before (particularly the time when he was in charge and the WRU was crippled with debt). He suggests that grass roots rugby is suffering, but again there is more WRU work and money going into this than ever before. I'm not sure how this is "allowing the regional game to bleed to death".

Attendances are on the up, season ticket sales are on the up (for the most part), the number of youngsters coming through is on the up, the player base is on the up and the regions are working closer with their clubs.

by maestegmafia Tue 02 Oct 2012, 1:29 pm

Casartelli wrote:Roger's doing a good job at reducing the debt, but in chief exec terms that's just falling off a log. Unlike the boss of a real business in a free market, he knows with virtual certainty what his income and expenditure will be 'going forward'. For £300k+ a year (plus bonuses) I think we could have not just a 'management exec' but somebody who cares about the rugby too, not just the overdraft.

Anyways, that's not the point. If the WRU are boasting about record income, then they should also tell us what they plan to spend it on, and why reducing the debt is the priority in these times of record low interest rates. Or admit they're just making it up as they go along.

I posted this above re grassroots investment also posted yesterday with the news of the £63M earnings.

maestegmafia wrote:The extra money is going to Grass Roots rugby.

Read below from the BBC

Welsh Rugby Union in £3.5m grassroots funding boost

http://www.bbc.co.uk/news/uk-wales-18351251

WRU Group chief executive Roger Lewis said the investment followed a 'powerful financial performance

Cash is being injected into a number of schemes aimed at improving rugby standards at community, school and college level, said the WRU.

It will also help enhance rugby club facilities across Wales, including the Millennium Stadium in Cardiff.

The debt on the stadium has also been cut from £70m to £26m, with the possibility of the WRU becoming debt-free by 2021.

WRU Group chief executive Roger Lewis said it has had a "powerful financial performance" this year.

“We want to attract and retain players of all ages, as well as coaches, match officials, volunteers and supporters”

Roger Lewis WRU Group chief executive WRU announced:

- £500,000 to encourage clubs to improve their infrastructures, with clubs able to apply for grants of up to £50,000 each

- An array of funding packages for the schools system to pay for teacher courses and player skills curricula

- Funding for a new Freshers League and other college rugby tournaments

- £200,000 to develop schools and college rugby

- A programme to refurbish and modernise the 122 hospitality boxes on level 5 of the Millennium Stadium

- Rugby memorabilia to go on show to supporters and guided tour visitors

- Archive broadcast footage of Wales international rugby matches to be digitised.

- Mr Lewis said the investment was aimed at getting more people involved in the game in the face of mounting competition from other sports and activities.

'Foundations and future'
"Our focus with this new funding is firmly targeted at the foundations and the future of rugby in Wales," he said.

"We want to attract and retain players of all ages, as well as coaches, match officials, volunteers and supporters.

"We also want make certain that our facilities in our clubs and in our Millennium Stadium are in the best condition possible."

Mr Lewis added: "We are able to immediately release such significant amounts of new money into rugby projects across Wales due to our powerful financial performance this year.

The WRU said it had outperformed all other rugby unions in the world by achieving a compound annual growth rate of 13.4% over a five-year period.

It said in the past six years turnover had increased by about 24%, and its distribution of funding into the game across the same period by 30%.

by glamorganalun Tue 02 Oct 2012, 2:46 pm

£63m earnings not profit, if it was profit the WRU debts would be cleared.

by maestegmafia Tue 02 Oct 2012, 3:02 pm

glamorganalun wrote:£63m earnings not profit, if it was profit the WRU debts would be cleared.

Cheers Edited... Im an engineer/salesman not an accountant.

by glamorganalun Tue 02 Oct 2012, 4:10 pm

I'm was an engineer, I retired as the company was being run into the ground by accountants, sounds familiar.

Cheers

by offload Tue 02 Oct 2012, 7:10 pm

glamorganalun wrote:I'm was an engineer, I retired as the company was being run into the ground by accountants, sounds familiar.

Cheers

I'm an accountant, currently running an engineering company into the ground - it's a laugh a minute.

Only kidding......counting is not my strength thumbsup

by Morgannwg Tue 02 Oct 2012, 7:13 pm

I watched Scrum V on sunday and some mug from Pontypool actually thinks the regional system has destroyed grassroots rubgy.

Anyway, perhaps they can up the salary cap or look for ways to compensate the regions when the national team is flogging their players for half the year (this again brings about the central contract system idea).

Nice to see a record turnover none the less. All other unions (especially the RFU) look on with bitter envy.

by Pete C (Kiwireddevil) Tue 02 Oct 2012, 9:41 pm

Morgannwg wrote:I watched Scrum V on sunday and some mug from Pontypool actually thinks the regional system has destroyed grassroots rubgy.

Anyway, perhaps they can up the salary cap or look for ways to compensate the regions when the national team is flogging their players for half the year (this again brings about the central contract system idea).

Nice to see a record turnover none the less. All other unions (especially the RFU) look on with bitter envy.

It's a good result. Though given that the RFU had double the turnover and 4 times the profit last year I doubt they're too envious http://rfu.com/abouttherfu/~/media/Files/2011/AboutRFU/annual_report_11-12.ashx

For contrast
NZRU had turnover of ~ £50m and profit of ~£5m http://www.nzru.co.nz/about_us/2012_AGM
SARU turnover £44m profit £2m
IRFU turnover £54m profit £2m

(and then I got bored with googling Wink

)

by maestegmafia Tue 02 Oct 2012, 9:56 pm

offload wrote:
glamorganalun wrote:I'm was an engineer, I retired as the company was being run into the ground by accountants, sounds familiar.

Cheers

I'm an accountant, currently running an engineering company into the ground - it's a laugh a minute.

Only kidding......counting is not my strength

Ha ha ha that made me laugh

by glamorganalun Wed 03 Oct 2012, 4:51 pm

These are figures copied from another forum, he had a hard copy of the figures, thanks for the info:

63.2m turnover
Op profit 4.1m
Profit before tax 2.4m
Profit after tax 0.6m

Allocation to Regions 15m

Match income 35.2m
competiton income 9.177m
commercial income 12.264m
other event 0.516m
Other income 6.026m

by maestegmafia Wed 03 Oct 2012, 4:56 pm

Cheers for that.

by yappysnap Wed 03 Oct 2012, 6:39 pm

Pete C (Kiwireddevil) wrote:
Morgannwg wrote:I watched Scrum V on sunday and some mug from Pontypool actually thinks the regional system has destroyed grassroots rubgy.

Anyway, perhaps they can up the salary cap or look for ways to compensate the regions when the national team is flogging their players for half the year (this again brings about the central contract system idea).

Nice to see a record turnover none the less. All other unions (especially the RFU) look on with bitter envy.

It's a good result. Though given that the RFU had double the turnover and 4 times the profit last year I doubt they're too envious http://rfu.com/abouttherfu/~/media/Files/2011/AboutRFU/annual_report_11-12.ashx

For contrast
NZRU had turnover of ~ £50m and profit of ~£5m http://www.nzru.co.nz/about_us/2012_AGM
SARU turnover £44m profit £2m
IRFU turnover £54m profit £2m

(and then I got bored with googling )

by glamorganalun Wed 03 Oct 2012, 6:39 pm

If you are interested in previous WRU reports, they can be found as pdf downloads:, the 2011 report compares to the previous year which was better in tems of turn over. I not sure when the 2012 (to June) report will be on line. Interesting read, I believe this years report shows big bonuses for the GS etc for the players,coaches and no doubt management. It is interesting the players get paid twice by their clubs and by the WRU again and then get £80K bonuses hence P Thomas's comments pre-season about not paying players when the are working for the national side..

http://www.wru.co.uk/eng/thewru/annualreport/index.php

by maestegmafia Wed 03 Oct 2012, 8:29 pm

Thanks again

Good researching.

by LordDowlais Wed 03 Oct 2012, 10:24 pm

glamorganalun wrote:These are figures copied from another forum, he had a hard copy of the figures, thanks for the info:

63.2m turnover
Op profit 4.1m
Profit before tax 2.4m
Profit after tax 0.6m

Allocation to Regions 15m

Match income 35.2m
competiton income 9.177m
commercial income 12.264m
other event 0.516m
Other income 6.026m

Does anybody have any idea what "other income" is ? 6 million is not to be sniffed at, so where did it come from ? Shirt sales, selling keyrings ect, grand slam dvd''s, pimping Gav out to the chavy girls up here in the Valleys ? Come on, we've all seen them on MTV. Whistle

by Pete C (Kiwireddevil) Wed 03 Oct 2012, 10:28 pm

LordDowlais wrote:
glamorganalun wrote:These are figures copied from another forum, he had a hard copy of the figures, thanks for the info:

63.2m turnover
Op profit 4.1m
Profit before tax 2.4m
Profit after tax 0.6m

Allocation to Regions 15m

Match income 35.2m
competiton income 9.177m
commercial income 12.264m
other event 0.516m
Other income 6.026m

Does anybody have any idea what "other income" is ? 6 million is not to be sniffed at, so where did it come from ? Shirt sales, selling keyrings ect, grand slam dvd''s, pimping Gav out to the chavy girls up here in the Valleys ? Come on, we've all seen them on MTV.

The NZRU made about that amount from hedging on the foreign exchange markets. Could be that, could be property investment income or similar.

by Smirnoffpriest Wed 03 Oct 2012, 11:10 pm

Could b exhibitions, business events and gigs at the ms or earnings throu the wru bar next to the ms

by Casartelli Wed 03 Oct 2012, 11:22 pm

Smirnoffpriest wrote:Could b exhibitions, business events and gigs at the ms or earnings throu the wru bar next to the ms

Yeah, thanks for that detailed financial analysis, Smirnoff. An honorary fellowship from the LSE is in the post.

The point people have made is that £6m+ is a hell of a chunk of cash to hide away under the heading 'other income'.

by glamorganalun Wed 03 Oct 2012, 11:48 pm

This is the income from the 2011 figures that include 2010 as a comparison. The others below are TV income for other events not specified.

Revenues
Revenues are analysed as follows:
2011 2010
£’m £’m
Match income 30.6 34.2
Competition income 9.1 9.2
Commercial income 11.2 10.9
Other event income 2.7 2.0
Other income 0.7 2.2
Totals 54.3 58.5

by glamorganalun Wed 03 Oct 2012, 11:50 pm

Sorry, it did not copy from the pdf file but you can work it out

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