English Premiership rugby clubs’ combined debt rose from £342.5m to £366.1m during the 2024-25 season, while their collective losses increased from £34m to £36.5m, according to the latest Leonard Curtis Rugby Finance Report. The 10 clubs’ total wage bill also grew, from £125.9m to £129.8m, equivalent to 80% of their revenues.
Revenue fell from £182.2m to £178.9m over the same period. The report says six of the 10 clubs were balance-sheet insolvent; Northampton, Gloucester, Leicester and Saracens were the exceptions. All 10 clubs had debt, and their average annual losses amounted to £3.7m.
The report, compiled from publicly available figures, says the results reflect the game’s reliance on funding from club owners and raise concerns about long-term sustainability. Alex Cadwallader, a director at Leonard Curtis, said the figures showed that substantial challenges remained and that deep structural or governance changes were needed.
The figures predate the investments at Newcastle, Bath and Exeter by Red Bull, Sir James Dyson and the Black Knight group, respectively. The report says those investments could increase clubs’ losses in the short term. Interest has also been shown in Northampton, Gloucester and Leicester.
Simon Danielli, who contributed to the report as head of operations at private equity firm Agathos, said the Premiership’s move to a franchise league could make clubs more attractive to investors. He also called for greater restraint in spending, saying the task was to turn investor confidence into a route to sustainable profitability.
The Premiership aims to expand from 10 teams to 12 by the 2029-30 season and is open to new franchises. Any newcomer must spend at least one season in the second-tier Championship.
Sources: The Guardian Sport.