Munster end the season with almost a €2million cash-flow shortage
The team finished sixth place in the Pro 1213:29 Friday 3 June 2016, 13:29 3 Jun 2016
Munster's on-field performances this season has been matched by a disappointing end-of-year financial report.
It was revealed at the province's AGM on Thursday night, that there is a cash-flow shortage of almost €2million for the year ending June 30th. That number could have even been higher, only for the help of additional IRFU funds that were given to all four provinces.
Poor attendances in Thomond Park and Musgrave Park, saw the province lose out on revenues from ticket and programme sales, along with bar revenue. According to the Irish Examiner, ticket sales were down by over €1million, compared to what was budgeted for. That loss is primarily down to poor attendances in the Champions Cup.
Despite the poor performance this season, wages have increased substantially. According to the records published at the AGM, player costs have risen by €620,000, the Limerick Leader claim.
Speaking at the AGM, Munster's Financial Controller Philip Quinn said the loss in revenue wasn't helped by the Rugby World Cup and poor kick-off times.
"We had a significant reduction in our gate income, some of which was down to the impact of the Rugby World Cup in addition to unfavourable kick-off times for certain high-profile games in Thomond Park such as Glasgow, Ulster and Leicester. Combined with the on-field performance, this resulted in a significant drop compared to previous seasons."
Munster finished the season as the only Irish province who did not reach the Pro12 play-offs. Former South African international Rassie Erasmus is to become the team's new Director of Rugby this summer, as the team try and return to the glory days when they were Heineken Cup champions ten years ago.
The very best bits delivered every weekSubscribe now