South African Rugby reportedly almost bankrupt
The South African Rugby Union (SARU) is on the verge of financial collapse after recording a net loss of R62 million (£3.3m) last year.
While most South African rugby fans are more worried about the Springboks dismal form, despite the promise of revitalisation spearheaded by new coach and director, Rassie Erasmus, the real problem facing the country’s rugby may be its abysmal bank balance.
While SARU’s financial struggles may be a combination of waning local support and mismanagement, the organisation points to losing out on the 2023 World Cup bid as the reason for its woes.
As reported by EWN, SARU released its embarrassing financial report to Parliament’s Sports Portfolio Committee.