Seven of the 10 English Premiership rugby clubs are balance sheet insolvent, according to an independent financial report that warns the sport is “heading for a precipice” unless it embraces change. The study, conducted by corporate recovery firm Leonard Curtis, found that only Leicester, Northampton and Gloucester would be viable without wealthy owner backing.
The report aggregated the latest publicly available audited figures, showing the 10 clubs collectively lost around £30.5m in 2022-23, adding to net debts of £311m. Nine clubs made losses exceeding £1m in that season. Former England international James Haskell, who wrote the foreword, described the findings as “bleak” and called for urgent reform.
“Rugby for me appears to believe that just because we have always done it in a certain way that is the right way, when it’s clear that unless drastic change happens our game is heading for a very untenable position in the future,” said Haskell, who played for the now-defunct Wasps. He warned that falling broadcasting revenue is a “significant worry” and highlighted the widening revenue gap between clubs like Harlequins (£26.8m) and Newcastle (£11.2m).
The report notes that Bristol has the highest debt at £60m, while Exeter has the lowest net debts at £15m. Haskell, who won 77 caps for England, said the next 18 months are pivotal. “Rugby is heading for a precipice,” he added. “If I was a rugby player, I’d be terrified by this report.”
