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Welsh rugby has a dysfunctional relationship with money. It’s not because no one in Wales can count or they all have spending addictions, it’s because no one at any point is honest about the financial situation they are in. In fact, People are quite happy for misinformation on the topic to spread like wildfire.
Take the dreaded, nauseating URC vs Anglo-Welsh debate. People say competition money from the URC has gone down, which is true, but it’s not because the league is failing. It’s because the South Africans are non longer paying the other nations for the privilege of taking part and the final of the payments from investment firm CVC has been made. Both of these the WRU would have know was coming some years ago.
Meanwhile, people claim the Welsh regions would make more money in the PREM. There are many reasons why the PREM would work better for the Welsh, but money is not one of them. Besides the fact Wales would have to pay the URC to leave their contract early and then pay the PREM (probably hundreds of millions) for admittance to their league, English clubs in the PREM are currently losing up to double what the Welsh clubs are losing in the URC.
But people don’t talk about that because it doesn’t suit their agenda. It was the same with the ‘budgets’ the regions were given after COVID. Everyone said that the WRU funding of the regions was 4.5 million pounds, but it wasn’t. 4.5 million was a salary cap the regions agreed with the WRU with the caveat of 2 marquee players. The funding the WRU gives the regions is their share of the competition money from the URC + payments for releasing players for international duty. At least, we think it is, because no one has actually shown us how that formula works.
Since then it has been a never ending game of number-wang. WRU Independent Chair Richard Collier-Keywood (who has a knack for rubbing people up the wrong way) said last year that the WRU had a 30+ million pound deficit in professional rugby over the next 5 years. Just days later that number was revised down to somewhere in the 20s as the WRU said they had already made improvements.
It goes on: when Wales Men parted ways with Warren Gatland mid Six Nations, WRU CEO Abi Teirny stated in an interview that the WRU had a pot of money available to go and buy any coach in the world out of their current contract. 5 Months later Wales headed to Japan with a temporary coaching ticket cobbled together from coaches borrowed from club sides. Even this autumn, they still have temporary coaches in place.
It’s no better for the women’s game: the WRU boasted, without any sense of self awareness, that their women’s contracts are amongst the most valuable in the world. Meanwhile, they tried to offload the Celtic Challenge teams (that World Rugby had forced them to have) onto the men’s regions to house and resource. This plan has of course fallen apart since.
And then we come to the number of regions Wales can ‘afford’ to have. As recently as May 2025, the WRU were demanding the 4 current regions sign up to a deal that uplifted their playing budgets till 2028. 3 months later the WRU head of finances wrote a bizarre blog post in which he stated anything more than 2 regions was unrealistic - thereby shooting a financial package, that he himself was instrumental in drawing up, down in flames.
What changed? We still don’t really know. At first we were told it was because Natwest Bank had recalled the debts the WRU owed them, but Collier-Keywood later said this wasn’t the reason. It then became about ‘sustainability’. What ‘sustainable’ looks like in rugby is anyone’s guess the game is a loss-making exercise anywhere in the world. Even in the glamorous, mega-value, hyper-popular French Top 14 only 4 out of the 14 clubs are operating at a profit - and tiny ones at that. Most are making huge loses.
Now, at the end of October, Wales is sticking with 4 regions and the WRU Director of Rugby Dave Reddin is saying he is ‘excited’ about the level of investment in the Welsh game. He also says the decision to stick with 4 regions is driven by the need to avoid financial penalties from the URC for damaging their competition - a contractual obligation he must have been well aware of whilst he was advocating for dropping to to 2.
Meanwhile, the Dragons say they are the most financially healthy of the 4 regions despite having nothing to show for it on the field, Cardiff are on sale following their administration after new owners who promised the world bailed on them, Ospreys say they have a new ground coming but not a spade can be found on the site and the Scarlets say they have agreed to be bought but no money has changed hands.
We’re not expecting everyone to open up their wallets and show us exactly what is inside, but the current communication feels deliberately misleading. None of us are able partake in a constructive debate because none of us know the true financial picture. We are presented with a different version of reality depending on which way the wind is blowing.
We are awaiting news of the renewed deal for the National Stadium naming rights. Principality are currently playing a small fraction of what Allianz are paying for Twickenham despite Wales’ stadium being the more frequently used facility. If that deal sees a significant uplift (which it should) then the conversation will completely change once again.
So all we can do is sit patiently until Reddin or Collier-Keywood next picks up a microphone and opens their mouth. What will come out is anyone’s guess.