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Thread: World Rugby announces $150 million relief fund

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    Immortal Contributor The InnFORCEr's Avatar
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    World Rugby announces $150 million relief fund

    Today at 8:43 AM International
    by Beth Newman


    World Rugby is set to make more than $A150 million available to help national unions stay financially afloat amid the coronavirus pandemic.

    The global body officially announced a relief fund, to the tune of $USD100 million, on Thursday night in a bid to help the sport make it through a period without matches.

    In a statement, World Rugby said these loans would apply through to the resumption of the sport.

    For Six Nations and SANZAAR nations, the statement said that relief would be a mix of "advances and loans".

    Rugby Australia CEO Raelene Castle has previously said that the organisation had reached out to World Rugby for information about their relief process as they prepare for a worst-case scenario of $120 million in lost revenue this year.

    Exactly how big a loan Australia would be granted is yet to be seen but amounts of around $16 million have been reported in recent days.

    it has been reported that Rugby Australia would not be able to access any loan until their player pay deal is finalised.

    That is expected to be finalised today after nearly two weeks of formal negotiations between Rugby AU and RUPA.

    Australia is one of the last major unions yet to agree to a deal with its players, after New Zealand Rugby formalised their agreement on Thursday.

    It is expected that the agreement will be similar to many unveiled around the world, with the biggest percentage cuts taken by the game's highest earners.

    On the field, World Rugby's statement also said a number of international models were being assessed for the back half of the year.

    While World Rugby did not specifically comment on the status of the July Tests, the statement said a "short-term reshaping" of the international calendar would be required to allow domestic and local leagues to have the opportunity to be completed.

    SANZAAR's Rugby Championship is scheduled to kick off on August 8 when Australia take on New Zealand at Marvel Stadium, Mlebourne, but there has been indications that this tournament could be pushed back.

    Plans around calendars in an environment where there is no cross-hemisphere travel, something that would preclude the end of year SpringTours, or even where there is no international rugby possible are also being considered.

    World Rugby chairman Bill Beaumont said the COVID-19 pandemic was a "crisis never seen before" in sport.

    "Global sport is facing a crisis never seen before and at this most challenging time we are taking unprecedented action as a sport united to support global rugby, its unions, competitions and players through the enormous challenge presented by the COVID-19 pandemic.

    “The measures announced today will provide support and short-term relief in the form of a US$100 million relief fund, while we are committed to exploring calendar options that reflect and address a dynamic, complex and uncertain environment.

    “I have chaired many productive meetings in recent weeks with my union, region, competition and player colleagues and we are rapidly moving towards a viable calendar solution and, while compromises are being made, the outcome will be in the best interests of the whole game.

    “This is a process with solidarity, unity and leadership at heart – one that sets a potential blueprint for successful collaboration in the future and I would like to thank everyone for their openness, cooperation and global view.”

    https://www.rugby.com.au/news/2020/0...by-relief-fund

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    Immortal Contributor The InnFORCEr's Avatar
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    Every time I see these massive figures thrown about like A$150m for the whole world, I can't help but to think how significant the A$70m offer from Twiggy was back then. So glad they didn't take up the offer, it has been so much fun watching them completely implode since.

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    Quote Originally Posted by The InnFORCEr View Post
    Every time I see these massive figures thrown about like A$150m for the whole world, I can't help but to think how significant the A$70m offer from Twiggy was back then. So glad they didn't take up the offer, it has been so much fun watching them completely implode since.
    Twiggy's offer were not a mix of "advances and loans". The RA will have to pay back the $16mil,, if it is a loan. ie More debt.

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    Quote Originally Posted by JSJ View Post
    Twiggy's offer were not a mix of "advances and loans". The RA will have to pay back the $16mil,, if it is a loan. ie More debt.
    Low interest loan. They won't be the only ones.

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    Indeed. It is tough, but I don't suppose RA will be alone in coming out of this with more debt. What will be interesting is how the players interpret it with regard to their pay negotiations...

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    Quote Originally Posted by AndyS View Post
    Indeed. It is tough, but I don't suppose RA will be alone in coming out of this with more debt. What will be interesting is how the players interpret it with regard to their pay negotiations...
    In that light, NFJ’s comment regarding certain senior players not wanting to come to the party. Imagine if they get a sniff that monies are coming in, they’d possibly push for a less compromising deal. ( on advice from their greedy agents of course).

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    Legend Contributor Alison's Avatar
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    $16mill will only see them through to about September at most.

    They are stuffed.

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    Even better Alison, Anthony French is in charge of the RWC 2027 bid.

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    Well according to the World Rugby expert TWAS, it’s only a 1st payment and RA will get another handout later on. Wonder what 1st class seat creative junkets the execs can all dream up again on this manna from heaven. And why is the missing 2019 report still being kept hidden?

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    Legend Contributor Alison's Avatar
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    It’s being kept hidden because until someone bails them out they are technically insolvent and the auditors can’t therefore certify that they are a going concern able to pay their bills as and when they fall due.

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    Veteran Bakkies's Avatar
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    Quote Originally Posted by valzc View Post
    Well according to the World Rugby expert TWAS, it’s only a 1st payment and RA will get another handout later on. Wonder what 1st class seat creative junkets the execs can all dream up again on this manna from heaven. And why is the missing 2019 report still being kept hidden?
    In an apologists’ world it is a bailout but in the real world it is a loan they have little means to pay back.

    According to the Australian they have only recently included Dave Rennie’s salary in recent figures.

    It also appears they don’t want to publicise what they paid out in the Folau case. It is not just the settlement, the legal fees and the cost of the employment tribunal hearing where they had SCs in on the matter. The paper alleges that the RA still owe a legal firm $2 million.

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    Last edited by Bakkies; 17-04-20 at 21:06.

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    The rugby union-loving public would walk away from the professional game in Australia within three years unless a takeover of the national administration occurred, with a respected change agent installed as leader.

    This was the prediction, five months ago, of a proposed "war cabinet" consisting of former Wallabies and state leaders.

    https://www.smh.com.au/sport/rugby-u...19-p54l68.html

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    Legend Contributor Alison's Avatar
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    John O’Neill fleeced RA of $millions. In his final year (2012) he took home just under $2million in salary and “incentive payments”. To hear that it was mooted that he should return makes me feel physically sick.

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    Quote Originally Posted by shasta View Post
    Clock ticking towards rugby's doomsday. - Roy Masters


    The rugby union-loving public would walk away from the professional game in Australia within three years unless a takeover of the national administration occurred, with a respected change agent installed as leader.

    This was the prediction, five months ago, of a proposed "war cabinet" consisting of former Wallabies and state leaders.

    https://www.smh.com.au/sport/rugby-u...19-p54l68.html
    How can it hope to be a unifying board, if there is not even a mention of WA or the Western Force?

    "The war cabinet idea was based on O’Neill’s experience as chief executive of FFA, when Frank Lowy agreed to become chair on the condition he appoint his own board, CEO and have no elections for four years.

    It would have been a unifying board - similar to Scott Morrison's national cabinet to fight COVID-19 - consisting of representatives from the four Australian Super Rugby franchises and the central administration. It would therefore reflect the interests of the two employers of the national team – the club and country with whom a Wallaby has separate contracts - together with former RUPA boss, Greg Harris."

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    Quote Originally Posted by Alison View Post
    It’s being kept hidden because until someone bails them out they are technically insolvent and the auditors can’t therefore certify that they are a going concern able to pay their bills as and when they fall due.
    McLean qas very happy to hear that he won't be prosecuted for trading while insolvent due to civid 19, however their insolvent trading in 2019 will still stick.

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