Prem Rugby clubs’ losses and debt continued to rise in figures for the 2024-25 season published Tuesday.
Losses and debt rose in the 2024-25 figures
The third edition of the Leonard Curtis Rugby Finance Report, published Tuesday, uses publicly available figures for the 2024-25 season. It records continuing increases in collective losses and debt across Prem Rugby. The financial losses of the ten clubs rose from £34m to £36.5m over the season. The figures show that the league’s financial strain continued even as investment interest in the sport grew.¹²
Combined debt across the clubs increased from £342.5m to £366.1m. All ten Prem Rugby clubs are in debt, so the rise is not confined to a small group of teams. The debt figure sits alongside the losses recorded in the same season, giving the report two measures of financial pressure across the top flight.¹²
The top flight’s total wage bills grew from £125.9m to £129.8m, while revenues declined from £182.2m to £178.9m. The average club wage-to-revenue ratio reached 80%, up from 75%. That ratio compares wage costs with revenue and shows the share of club income represented by wages; the figures put higher wage bills alongside lower overall revenue.¹²
The average-loss figure gives a per-club measure of the collective deficit, while the salary-floor item tracks a specific change in the league’s wage framework.¹²
The report puts average losses at £3.7m annually, or £308,000 a month. It also identifies the introduction of a £5.4m salary floor as an area of analysis. The average-loss figure gives a per-club measure of the collective deficit, while the salary-floor item tracks a specific change in the league’s wage framework.¹²
Six clubs are balance-sheet insolvent
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Read More →Six of the ten clubs are balance-sheet insolvent. Northampton, Gloucester, Leicester and Saracens are the only exceptions. The report therefore describes debt across all ten teams while identifying four clubs that do not fall into the balance-sheet insolvency group. It presents the insolvency count as a separate measure from the combined debt total.¹
Alex Cadwallader, a Leonard Curtis director and former England under-21 international, said major structural change is needed. He said the figures show Prem Rugby sides have continued to make a combined loss of over £30m each year. His comments link the season’s club-level figures to a wider pattern of recurring losses across the league.¹²
Investors are entering as the league changes
Recent investment from Red Bull, Sir James Dyson and the Black Knight group, which owns AFC Bournemouth, reflects growing interest from global companies and financiers. The 2024-25 figures predate the takeovers of Newcastle by Red Bull, Bath by Dyson and Exeter by Black Knight. The report reviews Red Bull’s takeover of Newcastle, while the financial figures provide a snapshot from before those ownership changes.¹²
Northampton, Gloucester and Leicester are also attracting interest from investors. Their names appear among the clubs drawing attention even as the report records rising losses and debt across the competition. The report does not treat investor interest as a substitute for the financial figures: its 2024-25 numbers show the clubs’ position before the takeovers at Newcastle, Bath and Exeter.¹²
Any newcomers must spend at least one season in the second-tier Champ.
Simon Danielli, the former Scotland wing and head of operations at private equity firm Agathos, contributed to the report. He said Prem Rugby’s decision to move to a franchise league this season makes the clubs more attractive. Danielli said a closed league gives investors something rugby has not offered before: visibility of revenue and security of earnings.¹²
Expansion and other changes feature in the report
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Read More →The Prem is aiming to expand from ten to twelve sides in time for the 2029-30 season. Any newcomers must spend at least one season in the second-tier Champ. The proposed expansion and the entry requirement set out how a club would progress through the existing structure before reaching the top flight.¹
Report co-author Professor Rob Wilson cautioned that new investment alone should not be equated with lasting financial stability. The 2026 edition also introduces a Digital Footprint Index covering Prem Rugby teams. Those subjects sit alongside the season’s financial figures and the report’s examination of investment and the league’s changing structure.¹²
Leonard Curtis says the report reviews the development of Premiership Women’s Rugby. It also includes a section on sports-kit reuse through kitround’s partnership with the London Irish Foundation. The report therefore covers the women’s competition and a kit-reuse partnership as well as club finances, ownership changes and league structure.¹²
Check Club Finances Before a Rugby Career
If you are weighing a role at a Prem Rugby club, treat the league's headline numbers as a warning about job security. Six of ten clubs are balance-sheet insolvent, and all ten carry debt, so the risk of restructuring or redundancy is not limited to a few teams. The average club loses £3.7m a year, which means budgets are tight and pay rises may be hard to justify. Ask directly about the club's debt level and whether it is one of the four solvent exceptions before accepting an offer.¹²
Plan for a flat or modest pay outcome and focus on roles that add revenue, since clubs need income growth more than cost control.²
For those negotiating pay, the wage-to-revenue ratio of 80% shows clubs already spend most of their income on salaries, leaving little room for increases. Revenue fell while wage bills rose, so any demand for a higher salary faces a shrinking pot. The new £5.4m salary floor may push clubs to cut other costs, possibly affecting non-playing staff. Plan for a flat or modest pay outcome and focus on roles that add revenue, since clubs need income growth more than cost control.²
Sources
Written by Career Ahead AI. AI can make mistakes, so verify key facts. Report errors to support@careeraheadonline.com
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