Cash-strapped SA Rugby suffers R62million loss in 2017

South Africa Rugby President Mark Alexander Julian Finney/Getty Images

Cash-strapped SA Rugby told the Portfolio Committee of Sport and Recreation in parliament on Tuesday that it had suffered a net loss of R62million in 2017.

EWN Sport reported that this was due to the failed 2023 World Cup bid, which resulted in a loss of sponsorships money of about R38.5million, while the the costs involved in getting the Cheetahs and Kings into the Pro14 is said to be R33million.

In November last year, South Africa lost to France for the right to host the 2023 World Cup.

SA Rugby's cash reserves are now R15.7million, having once stood at R68million.