Inside SA Rugby’s R2 Billion Revenue Surge And The R40m Deficit

SA Rugby spent a quarter of its total income directly on the Springboks, Springbok Women, Blitzboks, Junior Springboks and other national teams in 2025, according to the Annual Financial Statements presented to member unions at Thursday’s Annual General Meeting in Cape Town.

SA Rugby’s group revenue increased by 29%, rising from R1.5 billion in 2024 to R2 billion in 2025. Of that, R500 million was spent directly on the Springboks (R281 million) and the High-Performance Department (R221 million), under which all other national teams fall.

SA Rugby CEO Rian Oberholzer said the investment had delivered immediate on-field success, with the Springboks’ continued achievements mirrored across other national teams.

The Blitzboks won the HSBC SVNS World Championship in 2025 — and have carried that momentum into 2026 — while the Junior Springboks secured the World Rugby U20 Championship title for the first time in 13 years in 2025 and claimed the SANZAAR U20 Rugby Championship crown for the first time on Saturday.

It was also a breakthrough year for the Springbok Women, who reached the Rugby World Cup play-offs for the first time and broke into the world’s top 10 rankings.

Those achievements were attributed to the newly formed High-Performance Department, whose R221 million expenditure included the costs of the high-performance centre in Stellenbosch and an expanded playing programme for the national teams.

A further R195 million was spent on national team players and referees to secure their image rights for commercial purposes and provide injury insurance cover. Direct investment into the 15 member unions amounted to R400 million in distributions to support the playing of the game.

The increase in revenue was partly driven by record sponsorship income, which jumped 51% from R488 million to R739 million following a commercial reset. Sponsorship revenue exceeded broadcast revenue of R678 million for the first time.

Revenue was also boosted by a change in the Test match hosting model, with SA Rugby taking ownership of and responsibility for delivering Springbok matches. The model generated R402 million in revenue, with direct match-day delivery costs of R213 million.

Licensing revenue also experienced double-digit year-on-year growth, driven by increased merchandise sales, the opening of two Springbok stores and strong market demand. Royalty revenue rose to R78 million.

Despite the significant increase in revenue, SA Rugby still reported a pre-tax group loss of R40 million, highlighting the ongoing challenges around long-term solvency and sustainability — issues reflected in the annual financial statements of rugby unions worldwide. The need for a reserve or investment fund remains critical in the modern sporting landscape.

Despite the loss, the accounts received an unqualified audit opinion following a detailed management solvency assessment and action plan, supporting the view that SA Rugby will continue as a going concern for the foreseeable future.

SA Rugby president Mark Alexander said: “SA Rugby has demonstrated its resilience in a challenging operating environment for many years — particularly through COVID — and we have taken deliberate steps to future-proof our financial sustainability.

“Investment in new competitions, such as Rugby’s Greatest Rivalry and the Nations Championship, as well as new technology and a reset of our commercial programme to strengthen long-term revenue generation and profitability, will bear fruit this year.

“A return to sustainable profitability is within reach.”

Oberholzer added: “With new competitions on the horizon, our conversion to shareholder status in the Vodacom United Rugby Championship, and a digital transformation strategy aimed at optimising fan engagement and creating new commercial opportunities, we believe we are firmly on the right track.

“We have reset the business across event delivery, digitisation, commercialisation, high performance, participation and development over the last two years to build a sustainable platform for the medium to long term.

“Financial sustainability remains an ongoing challenge and priority for both the global and South African rugby ecosystem, but we believe we are building strong foundations to meet those challenges.”

The accounts were presented to members at the Annual General Meeting in Cape Town.