The Ospreys have reported a financial loss of £1.8 million for their most recent accounting period ending June 2025, an improvement on the £2.18 million deficit recorded the previous year.
Financial Overview
The Welsh region saw turnover decrease by £600,000 to £9.18 million, while the wage bill was reduced from £6.75 million to £6.4 million. The club received £5.4 million in funding from the Welsh Rugby Union (WRU), supplemented by financial support from owners Y11 Sports and Media.
Going Concern Assurance
Director Nicolas Angio-Morneau signed off the accounts expressing confidence that Y11 will continue to provide financial backing, despite the owners having been close to agreeing a deal to buy Cardiff earlier this year.
“The directors believe that preparing the financial statements on the going concern basis is appropriate due to the continued support of Y11, the shareholder, and are confident that they will continue to provide financial support under the contract terms included within the legally binding funding obligations under the RPI Deed of Undertaking and Professional Rugby Agreement 2023 (PRA23) Framework,” he stated.
He added: “Currently the PRA23 terminates on 30 June 2027 and the company intends to sign the PRA25 imminently which runs to 30 June 2028. The directors remain confident in the company's future development, supported by ongoing shareholder backing and continued funding arrangements with the Welsh Rugby Union.”
Future Stability
The expected transition to the new Professional Rugby Agreement (PRA25) is anticipated to enhance financial stability through to at least June 2028 and beyond. Furthermore, the proposed redevelopment and relocation to St Helens in Swansea represents a significant strategic opportunity to strengthen the company's long-term sustainability and growth prospects.
Cash Flow and Loans
Within the notes of the financial report, the Ospreys directors stated their belief that the club “possesses or has access to sufficient resources” to continue for the foreseeable future. They noted that termination of the current PRA23 would have a “material adverse impact” on future revenue, reiterating the intention to sign PRA25. Cash flow forecasts for at least 12 months reflect the potential impact of such termination and anticipated funding under PRA25, along with cost management measures.
No significant new loans were indicated in the accounts. Current loans stand at £3.44 million, the majority being the WRU post-Covid loan spread over 19 years.
Turbulent Season
It has been a turbulent season for the Ospreys, with serious doubts over their future following the WRU’s announcement in October that they would look to cut a professional club. The Ospreys have frequently been in the firing line, especially after owners Y11 were chosen by the WRU as the preferred bidder for Cardiff—a year after the capital club was taken over by the governing body. Ultimately, that deal collapsed, with the WRU confirming four professional clubs until the end of the 2027/28 season.
The WRU has also offered the two west Wales regions the chance to join Cardiff and Dragons in signing PRA25. However, the governing body remains committed to reducing the number of professional teams, stating they will outline their path to that before the end of this month.
