The game on the pitch has never been better, yet rugby union's finances leave the game with an uncertain and precarious future. Rarely has the gap between how the sport would like to be perceived and the unvarnished reality felt wider. Nearly 30 years since the sport went professional, why is it struggling so badly to sustain itself and grow?

The numbers involved are alarming. According to the last set of accounts (2023/24) for each of the home unions, they posted a combined loss in the last financial year of £72m.

The financially picture is equally as bleak for the 10 Premiership clubs, who collectively lost £30.5m in the financial year 2022/23 and have net debts of over £300m.

So how does rugby union put itself back on a more sustainable financial footing against a backdrop of spiralling player salaries, a downward trend in the cost of TV rights, and a crowded sporting marketplace when it comes to attracting new fans? Sonja McLaughlan, Sara Orchard and rugby union correspondent for the Times, Alex Lowe are joined by former Saracens and Harlequins CEO Mark Evans, RFU CEO Bill Sweeney and Gloucester owner Martin St Quinton to discuss what needs to change for rugby union to thrive.

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