Prem Rugby club debt reaches £366.1m as losses and wage bills rise

Prem Rugby clubs recorded combined debts of £366.1m in 2024-25, up from £342.5m a year earlier, according to the new Leonard Curtis Rugby Finance Report. The third annual edition, launched in London on Tuesday, also found that losses increased while revenue declined across the ten clubs covered by the study.

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The firm's release puts total losses at £36.5m, compared with £34m in 2023-24. Combined revenue fell from £182.2m to £178.9m, while staff costs increased from £125.9m to £129.8m. The figures cover the latest financial year for which publicly available data was available, rather than the current playing season.

Six clubs were classified as balance-sheet insolvent, the same group as in the previous year. The average club wage-to-revenue ratio reached 80%, up from 75%. Leonard Curtis director Alex Cadwallader said a franchise-style structure could help attract investors, but warned that cost control remained necessary. Report co-author Professor Rob Wilson likewise cautioned that new investment alone should not be equated with lasting financial stability.

Alongside those financial findings, the report examines changes to the competition's operating model. Its published overview identifies the introduction of a £5.4m salary floor as one area of analysis. That assessment sits alongside a review of Red Bull's takeover of Newcastle, placing a specific ownership change within the wider examination of English club rugby.

The 2026 edition also introduces a Digital Footprint Index covering Prem Rugby teams. According to the report's overview, it examines clubs' social-media followings and broader digital presence, together with their potential to generate commercial revenue. This adds an assessment of audience-related opportunities to the report's account of the league's finances.

The scope extends beyond the men's top flight. Leonard Curtis says the report reviews the development of Premiership Women's Rugby and examines competitive balance in both competitions. It also includes a section on sports-kit reuse through kitround's partnership with the London Irish Foundation, bringing participation and resource use into the wider review of the sport.