WRU restructures stadium repayments 22/07/2010 |
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The Welsh Rugby Union (WRU) has restructured the repayment of its Millennium Stadium debts.
The stadium, opened in 1999, was financed by a loan of more than £60m. Now, the WRU has reduced the remaining debt from £32m to £25m thanks to a new arrangement with bankers Barclays Corporate and aims to pay off the sum by 2021.
"We work extremely hard to maximise our income and it is now right and proper for us to extend that ability into a renewed and rigorous formula to manage and control our debt," WRU group chief executive Roger Lewis said. "We work to a clear, rolling five-year financial strategic plan for the operation of the group and the management of our debt is a high priority within that.
"We could have taken an easy option and left things the same, but just like anyone who wants to reduce their home loan we have had to spend a significant amount of cash to rework the debt facility. But in the longer term it will free up our ability to manage the debt [and] help us fast track its repayment.
"We will presently be announcing another record turnover to the Annual General Meeting of the WRU. Moreover, we are reinvesting into the game from the elite to the grassroots at record levels. We want to leave a legacy of financial sustainability for Welsh rugby and the stadium for generations to come."
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