Despite big-name investors circling, the ten Prem clubs are sinking deeper into debt, with six now balance-sheet insolvent.
English rugby's top flight is attracting serious money, but its books are getting worse. The third Leonard Curtis Rugby Finance Report shows combined debt across the ten Prem clubs rose from £342.5m to £366.1m over the 2024-25 season, a jump of roughly £24m in a single year.
Losses grew too. Collective club losses went from £34m to £36.5m, even as the league's profile rose among global investors. Red Bull, Sir James Dyson and the Black Knight group, which owns AFC Bournemouth, have all recently put money into the competition. The report found that six clubs are balance-sheet insolvent, meaning their liabilities exceed their assets.
Wages are the heaviest pressure point. Total wage bills across the league climbed from £125.9m to £129.8m, which now swallows about 80% of revenues. That leaves very little room for error when income falls short, and the report's message is that spending restraint is needed even with fresh investment arriving.
The numbers raise a hard question for the Premiership: can outside capital fix a model where costs keep outrunning income? New owners bring ambition and cash, but unless revenues grow or spending is reined in, the gap between what clubs earn and what they spend may keep widening.
