The financial challenges facing the Hurricanes have been laid bare by a NZ$700,000 (FJ$931,000) loss in 2024 and a forecast of a further deficit this year. The losses follow a NZ$1.4 million (FJ$1.86m) deficit in 2023 and the Super Rugby club has turned to existing shareholders for an additional NZ$1m (FJ$1.33m) in capital as it works through a plan to return to positive financial territory in the 2026 year and beyond. “We’ve taken a five-year view with the capital raise,” Hurricanes chair Iain Potter told The Post on Tuesday. “It’s not the sort of thing we want to go back every year and ask for another NZ$250,000 (FJ$332,584). “You’re better off to go and say, ‘We need NZ$1 million (FJ$1.33m), we’ve got a plan, let’s get on with it’.” The Hurricanes are owned by the Wellington Rugby Football Union (50%), the offshore investors Y11 Sport & Media Group (34.38%), Coastlands chief executive Richard Mansell (12.5%) and Horowhenua Kapiti Rugby Football Union (3.12%) “The invitation went to all existing shareholders and the shareholders have until close of business this Friday to advise of their intentions to participate,” Potter said. “Everyone has advised that they wish to participate except for Wellington, who haven’t responded yet. “We’re raising NZ$1m (FJ$1.33m). That’s prudent because we’ve run three losses – we’re going to run a loss this year – and we’re going to be plus or minus NZ$100,000 (FJ$133, 033) next year – could be minus. “We need to maintain a reasonable cash reserve for us to operate comfortably. “… As I say, the shareholders have been wonderfully supportive. “We’re just waiting for WRFU. It’s not that they are not, it’s just that they’re in a difficult position to be supportive [after a loss of NZ$1.18m (FJ$1.57m) in 2024].” If the existing shareholders don’t take up the share offer, Potter said they would be offered to external investors on the same terms. The Hurricanes plan to diversify their revenue streams in coming years, with Potter raising the possibility they could take some preseason fixtures offshore in a bid to access those markets. Their bottom line has been hammered since 2023 by lower gates and increased costs – including their tenancy at the “world-class” NZCIS facility in Upper Hutt. Potter also said the cost of running professional rugby teams had increased, with the Hurricanes looking after a group of 50-plus players at any one time due to a 38-man full squad, wider training group members, younger players and replacement players. “My analogy is the cost of Formula 1,” Potter said. “Do you want a Formula 1 car that’s competitive in today’s Super Rugby grand prix? “You have to have all the bits and pieces that make that car as competitive as everyone else – the squads have got bigger and all the resource that goes with it has got bigger. “So, costs have gone up, live audiences have gone down, and commercial support hasn’t grown sufficiently to fill that gap.” Potter noted that a relatively meagre crowd of just 9000 turned up to watch the Hurricanes beat the Waratahs in Wellington last Friday, while the home game against the Blues drew only about 12,000. A decade ago the Waratahs game would have drawn 14,000-15,000, while the New Zealand derbies would have attracted 20,000-plus. Potter believed the current Super Rugby “spectacle” was the best it had been in a long time, but the previous connection between the New Zealand public and the competition had been lost. “Gate is a problem,” he said. “We’re aware that the public has fallen a little bit out of love with Super. Bums on seats for everyone are poor.”