It is a third successive loss for the governing body of the nation’s most popular sport following a NZ$8.9 million deficit in 2023 and a NZ$47 million loss in 2022. NZR blamed the loss on foreign currency hedging on sponsorship revenue and increased commercial investments but said its NZ$174.5 million reserves reflected a strong cash position. “Achieving a new high watermark of NZ$285m income, healthy commercial revenue streams in what is a difficult international operating environment, and reinvesting into the game at all levels, are grounds for optimism,” NZR chairman David Kirk said in a statement. “NZR retains an incredibly strong balance sheet which is vital for rugby in New Zealand and its ability to weather any major shocks.” The settlement the body reached with INEOS last month after the British-owned multinational conglomerate pulled out halfway through its six-year sponsorship deal had no impact on 2024 revenues, NZR said.