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‘Modest’? Those RFU reserves are invisible

IT is a pity that the RFU’s response to the figures revealed in this column about the extent to which their reserves of £61.7m in 2011 have been drained to a negative £24.4m in 2019 could not have been penned by a more expert financial witness than the current president of the RFU, Jeff Blackett.
Those figures are a matter of public record. They are taken directly from the RFU’s audited accounts for the years in question. The figures also contradict Blackett’s statement in his letter to The Rugby Paper last week that “the RFU does maintain modest reserves...

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