Business of Sport
Is English club rugby facing a make-or-break moment?
Leonard Curtis outlines its latest Rugby Finance Report findings on new episode of Sport, Structured podcast.
Former England U21 rugby player and Leonard Curtis director Alex Cadwallader welcomes Prem Rugby’s move to a franchise-style model, but stresses that challenges remain.
The latest episode of the Sport, Structured podcast, launched this week, marks the launch of the third edition of the Leonard Curtis Rugby Finance Report, as host James Cooper asks whether English club rugby is facing a make-or-break moment.
To discuss the key findings of the 2026 edition, James is joined by regular guests Alex Cadwallader, former England U21 rugby player and now a Leonard Curtis director, and Prof Rob Wilson, co-author of the report and Provost at University Campus of Football Business (UCFB), plus, new to the show, Dr Ellie Nesbitt, senior lecturer in sport management at Nottingham Trent University and an expert contributor to the report.
The discussion covers the impact of the report since its first edition, the switch to a franchise-style model for Prem Rugby and the new investors coming into the game, as well as what the latest financial data tells us about the state of the sport.
Combined loss of over £30m per year
Cadwallader – who played for Newcastle, Bristol, Newport and London Welsh over a 10-year career – said: “The findings in our latest report show Prem Rugby sides have continued to make a combined loss of over £30m each year and highlight the significant challenges that remain within the game.”
He added: “In our report last year, we mapped out how a franchise structure might have a positive impact for Prem Rugby and I’m pleased to see they are going in this direction and appear to have followed some of our suggestions.”
Prof Wilson commented: “The move towards a franchise-style model is an encouraging development for English rugby, and provides a welcome step for beginning to solve the game’s financial challenges.
“Our analysis continues to show a sport where ambition consistently outpaces commercial performance, with rising wage bills, mounting debt and an enduring reliance on owner investment.”
Red Bull takeover of Newcastle: A litmus test for Prem Rugby?
The episode also examines why Red Bull’s takeover of Newcastle could be a litmus test for Prem Rugby, the potential impact of the league’s new £5.4m salary floor, what Eddie Hearn’s growing influence could mean for the sport, and how the changes in the top-flight may affect the rest of the pyramid.
In addition, the guests explore the Digital Footprint Index for Prem Rugby clubs included in the Leonard Curtis report and the opportunities it highlights, the latest developments in women’s rugby, and fresh analysis of competitive balance trends across both the men’s and women’s game.
Weakest competitive balance score for over a decade
Dr Ellie Nesbitt, who conducted the competitive balance analysis in the report, said: “The assumption is often that a league is healthy if different teams keep winning titles. What our analysis shows is that the picture can be much more complicated.
“In Prem Rugby, the 2025/26 season produced the weakest competitive balance score for more than a decade, suggesting the gap between the leading clubs and those at the bottom of the table has widened, regardless of the variety of champions in recent years.”
She added: “In contrast, PWR recorded its most competitively balanced season since the league’s launch in 2017/18. However, that headline figure should also be treated with some caution. While overall competitive balance is improving, Leicester Tigers were unable to record a single league victory during the 2025/26 season, highlighting the disparities that still exist between clubs.”
Podcast series produced at UCFB
The seventh episode of the Sport, Structured podcast, is available on major streaming platforms including Spotify, Apple Podcasts and YouTube.
The Sport, Structured series is produced in collaboration with a talented team of broadcast and media students at UCFB in Manchester and Wembley, directed, filmed and edited at their world-class studio facilities.
Fans interested in what goes on off the pitch in this informative podcast series can tune into the first seven episodes including the latest one here.
Developed for business leaders across the sports and finance industries, as well as fans, journalists and other stakeholders involved in sport, the podcast series explores why so many clubs and leagues continue to experience financial fragility, blending expert insight with real-world stories and actionable takeaways.
Each episode aims to help listeners understand the complexities of sporting structures and what makes a sustainable model.
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