Professor Dylan Jones-Evans has undertaken an analysis as part of an alternative strategy for the future of the game in Wales
Welsh rugbyy.(Image: 2025 Getty Images)
Welsh rugby is far more than a sport – it is a national economic asset, but for far too long, the debate around Welsh rugby has been framed as if it were simply about results on the pitch, boardroom rows, or the latest financial crisis at the Welsh Rugby Union.
But the evidence now makes clear that this is much bigger than that, and Welsh rugby is not just a sporting institution; it is one of Wales’s most significant national economic assets.
Recently, Rob Regan, who is currently working on an alternative strategy for Welsh rugby, asked me to examine its economic impact on the nation. While most of the data was available, some had to be extrapolated from other sources because various organisations here in Wales had not conducted the necessary research. Nevertheless, the overall results are striking, and for the first time, we now possess information on this important subject.
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The available data indicate that Welsh rugby provides a direct annual economic impact of at least £225m and up to £250m through the professional game and matchday activity alone. When a cautious estimate for the grassroots game is included, this amount increases to between £240m and £270m. Furthermore, if the broader social and well-being benefits of the community game are considered, the total national value of Welsh rugby could plausibly range from £370m to £430m annually.
That matters because it shifts the conversation, as it is no longer solely about whether Welsh rugby is managed well enough to win matches, but about whether a nationally significant asset is being adequately protected.
At the core of the direct economic case is the professional game. The Welsh Rugby Union (WRU) had a turnover of £106.1m in 2024-25, while the broader regional professional game is estimated to add another £40m to £60m annually. Together, this creates a direct professional rugby economy of approximately £150 million each year.
But the true significance of Welsh rugby goes far beyond the WRU’s balance sheet. International matches at the Principality Stadium generate one of Wales’s strongest visitor economies, with each major home international contributing approximately £10.5m to £11m in matchday economic impact at current prices. This results in an annual visitor economy of about £63m to £66m from six major fixtures. Of course, this does not include income from other events hosted at the stadium, such as concerts.
Crucially, much of this is new money entering Wales, with about 35% of visitors coming from outside Wales, and their spending accounts for around 70% of total economic output. It is also worth noting that the WRU is apparently holding a more recent report on the stadium’s impact from last year and has yet to publish it, so this estimate could be revised once it finally does.
That is why the stadium is so important, as the Principality is not just a venue but a key gateway for outside money into the Welsh economy. Data indicates it supports around one in ten tourism jobs in Cardiff and also sustains hospitality, retail, and broader city-centre activity. Building a replacement stadium to similar standards today would probably cost close to or over £1 billion, making it effectively irreplaceable.
Then there is the issue that few public discussions have properly addressed, which is Welsh rugby’s “hidden” asset base. The WRU’s share of the retained commercial interest in Six Nations Rugby Limited is estimated to be worth between £500m and £570m.
That value does not appear transparently in the way most people understand a balance sheet, but it is real in economic terms. It originates from the CVC deal in 2021, which implied a valuation of about £2.55bn for Six Nations Rugby, with later estimates suggesting the competition might now be worth between £3.5bn and £4bn. On that basis, the WRU’s effective economic interest is substantial.
The Wales rugby brand is valued at around £109m in 2023, but that figure should probably now be seen as a ceiling rather than a current valuation, due to Wales’s decline on the field over the past three years. This also indicates that the worth of Welsh rugby’s commercial assets is not assured but relies on maintaining competitiveness, public trust, and a healthy development pipeline.
And that is where the findings become most uncomfortable, as despite all the large numbers associated with Welsh rugby, community rugby remains underfunded. The grassroots game is described as the foundation upon which the professional game, the national team, the brand, and the matchday economy all ultimately depend.
Yet the WRU directly allocates only £3.3m of its own funds to community clubs and affiliated organisations, around 3% of annual revenue. Even when the wider community rugby department is included, spending remains modest compared with the economic and social value grassroots rugby appears to generate.
That imbalance lies at the heart of the argument, and the report emphasises that Welsh rugby’s governance issues are inseparable from its economic challenges. They are one and the same problem. If the community game continues to weaken, the pathway becomes narrower. A narrower pathway leads to poorer national performance, which in turn results in declining audiences, weakened brand value, and reduced commercial worth of Welsh rugby’s stake in the Six Nations.
Hence, the key conclusion is unavoidable. Welsh rugby is not just a sport facing significant difficulties, but a vital national asset under pressure, with its economic value encompassing the visitor economy, regional development, the community club network, and Wales’s international profile. Once these assets diminish, many of them cannot be easily restored.
The question, therefore, is no longer whether Welsh rugby has economic significance, as the evidence shows it does, but whether the current structures and management can protect something so vital to Wales before further damage occurs.
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