The Welsh Rugby Union (WRU) has announced a loss of £5.3m in its annual report, which it says is a result of the Covid-19 pandemic.
WRU turnover in 2019-20 was £79.9m, down from £90m in the previous year.
The report covers the year ending 30 June, 2020 and interim chief executive Steve Phillips saying the pandemic’s full impact is not yet known.
There could be £35m income loss if all autumn and 2021 Six Nations matches are played behind closed doors.
“We have robust banking facilities but 2020-21 is when the full impact of this pandemic could be felt,” said Phillips.
The report reveals the cost of postponing the 2020 Six Nations clash with Scotland at the Principality Stadium in March.
It outlines 78% of income is derived from staging Wales international matches and related commercial activities.
The Scotland postponement amounted to a £8.1m match income deficit and the loss was also influenced by other postponements such as Judgement Day and a Rammstein concert.
“We expected to show a break-even result for the current year and were on track to achieve this up until the business and economic disruption caused by the pandemic,” said former WRU finance director Phillips.
“Its impact has meant an unanticipated loss, but we expect to be able to retain profits over the medium term to offset this loss and return net assets to previous levels.
“The group has a healthy business, with strong balance sheet and adequate liquidity, and immediate measures were taken to reduce costs and protect our financial position.
“We can be proud of what we have achieved so far and, under present circumstances, only making a £5.3m loss can be viewed positively.
“There is hard work ahead as we navigate uncertainties arising from the current pandemic.”