The recent Rugby's Greatest Rivalry series between the Springboks and All Blacks has not only been a success on the field but also a long-term financial stabilizer for the two stressed unions. The series, which was hosted in South Africa in August and September, saw the Springboks win 3-1. This victory has significant implications for the financial future of both unions. According to Saru chief executive officer Rian Oberholzer, South Africa is unlikely to ever host the Rugby World Cup again due to financial constraints.
New Zealand Rugby's finances are also under pressure, with a confidential internal document forecasting a NZ$27-million net loss and cumulative losses of NZ$66-million from 2027 to 2031. The document describes NZR's financial model as "clearly unsustainable." Despite posting record income of NZ$304.2-million in 2025, NZR still lost NZ$7.5-million. The financial struggles of both unions have led to a renewed focus on the Rugby's Greatest Rivalry series as a vital source of revenue.
The Rugby's Greatest Rivalry series is set to become a four-yearly cash injection for both unions, with the series to be played in a similar time slot in New Zealand in 2030 and then continuing on a home-and-away basis every four years after that. The 2034 tour in South Africa has been agreed in principle, although the contracts for that tour have not been signed. This series has become a World Cup replacement for South Africa and New Zealand, providing a much-needed financial lifeline.
According to Oberholzer, World Rugby must take the World Cup to where they can make the most money, and it's unlikely that South Africa will be able to compete with other countries in terms of financial guarantees. The Rugby World Cup is the only revenue stream for World Rugby that must fund the whole ecosystem, and all members get some funding out of a Rugby World Cup. This makes the Rugby's Greatest Rivalry series a crucial alternative revenue stream for both unions.
The Baltimore Test alone earned Saru roughly R90-million more than a home fixture would have, on top of a projected R170-million to R200-million in ticket sales from the full eight-match series against the All Blacks. NZR also made close to NZ$9-million in Baltimore, a record payday. These figures demonstrate the significant financial benefits of the Rugby's Greatest Rivalry series for both unions.
Saru's group revenue rose 29% to roughly R2.02-billion in 2025, with sponsorship overtaking broadcast income for the first time in the professional era. The union is debt-free and received an unqualified audit. However, Saru still posted a pre-tax loss of R40-million, about R33-million after tax, and group liabilities exceeded assets by R84-million. In contrast, New Zealand's financial struggles are more pronounced, with a shrinking market and a shrinking audience.
The Rugby's Greatest Rivalry series has become a key part of both unions' commercial strategies, providing a much-needed cash injection and a stable source of revenue. With the series set to continue every four years, both unions can look forward to a more stable financial future. The series has also allowed both unions to explore new audiences and territories, with Oberholzer stating that taking the Springboks to new audiences and territories is a key objective.
Key points
- The Rugby's Greatest Rivalry series has become a crucial financial lifeline for both South Africa and New Zealand Rugby unions.
- The series is set to continue every four years, providing a stable source of revenue for both unions.
- The financial struggles of both unions have led to a renewed focus on the series as a vital source of revenue.
