England's worst Six Nations of the professional era has landed the Rugby Football Union with a bill to match. The union expects a total net loss of £10m for the financial year ending June 2026, according to a Guardian report published on Wednesday.
Steve Borthwick's side won one match in the 2026 championship — the opening-round victory over Wales — then lost four in a row, including a first-ever defeat by Italy. Fifth place, a year after finishing second, cut the prize money England banked and left the RFU describing the campaign as "hugely disappointing".
The numbers underneath are stark. The union expects an underlying loss of £4m and a total net loss of £10m, down from an underlying profit of £8m and a total loss of £2m the previous year.
RFU chief executive Bill Sweeney has insisted the union has "continued to perform in line with our plans despite significant headwinds". The RFU is framing the £10m figure as a "continued improvement in financial performance", pointing to a 50% rise in sponsorship revenue since 2024 and a new deal, expected to be announced shortly, that will put a sponsor across the back of England shirts. The union claims that will give it the largest sponsorship revenue in world rugby, ahead of France and New Zealand.
Insiders quoted by the Guardian argue the Six Nations flop is not the main culprit. A "light calendar" matters more: England hosted only two home Tests during the championship, and men's matches at Twickenham account for roughly 85% of RFU revenues. Without an extra autumn fixture against Australia squeezed in last November, outside the official Test window, the position would have been worse.
That reliance on one stadium explains the union's other preoccupation. Allianz Stadium is currently permitted just three major non-sporting events a year, with a 55,000 crowd cap and no consecutive event days. Wembley can host 54; Tottenham Hotspur Stadium 30. The RFU submitted a planning application to Richmond Council in June seeking a phased rise to eight events over a maximum of 15 days by 2029, having been knocked back last September after hundreds of residents petitioned against an earlier version.
"More concerts in Twickenham will generate tens of millions of pounds each year for the local and national economies, and hundreds more jobs here in south-west London," Sweeney said when the plans were unveiled.
"Bringing the world's biggest artists here to Twickenham will also secure the £500 million of funding we want to invest into rugby over the next five years."
A decision is expected in October. The application itself will cost up to £2m.
The RFU carries no bank debt but will need a loan — and council approval to take one — to fund its £660m stadium overhaul. The year ending 2027 is expected to be healthier. The year ending 2028 will be the worst of the cycle, absorbing the costs of the 2027 World Cup in Australia and the loss of autumn internationals at Twickenham.
Borthwick survived. After the Italy defeat Sweeney gave him a heavily qualified endorsement, and the coach kept his job following a formal review of the campaign.
"After a 12-match winning run, these past three results have been hugely disappointing, and we feel that just as much as everyone else," Sweeney said in March. "Steve and his coaching team are working tirelessly to make improvements, and we remain fully committed to supporting them and the players."
Concluding the review, Sweeney added: "This has been a thorough and honest review, and it is clear that improvement will come from addressing several areas rather than chasing one simple answer. Steve has engaged in this process with full openness and has clear plans in place to address these findings."
Captain Maro Itoje took the blame off the coaching staff at the time. "The coaches set us up to do well," he told the BBC's Rugby Union Weekly podcast. "We, as players, have to take responsibility. I am happy with how we are set up and ultimately it is us, myself as captain and the guys on the field who have to take responsibility for our performances."
The calendar that the RFU says is too light is, from the players' side, punishing. England number eight Ben Earl came out of July's Nations Championship leg having crossed three continents on successive weekends for 25,000 miles of travel.
"It's been brutal, there's no two ways about it," Earl said. "We've been speaking about it — why would we not all be playing in one country? So you just don't travel, you go to one nation and have that festival feel."
"I'm not paid to make those decisions but it has been tough. It's been tough coming at the end of what's been quite a long season anyway for most of us."
Earl does not expect relief: "It has seemed a bit weird but it's just something we're going to have to get used to because I think it's just the beginning."
England next play Australia on 8 November, in the autumn leg of a competition whose final is scheduled for Twickenham on 29 November — a home fixture the RFU's balance sheet badly needs.
