KEY POINTS:
The exact state of the NZRU's finances will be revealed today when it throws open its books at its AGM.
Chief executive Steve Tew and chairman Jock Hobbs were to present the annual report in Wellington this morning. The report will reveal how much of the union's $77m in reserves have been swallowed up by the need to bring the money back to New Zealand at an unfavourable exchange rate.
Last year's report warned of a loss if the New Zealand dollar stayed above 66c, which it has. Some predict the loss could be as much as $10m.
After three years of bumper profits, a second consecutive loss would be bad news for struggling provincial unions such as Bay of Plenty and Northland, which have incurred substantial losses through competing in the revamped national championship.
Tew has already warned that no bail-outs for cash-strapped unions would be forthcoming.
Today's report should also clarify the extent of the loss incurred during the World Cup. Notwithstanding Doug Howlett and co's bar tab, the figure should be much lower than some that have been bandied around, almost certainly in the hundreds of thousands rather than millions.
That won't include the opportunity cost of having failed to win the World Cup and being able to market the All Blacks as world champions.
Another fascinating aspect of the report will be how the NZRU grades itself. Typically, the annual report awards marks for performance based against goals set the previous year.
With key goals last year such as winning the World Cup, increasing player numbers and turning around the fortunes of the ailing national championship not having been achieved, it is hard to see how the game's governing body could award itself many pass marks.
Then again, referee numbers are up and by all accounts last month's talk-fest in Wellington was a raging success, so anything is possible.
It is unlikely the report will contain any solutions to issues such as the future of the national championship, Super Rugby and the test match calendar. Rather it will likely note that these are the major issues facing the game this year.
The first major moves on those fronts will likely come in August when a review into the future of the national championship is due to be completed.
