The new figures show investment in Welsh rugby in 2023 increased to 65.3m, up 2.4m on the previous year.

The WRU say changes to profit and loss figures for the past two years are down to "technical reasons".

"For technical reasons the groups recorded loss in 2023 and profit in 2022 are different after fair value movements in the options and investments associated with CVC Capital Partners transactions with the Six Nations, where the group is a shareholder," said the report.

"The WRU has a stated policy of maximum reinvestment into the game annually, rather than retaining profits."

Tierney added that the changes are not a concern.

"These adjustments are historical and there is little effect on our on-going business due to restatements made.

"They are set firmly in the past and do not impact the trading performance of the group.

"We should also note that we are not alone as a rugby union in this, with other unions around the UK and overseas in similar positions."