Reds to tackle €1m deficit

Munster Rugby chief executive Garrett Fitzgerald last night promised a programme of “cutbacks and savings” as the Munster Branch unveiled a projected deficit of more than €1 million for the year ending June 30, 2012, at its Annual Delegate Meeting in Cork.

In April, Fitzgerald predicted a six-figure loss to the Irish Examiner but has seen the estimated figure creep up to €1,052,000 as the province has battled lower than expected attendances during the World Cup last autumn, a higher than expected hike in interest rates on its repayments to the Irish Rugby Football Union on its loan to redevelop Thomond Park and the lack of income-boosting concerts at the Limerick stadium.

“We always knew it was going to be a difficult year and we predicted a loss,” Fitzgerald said before the AGM at the Sunday’s Well clubhouse in Musgrave Park.