WRU close to new deals

The Welsh Rugby Union are close to receiving a double boost as they look to ease their debt, which stands at around £70m (€104m).

The WRU has won permission from the Millennium Commission to sell part of the naming rights to the world-famous Millennium Stadium.

This means the word ‘Millennium’ would remain but be preceded by the name of a sponsor.

Chief executive David Moffett is also close to clinching a deal with Barclays Bank and BT to reschedule repayments on loans made to the governing body and make the interest payments more affordable.

The union hope to make a formal announcement on their improved financial outlook before the end of the month.

Union chairman David Pickering told the South Wales Echo: “We are in the midst of negotiating a final settlement with Barclays Bank and BT.

“There has been a lot of goodwill shown by all sides so far in the talks. We are confident the hard work put in on this most important of issues will bear fruit.

“As far as the naming rights are concerned, relations have definitely improved between ourselves and the Millennium Commission.”