Rugby is a tough business.
That is essentially the outcome of the 40-page report from Deloitte on the financial health of New Zealand Rugby.
New Zealand Rugby (NZR) reported a deficit of $1.9million and an overall reduction in equity of $17million in the 2018 financial year.
The loss came despite the organisation raking in $189.5million in revenue - the second-largest income it has reported.
Deloitte said NZR still had a strong financial position to build upon in the upcoming years, with net assets of $104million.
Collectively the Mitre 10 Cup rugby unions posted a healthy surplus of $1.2million in 2018.
The result is down on the previous period's high water mark of $3.8million. That was achieved off the back of the British and Irish Lions tour to New Zealand.
Total revenue fell 6% from $79.2million to $74.5million in 2018. Grants and sponsorship accounted for 77.6% of total revenue, with gate takings and match revenue coming in at 12.2%.
However, while revenue declined, total expenses were also down. They fell by $2.4million to $72million.
Ten of the 14 unions achieved a surplus, including Otago ($96,598).
Deloitte said prudent financial management would remain paramount for Mitre 10 Cup union administrators this year.
"Revenue levels may decrease, as match-related income is expected to fall due to the competing interests between the Mitre 10 Cup and the Rugby World Cup throughout September and October," the report stated.
The number of player registrations for the Mitre 10 Cup unions grew by 1145 to reach a total player pool of 132,895.
The report also looked at the financial performance of the Heartland Championship unions. They continued their trend of surpluses, posting a collective surplus of $410,000.
Financially, the combined balance sheets of NZR, the Mitre 10 Cup unions and the Heartland unions showed a trend of increasing equity.
"But change is constant, and with evolving societal demands, keeping up with the play is vital for the future of the nation's favourite game."
