PREM Rugby’s £34m black hole — is financial sustainability in sight?

A year on from our last review, we to take a fresh look at the state of rugby’s finances to see what progress has been made and which challenges remain.
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AuthorsIsobel Netherwood
6 min read

Image credit: CURIOS, stock.adobe.com
The Milano Cortina 2026 Winter Games arrive at a moment defined by significant structural, environmental and organisational change for global winter sport. With historic developments across venues, scheduling, sustainability and programme evolution — as well as mounting climate‑driven pressures affecting long‑term host viability — the Games are already signalling how future editions may need to adapt.
Here, Isobel Netherwood examines how these developments are shaping the Games and what they mean for the future of winter sport.
The Milano Cortina 2026 Winter Olympic Games introduce several historic developments while embracing a modern, sustainability-led hosting model. The event is the most gender-balanced Winter Games to date with women representing more than 47% of athlete places and a record 50 women’s events included in the programme. This marks a notable progression from Beijing 2022 where the female athlete allocation stood at 45.4%.
Geographically, the 2026 Games breaks new ground. For the first time, the Winter Games is being co-hosted by two cities — Milan and Cortina — spanning multiple regions and forming the most geographically widespread Winter Games in history. This multi‑hub structure makes strategic use of existing world‑class venues across northern Italy, reinforcing a commitment to decentralisation and long-term sustainability.
Domestic sporting bodies are playing an active role in supporting preparations, including the Lega Serie B initiative that's contributing to promotional and operational efforts around the Games.
The 2026 Paralympic Winter Games will introduce several landmark developments that reflect both heritage and innovation. The Opening Ceremony will take place in the Arena di Verona, a 2,000‑year‑old amphitheatre that'll become the first UNESCO World Heritage site ever to host a Paralympic opening event.
Milano Cortina 2026 also marks a moment of celebration: the 50th anniversary of the first Winter Paralympics and a meaningful return to Italy, two decades after Torino 2006. The programme continues to evolve with the introduction of wheelchair curling mixed doubles as a new medal event. This addition showcases ongoing efforts to broaden the diversity and inclusivity of Paralympic sport, ensuring that the Games continue to grow in reach and representation.
Sustainability is central to the planning of Milano Cortina 2026, drawing clear parallels with the legacy of Cortina 1956 where a defining feature of the Games was the decision to work with existing community resources rather than constructing extensive new infrastructure. Athletes were hosted in local hotels and family homes, demonstrating an approach which prioritised long-term regional benefit and made use of hospitality capacity already in place. Today, this mindset is echoed through the extensive reuse of existing venues, with 85% of competition sites already established. The result is a hosting model that focuses investment where it's genuinely needed and ensures alignment with local communities while reducing environmental impact.
The infrastructure and economic strategy behind the Games reflects a coordinated national effort to deliver both immediate and long‑term value. Italy has positioned Milano Cortina 2026 as a catalyst for accelerating essential infrastructure upgrades, describing the event as a driver of major mobilisation across transport, regional connectivity and sporting facilities. Forecasts point to revenues exceeding €5.3bn against €3.5bn of public investment, signalling a strong return and a meaningful stimulus for regional development.
The Games are supported by newly built venues, restored historic sites and upgraded Alpine facilities — all delivered within an operating budget of between €1.7 and €1.9bn and contributing to a significant economic impact.
From an environmental and sustainability standpoint, the Games have been designed as a model of circular and resource‑efficient hosting. Plans emphasised the use of renewable energy, avoidance of unnecessary construction and a wider commitment to reducing disposable materials. The approach supports long-term regional development with particular emphasis on strengthening transport networks, enhancing ecotourism and ensuring year-round usability of facilities. Independent analysis reinforces this integrated legacy approach, noting that Milano Cortina 2026 supports and benefits from broader development plans across Milan, Lombardy and Veneto with the Games leaving a lasting social, economic and environmental impact.
The long‑term viability of hosting the Winter Olympics and Paralympics is becoming increasingly uncertain. Alpine regions that once relied on consistent seasonal patterns now face shorter and less dependable winters, placing significant pressure on winter tourism economies, local services and year-round livelihoods. These shifts underscore the complex environmental challenges facing current and future host locations.
Global research underscores the scale of the issue. A recent analysis of 93 potential Winter Games host locations found that — under current climate policies — only 52 would remain reliably suitable for the Winter Olympics by mid-century. The outlook is even more challenging for the Winter Paralympics which traditionally take place later in the season. Under the same conditions, only 22 locations would remain viable. Researchers suggest that shifting the Paralympics earlier into the last week of February could increase the number of capable host locations from 22 to 38, illustrating how adaptive scheduling may be crucial to preserving future hosting options.
Growing evidence also suggests that warming winters are reshaping the essential conditions required for safe and competitive winter sport. Organisers and athletes are increasingly confronting inconsistent snowfall, greater reliance on artificial snow production and disrupted competition calendars. These pressures are prompting wider conversations about how winter-sport environments — and the major events that depend on them — must adapt through more resilient infrastructure, earlier scheduling windows and long-term environmental planning to ensure the continued viability of global winter competitions.
Now that the 2026 Winter Olympic Games are underway, businesses across sectors — including tourism, hospitality, sport, real estate, construction, sponsorship, media and beyond — are navigating an evolving commercial and regulatory environment. With heightened scrutiny on sustainability commitments, increased reliance on existing venues and growing operational pressures linked to climate variability, the Games are presenting both opportunities and complex obligations for organisations.
National governing bodies and winter‑sport organisations are also responding to shifts in scheduling, infrastructure planning and long‑term venue viability. These developments raise important considerations around athlete pathways, event certification, season planning models and the wider strategic implications of how winter sport adapts to changing environmental conditions.
Major events of this scale bring a range of legal and commercial considerations.
Our specialist sports law team advises across the full range of considerations, including:
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