Welsh rugby crisis: Cardiff aim to 'unlock' funds to form squad for next season

Richard Holland addresses the media at a Cardiff press conferenceHuw Evans agency

Richard Holland became Cardiff chief executive in 2012

Cardiff are trying to "unlock" funds to ease financial pressures amid Welsh rugby's ongoing crisis to ensure they have enough players for 2023-24.

Chief executive Richard Holland told Cardiff fans about the initiative in a newsletter.

There are reports Cardiff players on wages up to £250,000 have been offered new deals as low as £30,000 a year.

Holland hopes for "an uplift in capital investment" and "transition" funding via the Professional Rugby Board (PRB).

"We are trying to unlock transition funding through PRB and are exploring other means individually to raise capital - I will be sending communications to our shareholders on this matter in the coming weeks," wrote Holland.

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"If we can achieve an uplift in capital investment then it will allow us the capability to contract the required amount of players to construct a squad for next season."

Wales and British and Irish Lions backs Liam Williams and Josh Adams - two of Cardiff's bigger earners - are among those linked with moves that would take them out of Wales.

Scarlets head coach Dwayne Peel said they are making formal contract offers as a signed-off, long-form agreement involving the Welsh Rugby Union and the nation's four regions inches nearer.

A long-form agreement was given to the regions last week with the PRB agreeing to lower the 60-cap rule to 25, and give Welsh Rugby Players Association (WRPA) chief executive Gareth Lewis a seat on the PRB, a committee that runs the professional game in Wales and which includes representatives of the regions and the WRU.

"We now find ourselves in a hugely significant moment for the future of Welsh rugby as a whole and there may still be some short-term pain, but we have the opportunity to effect positive, lasting change," Holland added.

"Alun Jones (Cardiff chairman) and I addressed our entire squad and rugby department where we gave a very honest presentation of the new financial model and the impact it will have on our business.

"The current reality is we have a limited amount of funding available after our existing liabilities to be able to contract players and coaches.

"Simply there is not enough money to do that currently."

Holland also hopes a series of meetings this week will conclude with the Cardiff board signing the long-form deal on Friday, 3 March.

"The board fully accept this deal is not perfect, but will ensure our survival and from there we can begin to rebuild," said Holland.

"The delay in getting a deal done has put a lot of strain on the company and we remain enormously grateful to our life president Peter Thomas for his continued support.

"We have said in the past that we would not be here today if it were not for Peter's generosity and that unwavering support continues.

"We have enormous sympathy with the players and coaches who find themselves in the middle of this crisis. We are all human and like us they have mortgages to pay and families to provide for.

"But as a number of them have now pointed out, their threat of strike action [for Wales' game against England in the Six Nations] was not about how much they earn, but the fact that we have not been able to offer contracts due to the delay in reaching an agreement with the WRU."

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