The New Zealand rugby Union attributes its $9.4 million loss to hosting the World Cup and to the new funding and financial help for provincial unions and Super Rugby franchises.
The result's slightly better than anticipated - it's a $6.5 million improvement on 2009's loss.
Chief executive Steve Tew says the global recession's not over and the board's anxious about the deteriorating finances of provinces and franchises.
Hosting the World Cup accounts for about $6.4 million and about $2 million of the $3 million operating deficit is due to increased funding to provinces, a $340,000 grant to the Highlanders and a $300,000 loan to the Chiefs.
But he says at least there's an upside to the predicted post-World Cup loss of experienced players such as Brad Thorn, Mils Muliaina and Luke McAlister as next year's All Black budget's expected to be down about a million dollars.