The New Zealand Rugby Union says it will be some time before it can generate a significant surplus, after announcing it lost almost $16 million in 2009.
It's the union's largest ever annual loss and it's blaming the global recession for damaging virtually all of its income streams.
Just over $6 million of the loss was due to next year's Rugby World Cup.
A larger than budgeted medical bill of $3 million also contribued to the overall deficit.
The Rugby Union will be bolstered by a share of the $150 million increase in revenue from television rights that it and the Australian and South African rugby unions will receive, but the NZRU's chief executive Steve Tew says that won't solve its financial problems.
He refuses to say what share of the five-year television deal - now worth $615 million - New Zealand will receive.