IRFU chief financial officer Thelma O’Driscoll said that while the union’s deficit is “certainly significant”, it was “anticipated and planned for”.

“We are aiming to make a small cash surplus in the current financial year,” added O’Driscoll.

“Ticket sales for our international matches continue to be strong, with all four games in this year’s Autumn Nations Series sold out. In addition, we had a full take-up of the tranche of 10-year premium tickets which became available earlier in the season.

“Nevertheless, there are significant challenges ahead and although we are not forecasting to be in debt at any time over the next 10 years, we must be prudent when it comes to our expenditure.

“Our focus as a union needs to be on generating new revenue streams and continually reviewing our cost base to ensure that we can continue to support the game at all levels throughout the island of Ireland.”

In addition to reporting net assets of 87m euros (£72.5m), the IRFU noted its enhanced investment in the women’s game, which increased by 2.6m euros to 8.3m euros (£6.9m).

The Ireland women’s team this year secured qualification for the 2025 World Cup and finished second in the WXV1 tournament in Canada.

However, IRFU chief executive Kevin Potts said that without “further additional revenue streams” the union will not be able to maintain current levels of investment across the game in Ireland.

The IRFU’s accounts also show it loaned 969,000 euros (£807,000) to Ulster Rugby for the installation of the artificial surface at the club’s Kingspan Stadium and 10.4m euros (£8.6m) to Munster for the redevelopment of Thomond Park.