It's game on' for launch, says rugby's breakaway R360 league but how ready is it really? | Matt Hughes

"R360's decision to withdraw its application for sanctioning by World Rugby this month, as revealed by the Guardian, was the first significant setback for the planned breakaway league, which had appeared to be developing unstoppable momentum. More than 160 players have signed pre-contract agreements with the proposed new competition, which is offering annual salaries of up to 740,000 for a 16-match season, with 75% of the potential recruits having played international rugby within the past two years, and at least 10 of them for England."

"In response, the co-founder Mike Tindall released a video in which he claimed it is very much game on for the new competition to launch in October next year. However, gaining World Rugby approval at its next council meeting in June will be just the start for R360, which is under the microscope about whether the proposition stacks up financially."

"About 40 leading internationals have been promised the top 740,000 salary, including some from other codes such as the rugby league stars Roger Tuivasa-Sheck and Ryan Papenhuyzen, offers that will incur huge start-up costs and require immediate and significant revenue generation. R360 has secured seed-funding from the Switzerland-based investment company Albachiara Group, but will require further investment moving forward. An R360 sales deck sent to potential investors, obtained by the Guardian, provides some insight into the extent of the project's ambition and the likely business"

R360 deferred its World Rugby sanctioning application after concluding it could not answer all governing-body questions before the council meeting in Dublin. More than 160 players have signed pre-contracts, with 75% recent internationals and at least ten England players, and the competition promises salaries up to 740,000 for a 16-match season. Around 40 players have been offered the top pay, including cross-code signings, creating significant start-up costs and immediate revenue pressure. Seed funding comes from Albachiara Group, but further investment and proof of financial viability are required before launch can proceed.

Read at www.theguardian.com