“Rugby has challenges… but within Wales we’ve got so much passion for rugby and there’s so much interest, we’ve got a great opportunity with the stadium – which I think is the best rugby stadium in the world – so I think we’re in a good place.
“We recognise we’ve underinvested in a number of areas over a period of time, certainly underinvestment in our pathways, in our coaching programme and coaches, in the women’s game.
“There’s a number of areas that we’ve identified we need to invest more for the long-term health of Welsh rugby.”
He added: “We also recognise with the clubs, it’s becoming increasingly expensive to run professional rugby clubs, the costs are going up.
“So it’s trying to balance funding those clubs correctly so that they are geared for success, but also enabling us to invest in those areas that we believe we need to invest in for the long-term health of Welsh rugby.”
Marshall, originally from Pembrokeshire and the former Bristol Sport group chief executive, was appointed in September 2025 and started in post on 3 November tasked with improving the WRU’s finances.
The WRU had taken out an £18m Covid support loan from the Welsh government in 2022, for which it subsequently appealed for an improvement in terms.
But a new £55m debt refinancing package agreed in January – via banks HSBC and Goldman Sachs – will see the Welsh government loan and a separate commercial loan paid off.
“The new financing deal we’ve done with HSBC and Goldman Sachs is really positive,” Marshall said.
“We’ve reduced our interest rates we were paying, we’ve got a greater facility, a greater flexibility.”