HUGH MCCAUGHEY HAS revealed that Ulster Rugby will end the year with a financial deficit of between £2.5m and £3m.

The newly permanent CEO, who took over on an interim basis last March, expects the province to break even by 2027.

“We will finish the year somewhere between £2.5m and £3m in deficit but we have agreed a financial plan which we have confidence in and which will return us to stability and break even within two to three seasons,” he told the BBC.

“It’s built around the strategy which we want for rugby. We’re confident we can generate the income. We have the support of our sponsors, the support of our fans, and it’s built in on that.

“It gives us our budget for our professional team that we’re confident with and gives us that stability.

“The projections we’ve seen, even over the last two to three months, gives us the confidence that we’re on track to deliver this plan. It’s not a slash-and-burn plan.”

McCaughey is reportedly confident of finding a principal sponsor to replace Kingspan, who will end its partnership with the province by June 2025.