The union has confirmed that its chairman will stand down at the end of a three year term this summer
Richard Collier-Keywood(Image: © Huw Evans Picture Agency)
When Richard Collier-Keywood took up his role as the WRU’s first independent non-executive chair in the summer of 2023, it was very much positioned as ushering in a new era of open and constructive collaboration between the governing body and its member clubs – and most importantly, the four regions.
He had been approached over the chairmanship of the RFU. However, with his late mum Eirwen hailing from Maesteg, and having always supported Wales while growing up in Nottingham, he was only interested in chairing a rugby governing body whose board meetings were held at the Principality Stadium.
It was never about the money – and the chairmanship of the WRU is a relatively low paid position – for the millionaire . The former managing partner of PwC in the UK, who holds numerous non-executive roles, took on the chairmanship of the WRU with abundant goodwill. And it was needed, as the union, following allegations of sexism and racism made in a BBC Wales investigation, had to rebuild confidence, including, and critically, with its commercial partners.
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An independent review of the WRU, chaired by Dame Anne Rafferty, was established – although its terms of reference did not ask it to make findings of fact about individual allegations aired in the BBC programme or any others.
The union then appointed its first female chief executive, Abi Tierney, having previously been director general for customer services at the Home Office – although she didn’t formally take up the role until January 2024.
In the first interview I undertook with the new chair, he was pretty clear on the future of the regions and that maintaining four appeared to be the right strategy. He said: “We have made the decision that four regions is the right size for lots of good reasons around trying to keep the scale in Welsh rugby, trying to keep the interest in a broader fan base, and having enough nexus here for a very good set of international teams. I am comfortable with that decision, but the question is: can this be sustainable going forward?” The last sentence provided a clear caveat.
To maintain the status quo, the union looked to the regions to sign up to an improved funding agreement, running up to 2030, under the so-called Professional Rugby Agreement (PRA25). The Dragons, and their chair at the time, David Buttress, were always going to sign as it offered an improved central budget compared to the previous PRA23 deal. However, it was the collapse of Cardiff Rugby into administration in April 2025 that proved the catalyst for the breakdown of relations between the union and the Ospreys and the Scarlets. They held out on signing PRA25, citing what they saw as governing body overreach in funding the losses post administration of Cardiff. Despite union confidence that a deal would be struck, it became clear that opposing views were becoming entrenched.
After the collapse of Cardiff, perhaps the union – communicated via its chair and CEO – could have offered some additional finance to assuage the Ospreys and the Scarlets. In discussions I have had with figures from the two regions, whether fairly or not, they described the chairman in a less than positive light.
Speaking to a former partner at PwC who knew the chair, he was always seen as a tough operator who, once convinced of the rationale for a strategy, was not one likely to succumb to pressure and U-turn. The WRU, having acquired Cardiff out of administration had also become its effective benefactor – at a cost of around £2m a year. While not having a region in the capital city might seem crazy, the little matter of a debt of around £9m owed to the union by the collapsed Cardiff Rugby focused minds.
This was something the chairman was all too aware of and was keen to resolve it, by selling Cardiff as quickly as possible. The current preferred bidder for the club, Y11 Sport and Media, would be expected to finance the debt – with room for compromise to get a deal over the line – and to make an upfront payment to at least match the £3m of debt owed the WRU converted into equity.
But perhaps the non-signing of PRA25 was seen as an opportunity for the WRU to shift its position – taking a “never let a good crisis go to waste” approach – to reduce the number of regions, having initially concluded four was the right number. It then proposed the optimum solution of just two, before – after what is described as a robust consultation – settling on three.
Just as an aside, if the Ospreys and the Scarlets had signed PRA25 – or been given more encouragement to do so – it would have protected four teams up to 2030, although that wouldn’t have sheltered them from any from financial collapse.
Some have suggested that the chairman, with implementation via the union’s director of performance, David Reddin, was the driver of change behind the four to three club strategy. While a strong advocate of the strategy, he is not an executive chair, so isn’t there day-to-day like chief executive Abi Tierney – although he took on a more executive role during her illness.
However, drawing on his business expertise, he played a key role in refinancing the WRU’s debt – part of which had been passed through to the regions – with NatWest and the Welsh Government, via a new joint three-year facility with HSBC and Goldman Sachs. It has secured, via PwC, a more favourable combined interest rate than the previous deals, at around 1% less. No doubt, the union has explored an option for a rollover facility with its new lenders after three years.
He had concluded, with some justification, that remaining at four would mean being locked into a commercial doom loop and it just being a matter of time before another club failure – although the union’s plans for three maintains the same narrow geographical footprint (minus one), unlike the island of Ireland.
With Collier-Keywood’s decision not to seek a second three-year term, it is expected that an EGM planned for April 13, which included a motion calling for his removal as chair, will now not take place., or will be postponed. While not openly canvassing with regards the EGM, in recent weeks the chair had been in the North Wales district discussing the union’s wider investment plans for the game.
Speaking to him earlier this month, he accepted that the EGM could be seen as a de facto referendum on the union’s four-to-three strategy. He and fellow board member Alison Thorne were grilled by Senedd members last month in a cross-party committee.
He said of the EGM: “If I get voted out, I get voted out. It is a bit of a referendum on the strategy going forward from four to three, but you target a leader of an organisation for a reason, don’t you?”
He added: “That is a matter for the clubs to decide, but we (the WRU board) have been united in the decisions we have taken. Now I would hate to think that other board members would resign in protest. I think you have fiduciary duties to the organisation, and having taken on what the clubs have said, you cannot take your toys home.”
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That is now academic. But don’t be surprised if there are calls for another EGM calling for the whole board to resign if the union doesn’t pause plans to reduce the number of clubs.
The board now need to clarify whether his departure will see a rethink on the four to three strategy. It is understood, while not quite widespread “buyer’s remorse” that a number of board members have been impressed with the alternative strategy for the game penned by former Hodge Bank and Principality chief operating officer Rob Regan and tech entrepreneur Glenn Melford-Colegate. The pair have also held discussions with both the chief executive and chairman.
Their strategy argues that central alignment and cost control can, in principle, be pursued without removing a region. They are being advised and supported by a group of more than 50 business and rugby related figures.
Although Swansea Council is taking legal action against the WRU over its plans to sell Cardiff – with a separate approach via the Competition and Markets Authority – Collier-Keywood will be keen to see sign off on a deal with Y11 before his term expires in July.
However, Welsh rugby is not a balance sheet, it is tribal, and while yes perhaps a cliche, a unique Welsh ecosystem. When it pulls together in the right direction it can be unstoppable. Any new board member or executive joining the game from elsewhere needs to quickly learn this, if they don’t already know it.
