English club rugby takes centre stage in the fifth episode of the Sport, Structured podcast, as former Harlequins CEO Mark Evans joins host James Cooper and regular guests, the ex-Bristol and Newcastle winger Alex Cadwallader, now a Leonard Curtis director, and sports finance expert Prof Rob Wilson.

With the 2026/27 Prem Rugby season just a month away, the discussion focuses on the impending move to an expansion league, as automatic promotion and relegation between Prem and Champ Rugby makes way for a new franchise-style model.

The move has sparked fresh investment in English clubs and boosted hopes that Prem Rugby finances can turn a corner. But will the new structure allow the game to deliver on its potential? How realistic is it that new teams will be added to the league over time? And what will it really take to improve the financial health of top-flight clubs?

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Timestamps:

0:00 – Introduction

2:10 – Defining financial sustainability: Is Rugby Union insolvent?

4:03 – New money in: Red Bull, Northampton & the Dyson investment at Bath

6:57 – What's in it for investors? The CVC question

9:31 – Smart recruitment, buying clubs & the value of a rugby franchise

13:44 – COVID, collapsed clubs & the £340 million debt question

17:12 – Salary cap misalignment: Comparing Prem Rugby to the NRL

21:44 – Closing the league: Governance and the salary cap collar

26:03 – Building a closed league: Lessons from MLS and the NRL

28:02 – Do players lose out from financial restraint?

33:18 – Where should new franchises go? Markets, stadiums & the northwest problem

39:13 – One code or two? Rugby League, Union & the 1895 split

42:50 – Champ Rugby's future: A feeder league to Prem Rugby?

47:09 – Expanding wisely & closing reflections

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Read our sports finance reports:

https://www.leonardcurtis.co.uk/business-of-sport

Follow us on Instagram:

https://www.instagram.com/lcbusinessofsport/

Follow Alex Cadwallader on LinkedIn:

https://linkedin.com/in/alex-cadwallader-84952228

Follow Prof Rob Wilson on LinkedIn:

https://linkedin.com/in/prof-rob-wilson-a8501428

Follow James Cooper on LinkedIn:

https://linkedin.com/in/jamescooper207

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Filmed at University Campus of Football Business’ Manchester Podcast Studio

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Thank you to our UCFB student production team:

Rowan MacLellan, Editor

Calum Spiller, Autocue

Evie Malcom, Production assistant

Ella Mazurke, Camera and lighting

Louis Jones, Audio

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Disclaimer:

The content of this podcast is intended as commentary and opinion on matters of public interest in the sports industry. While we make every effort to ensure accuracy, figures, statistics and financial data referenced may be based on publicly available estimates and could be subject to error or change. Nothing in this podcast should be taken as a statement of fact. If you believe any information is inaccurate, please contact us at rob.venables@leonardcurtis.co.uk and we will endeavour to correct the record promptly.