Ulster CEO Hugh McCaughey reveals province has deficit of 'between £2.5m and £3m'

McCaughey, though – who took on the CEO role on an interim basis in March before Monday’s announcement that he would remain until the end of 2025 – is confident Ulster can break even within three seasons.

In an interview with BBC NI, McCaughey said a plan had been put in place to handle the province’s financial challenges.

“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," said the former health trust chief executive.

“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.”

McCaughey, who comes into the role after the resignation of former chief executive Jonny Petrie in March, believes Ulster are “on track” to successfully deliver on the plan.

“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.

“We have the staff we need; we have a playing budget that we’re confident with and it will give us stability for our playing squad over the next two seasons.”