Roger Lewis says the WRU are making the right decisions

The Welsh Rugby Union has renegotiated its loan agreement with Barclays Bank, allowing its debts to fluctuate between �45m and �55m.

WRU finance director Steve Phillips and chief executive Roger Lewis negotiated the deal.

Welsh rugby's governing body will be allowed to extend borrowing beyond �45m during periods when income is low.

"Barclays are basically telling us we are making the right decisions," said a delighted Lewis.

"I am now excited by the prospect of being able to utilise this new financial standing we enjoy for the benefit of Welsh rugby as a whole."

In a statement, the WRU said the introduction of what it termed a "revolving facility" means it can reduce its interest charge payments due to the bank by a six-figure sum.

The loan was originally taken out by the union to help fund the building and development of the Millennium Stadium, which celebrates its 10th anniversary in 2009.

Lewis added: "This is a major step forward for us and offers us considerable opportunities in taking our business planning onto a new level.

"Any organisation with ambitions to grow and prosper must have the confidence and the ability to manage its finances properly, effectively and responsibly.

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Phillips said: "The dialogue with Barclays has been extremely focused and they challenged us on all our financial plans and strategies.

"What it all boils down to is that Barclays are giving us a greater degree of freedom in how we manage our business and allows us to focus on the repayment profile of this substantial loan."