Former Munster winger Nicholas Comyn is the new President of Irish Rugby, which has just announced a €1.8 million increase on its annual revenue ©IRFU

Nicholas Comyn has taken over as the 131st President of the Irish Rugby Football Union (IRFU) amid encouraging reports that revenues have increased to more than €87.5 million (£78 million/$97 million) for 2018-2019.

This is an increase of €1.8 million (£1.6 million/$2 million) on the corresponding period last year.

The IRFU reports that the increased revenue resulted from the sale of additional ten-year tickets and corporate boxes, together with more money from the elite PRO14 league which has been passed on to the provincial teams.

"The men's international game now accounts for 81 per cent of all revenues through ticket sales hospitality, sponsorship and amortised income," the IRFU said.

"When we add the 15 per cent generated by PRO14 and European Professional Club Rugby, this results in 96 per cent of the Union's revenues being attributable to the men's professional game.

"The net revenues from the professional game were allocated across the entire game, with increases to domestic game funding, women's rugby, values-based initiatives through the 'Spirit of Rugby' programme, and the promotion of the game, particularly on driving attendance to this year's Women's Six Nations games."

As reported earlier this year, the IRFU also netted just over €24 million (£21.5 million/$27 million) from the sale of land at Newlands Cross.

The Union has agreed that the net proceeds of this sale are to be applied for the benefit of the domestic game.

Ireland's success on the pitch has been matched by financial success off the pitch as Nicholas Comyn takes over as President of the Irish Rugby Football Union ©Getty Images
Ireland's success on the pitch has been matched by financial success off the pitch as Nicholas Comyn takes over as President of the Irish Rugby Football Union ©Getty Images

"We are pleased to report strong revenues for the 2018-2019 financial year," IRFU chief executive Philip Browne said.

"As we move to implementing our latest strategic plan, entitled 'Building Success, Together', which includes ambitious plans for the development of our women's game, we rely heavily on the revenues generated by the senior men's team.

"These revenues come from loyal supporters, partners and Sport Ireland, who provide the funding for the development of every aspect of the game.

"With the impact of Brexit still unknown, the future for all businesses is uncertain.

"We must continue to govern the game in a prudent and responsible manner and in that respect we must ensure that the revenues received from the Newlands sale continue to deliver an income that can be spent on our on-going grassroots programmes."

Comyn has made a long and distinguished contribution to the game as a player, referee and administrator.

Capped frequently by Munster as a junior inter-provincial centre and winger between 1966 and 1970, he was a member of the Munster Association of Referees between 1979 and 1984.

A solicitor by profession, he has held a variety of key roles within the IRFU having been elected to the Union's Committee in 2011. 

This includes as chairman of the All-Ireland League sub-committee, the Third Level Game Committee, the Junior Working Party and the Women's Advisory Group.

He replaces Ian McIlrath in the top job.