For the past few years, it has been very difficult for Welsh rugby to break away from the constant cycle of doom and gloom which has taken hold of the game in Wales.

The reality is most of Welsh rugby's problems are financial, which has meant key areas of the game have not been serviced as well as they could and probably should have been.

Sadly, anyone expecting this gloom to pass anytime soon needs to revise their expectations. Unless of course, the WRU can find a magic money tree or its proposed commercial strategy surpasses all expectations.

Over the last fortnight, Cardiff has announced a £2.1m loss, the Ospreys more than £2m and the Scarlets almost £3m. At the same time, the Scarlets saw turnover fall from £13.3m to £12.9m as income via the Welsh Rugby Union was cut from £7.3m to £6.7m.

This has done nothing to ease fears the WRU's strategy for the game in Wales will include the potential of going down to three professional sides.

Now, to make it crystal clear, just because a club has posted a loss doesn't mean they are going to go bust because debt is only a problem if it is not serviceable.

All four professional clubs in Wales - Cardiff, Dragons, Ospreys and Scarlets - have fantastic and loyal funding directors who have agreed to underwrite any losses for the time being.

In the latest Inside Welsh Rugby newsletter, rugby correspondent Steffan Thomas looks at the finer details behind Welsh rugby's finances.

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