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AAP
AAP
Justin Chadwick

Besieged Rugby Australia secures $80 million loan deal

RA Rugby Australia Phil Waugh Australia Rugby Hamish McLennan
RA CEO Phil Waugh says acquiring an $80 million loan will help set up the code for years to come. (Dean Lewins/AAP PHOTOS)

Cash strapped Rugby Australia has secured access to an $80 million line of credit over the next five years in its bid to pump more money into developing the floundering code.

Just a day after losing Harvey Norman as a major sponsor in what presents a multi-million dollar blow, RA announced the $80 million loan agreement with Pacific Equity Partners.

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