"I'm not surprised by the financial situation. [We've got] half-empty stadiums at the national stadium, fans voting with their feet and we've seen some of our best players drift over the border into England.

"[There has been] complete uncertainty in the game for over 18 months and the WRU is changing its plans on a quarterly basis, it appears.

"All of those things contributed to the financial state and it is mismanagement, let's call it what it is.

"What we need though is certainty. We've got enough quality players in Wales to sustain four sides. We've got enough income going into the WRU to sustain four sides. They just need to manage it better."

Parsons, who has previously taken issue with the current WRU regime, says she is "furious" at their running of the game.

In a statement she described the accounts as showing "a masterclass in corporate failure", adding: "The WRU is currently a global laughing stock."

Parsons also backed incoming governing body chairman Lyndon Faulkner's appointment while calling on the current board members to step down.

"He (Faulkner) has the business acumen and the proven track record needed to steer us out of this disaster," said Parsons.

"But he cannot be expected to rebuild trust while sitting at a table surrounded by the leadership team responsible for this collapse."