"I could have withdrawn totally from involvement with Wasps this season but I didn't want to do that," McGeechan told the Evening Standard. "I have been able to work with Wasps although the Lions are the main priority since Christmas and that is why we brought in Tony Hanks to help coach the club.

"I have a rolling contract at Wasps and another season at the club would make it five years. Initially, I signed a two-year deal but since then things have just naturally carried on and that is what will now happen."

The details, negotiated with Damian Hopley, CEO of the Professional Rugby Players Association, and Chairman of the International Rugby Players Association, cover a variety of areas from sponsorship and commercial rights, to salary and player welfare.

On finalising the contracts Hopley said, "We undertook a comprehensive review of previous British and Irish Lions playing contracts and are confident that the 2009 tour will provide the best possible support for those players fortunate enough to be selected."

"It was imperative for the business to return a surplus after allocations," ARU chief executive John O'Neill said in a statement. "In the end it was a huge turnaround considering the multi-million dollar deficit recorded 12 months earlier."

The Union's biggest saving came from the scrapping of the Australian Rugby Championship competition which lasted just one season and had cost A$5.48m to run.

The Dragons have moved quickly to fill his place, with former Chiefs and Western Force prop Ben Castle joining the region on a three-year deal

Andy Marinos, Acting Managing Director of South Africa Rugby, said, "We are proud to have Canterbury, a company that embodies the strength and honour of the game of rugby, as our committed partner for an additional four years."

The 44-year-old, who will be reponsible for directing the player pathway from childhood through to the elite representative level, is the first major appointment announced by the new WRU head of rugby performance and development Joe Lydon.

Lydon said, "Carl is an exceptionally talented and committed professional who will bring renewed dynamism and focus to the great team we have in place here in Wales."

Graham, a former ARU and NSW Rugby Union chairman, replaces Paul McLean, who stands down after four years in the position. ARU Chairman Peter McGrath has also been reappointed for a further year.