The Fiji Rugby Union announced a profit of $1.6 million for the last financial year during its Annual General Meeting held at the Grand Pacific Hotel. This profit marks a significant turnaround from a loss of the same amount in the previous financial year, showcasing improved financial health.
Trustee Jenny Seeto expressed optimism about maintaining this success, attributing the profit to effective financial management and an increase in sponsorships, which illustrates the growing confidence from sponsors in the organization. She praised the efforts of the commercial director in securing additional sponsorships essential for the administration of Rugby House.
Seeto reported that from January to September of this year, they have already achieved over $1 million in profit. She emphasized the potential for continued financial success if proper management practices are sustained in the coming months, while also acknowledging that team expenses are a significant factor in their financial planning.
Interim board chairman Peter Mazey highlighted that the union is compliant with all World Rugby standards following the reduction of substantial debts, which should be completely cleared by the end of the year. This financial recovery has allowed Fiji Rugby to re-establish its presence in the World Rugby Council, enabling its CEO, Rovereto Nayacalevu, to cast votes on behalf of Fiji.
Mazey noted that the union has successfully repaid a $2.7 million loan previously provided by World Rugby, which had been largely forgotten. The trustees will continue to oversee the operations to ensure that the union avoids the financial troubles of the past.
Additionally, the AGM appointed seven new board directors for the Fiji Rakavi Football Union Trust Board. These include notable figures such as former high-performance manager Koli Sewabu and others poised to drive various aspects of rugby administration.
The developments within the Fiji Rugby Union foster an optimistic outlook for the future, showing a commitment to financial stability and growth. The integration of a new, experienced board of directors may further contribute to establishing a solid foundation for long-term success in Fijian rugby.
Overall, this turnaround in financial status is not only a boost for Fiji Rugby but also reflects a broader commitment to excellence in governance and sports management within the organization.
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