The Fiji Rugby Union announced a profit of $1.6 million for the latest financial year during their Annual General Meeting held at the Grand Pacific Hotel. This marks a significant recovery following a loss of $1.6 million in the previous fiscal year.
Board trustee Jenny Seeto expressed optimism about maintaining this positive trend, attributing the success to careful financial management and an increase in sponsorships, which reflects growing confidence from sponsors in the union’s governance. Seeto also praised the commercial director for successfully securing additional sponsors to help finance the administration of Rugby House.
From January to September of this year, the organization conducted an internal audit, revealing a profit exceeding $1 million. Seeto conveyed hope that with continued prudent financial management, the union can achieve another significant profit as they approach 2024. She emphasized the importance of sustaining and boosting profitability, particularly as team expenses are a substantial financial burden.
In addition, FRU interim board chairman Peter Mazey reported that the organization is now compliant with all World Rugby requirements after clearing significant debts. He noted that the union is on track to resolve its remaining debts by the end of this year, allowing returning to the World Rugby Council, where chief executive officer Rovereto Nayacalevu will be able to vote.
Mazey highlighted the clearing of over $7 million in debts, including an important repayment of a $2.7 million loan from World Rugby that had initially been overlooked. He assured that the trustees will oversee operations to prevent future financial difficulties and protect the assets of Fiji rugby.
During the AGM, seven new board directors were appointed to the Fiji Rakavi Football Union Trust board, including notable figures like former high-performance manager Koli Sewabu and various other directors covering finance, legal, and women’s rugby. The appointment of the board chairman will follow their initial meeting.
In summary, the Fiji Rugby Union is making strides toward financial stability and governance with new leadership on the board. This development not only represents a comeback from last year’s losses but also sets a hopeful pathway for the future of rugby in Fiji.
The positive trajectory of the Fiji Rugby Union serves as an inspiring reminder of the power of effective management and community support in overcoming challenges and achieving financial success.
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