The Fiji Rugby Union (FRU) announced a profit of $1.6 million for the last financial year during its Annual General Meeting (AGM) held at the Grand Pacific Hotel on Saturday. This significant turnaround comes after the union reported a loss of the same amount in the previous financial year, marking a substantial improvement in its financial health.
Board trustee Jenny Seeto expressed optimism about maintaining this positive trajectory, attributing their success to careful financial management and increased sponsorships, which reflect the confidence sponsors have in the leadership. She also praised the efforts of the commercial director in securing additional sponsors to support the operations of Rugby House.
From January to September of this year, FRU conducted internal audits and reported a profit exceeding a million dollars. Seeto emphasized that if financial matters are managed effectively in the coming months, they anticipate achieving another substantial profit into 2024. However, she acknowledged that team expenses are a significant drain on funds, highlighting the need for continuous profit generation.
FRU interim board chairman Peter Mazey stated that the union now complies with all World Rugby requirements after clearing substantial debts, which he hopes to fully resolve by the end of the year. This progress has enabled the union to return to the World Rugby Council, allowing CEO Rovereto Nayacalevu to cast votes.
Mazey noted that the union successfully repaid $2.7 million of a loan from World Rugby that many had overlooked. The trustees are committed to overseeing financial management to prevent a recurrence of past issues, ensuring the sustainability of Fiji’s rugby assets.
In addition to the financial updates, seven new board members were appointed to the Fiji Rakavi Football Union Trust board, including former high-performance manager Koli Sewabu and various specialized directors representing finance, legal, commercial, and women’s rugby. The appointment of the board chairman will follow their first meeting.
This development reflects a promising turnaround for the Fiji Rugby Union. With strengthened governance and a focus on financial stability, the organization is well-positioned for future growth and competitiveness in the rugby landscape.
Overall, Fiji Rugby Union’s financial revival serves as a hopeful reminder of how effective management and collaboration can lead to recovery after challenging times.
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