Fiji Rugby Union Bounces Back with $1.6 Million Profit!

The Fiji Rugby Union posted a profit of $1.6 million in its last financial year, a notable turnaround from a loss of the same amount in the previous year. This positive financial performance was announced during the Annual General Meeting at the Grand Pacific Hotel. Board trustee Jenny Seeto expressed optimism about maintaining this momentum going forward, attributing the success to careful financial management and increased sponsorships that reflect growing confidence in the union’s leadership.

From January to September this year, the union achieved a profit exceeding one million dollars, and Seeto emphasized that with continued prudent management, they expect to see further profits into 2024. She acknowledged that while team expenses consume a substantial portion of their funds, the goal is to sustain and increase profitability.

Interim board chairman Peter Mazey highlighted that the union is now compliant with World Rugby requirements after successfully clearing significant debts totaling over $7 million. This includes repaying a $2.7 million loan from World Rugby that had previously gone unnoticed. The restructuring has allowed the Fiji Rugby Union to return to the World Rugby Council, empowering CEO Rovereto Nayacalevu to vote on behalf of Fiji.

During the AGM, seven new directors were appointed to the Fiji Rakavi Football Union Trust board (FRFUTB). Notable appointments include former Fiji Rugby Union High Performance Manager Koli Sewabu and other experienced individuals in various roles such as finance, legal, and women’s rugby.

The optimistic financial turnaround and the appointment of a capable new board indicate a promising future for the Fiji Rugby Union. With robust governance and a focus on financial health, the organization is set to strengthen its position and continue to enhance the rugby experience in Fiji.

In summary, the Fiji Rugby Union is showing great promise for stability and growth, a hopeful advancement from past challenges, underlined by strategic management and renewed confidence among sponsors.