The Fiji Rugby Union has announced a profit of $1.6 million for the last financial year, a significant turnaround from a loss of the same amount in the previous year. This positive outcome was shared during the Union’s Annual General Meeting held at the Grand Pacific Hotel.
Trustee Jenny Seeto credited this achievement to sound financial management and an increase in sponsorships, reflecting the growing confidence of sponsors in the Union’s leadership. She highlighted the efforts of the commercial director in securing additional sponsorships, which have been crucial for the administration of Rugby House.
From January through September of this year, preliminary financial figures and an internal audit indicated a profit exceeding one million dollars. Seeto expressed optimism that effective management in the coming months could lead to another strong profit in 2024.
The Fiji Rugby Union is committed to sustaining and growing its profitability, as player expenses consume a substantial portion of its budget. The current trustees will serve another four-year term and will oversee the newly appointed board of directors.
Interim board chairman Peter Mazey confirmed compliance with all World Rugby requirements, noting significant progress in debt repayment. The Union has cleared most of its over $7 million in debt, including repaying a $2.7 million loan from World Rugby, and expects to be fully cleared of debts by year-end. This financial stability has restored the Union’s position with the World Rugby Council.
Additionally, seven new directors have been appointed to the Fiji Rakavi Football Union Trust Board, including experienced individuals such as former Fiji Rugby Union High Performance Manager Koli Sewabu and several others bringing diverse expertise in finance, legal matters, and women’s rugby.
This remarkable financial recovery and structured oversight signify a promising future for the Fiji Rugby Union, providing a foundation for sustained growth and development in the sport.
In summary, the Fiji Rugby Union has demonstrated resilience by turning around its financial situation and fostering a spirit of hope for future profitability and growth, underscoring its commitment to the sport and its stakeholders.
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