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 significant achievement comes after a loss of the same amount in the previous financial year and showcases a turnaround in the organization’s financial health.
Board trustee Jenny Seeto expressed optimism about sustaining this profit and attributed the success to effective financial management, good governance, and an increase in sponsorships, which reflect the sponsors’ confidence in the union’s leadership. She praised the commercial director for successfully securing additional sponsors that support the operations of Rugby House.
According to Seeto, the financial health is promising as over a million dollars in profit was reported from January to September of this year. Looking ahead to 2024, she stated that if current trends continue, further profits are likely, although she highlighted the need to manage team expenses, which consume a significant portion of their funds.
Interim board chairman Peter Mazey assured that the union is in compliance with all requirements set by World Rugby, noting that substantial debts amounting to over $7 million have been addressed, with a significant loan of $2.7 million to World Rugby repaid. This financial clarity has reinstated Fiji Rugby’s position within the World Rugby Council.
Additionally, during the AGM, seven new directors were appointed to the Fiji Rakavi Football Union Trust board. Among them was Koli Sewabu, former high-performance manager for the Fiji Rugby Union, who is one of the directors of rugby. Other appointments included a range of roles across finance, legal matters, and women’s rugby, all reinforcing the union’s commitment to effective governance.
The positive financial results indicate a hopeful future for the Fiji Rugby Union, enhancing its stability and ability to invest in its programs and community engagement. This not only builds confidence within the organization but also among fans and stakeholders of Fijian rugby.
In summary, the Fiji Rugby Union is experiencing a positive financial turnaround, driven by prudent management and sponsorship confidence, positioning the organization for continued growth and stability in the future.
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