The Fiji Rugby Union has announced an impressive profit of $1.6 million for the last financial year, marking a significant turnaround from the $1.6 million loss experienced in the previous year. This positive development was shared during the Annual General Meeting (AGM) held at the Grand Pacific Hotel.
Board trustee Jenny Seeto emphasized the importance of maintaining this momentum, attributing the financial success to effective management and an increase in sponsorships. She noted that the surge in sponsorship reflects the trust and confidence that sponsors have in the current leadership.
Internal financial evaluations conducted from January to September of this year showed that the union has made over a million dollars in profit. Looking ahead to 2024, Seeto expressed optimism that with sound financial practices, further profitability could be achieved. She acknowledged that while growth in profits is crucial, the costs associated with team operations significantly impact the overall budget.
Interim board chairman Peter Mazey reported that the Fiji Rugby Union has successfully complied with all World Rugby regulations by addressing substantial debts, which, at one point, exceeded $7 million. By the end of this year, the union aims to have all debts cleared, including a notable repayment of $2.7 million of a loan from World Rugby, which had previously been overlooked.
The AGM resulted in the appointment of seven new board directors for the Fiji Rakavi Football Union Trust Board, including former high-performance manager Koli Sewabu and various directors focusing on finance, legal affairs, and women’s rugby. A meeting will determine the new board chairman shortly.
In summary, the Fiji Rugby Union is on a path of recovery and growth, revitalized by strategic management and a collaborative approach with sponsors and trustees. This optimistic outlook bodes well for the future of Fijian rugby, contributing positively to the sport’s development and sustainability.
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