The Fiji Rugby Union has marked a significant turnaround by reporting a profit of $1.6 million for the last financial year, a positive development shared during the Annual General Meeting (AGM) held at the Grand Pacific Hotel on Saturday. This achievement stands in stark contrast to the $1.6 million loss experienced in the previous financial year (2021-22), highlighting effective financial management and the growth in sponsorships as crucial factors.
Board trustee Jenny Seeto expressed optimism about maintaining this momentum going forward. She attributed the profitability to diligent financial practices and an increase in sponsor confidence. Seeto praised the commercial director for successfully attracting additional sponsors that aid in the administration of Rugby House.
“From January to September this year, we’ve completed the accounts and conducted a quick internal audit as well—we’ve achieved a profit of over a million dollars,” Seeto noted, indicating a strong financial position. She emphasized the importance of sustainable profitability, acknowledging that team expenses are a significant financial commitment.
The trustees, who will continue in their roles for another four years, are expected to oversee the newly appointed board of directors established during the AGM. FRU interim board chairman Peter Mazey confirmed that the union is now compliant with all World Rugby requirements after clearing a substantial portion of its debts, which totaled over $7 million. This progress has allowed the union to regain representation on the World Rugby Council, with CEO Rovereto Nayacalevu now able to vote.
Mazey highlighted the importance of accountability and financial stability, stating, “The trustees act as the oversight to ensure we never encounter the problems we faced last year and to protect the substantial assets of Fiji rugby.”
In addition, the AGM saw the appointment of seven new directors to the Fiji Rakavi Football Union Trust Board, including former high-performance manager Koli Sewabu and various other directors responsible for finance, legal affairs, commercial interests, and women’s rugby. The selection of the board chairman will take place during their upcoming meeting.
This financial turnaround not only restores confidence in the Fiji Rugby Union but also sets a robust foundation for future growth and development within the sport in Fiji. With careful management and a strengthened governance structure, the union looks ahead with renewed optimism and the potential for even greater achievements in the upcoming year.
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