Fiji News From Around The World

Illustration of $1.6m Profit

Fiji Rugby Union Bounces Back with $1.6M Profit!

Spread the love

The Fiji Rugby Union proudly announced a profit of $1.6 million for the last financial year during their Annual General Meeting at the Grand Pacific Hotel. This achievement marks a significant turnaround from the previous year’s loss of the same amount, highlighting the effective financial management and governance by the union.

Board trustee Jenny Seeto expressed optimism about maintaining profitability in the coming years, crediting the success to increased sponsorships that reflect the sponsors’ confidence in the leadership team. The commercial director’s efforts to secure additional sponsors have been instrumental in supporting the administration of Rugby House.

Seeto shared that from January to September of the current year, the union has already achieved a profit exceeding $1 million. She emphasized the importance of managing finances wisely over the next few months to ensure continued profitability while also balancing team expenses, which are a significant financial burden.

FRU interim board chairman Peter Mazey reassured that the organization is in compliance with all World Rugby requirements, following the clearance of major debts. He revealed that the union has reduced its debt from over $7 million, including repaying a $2.7 million loan from World Rugby that many did not expect to pay back. Mazey noted that the trustees will oversee the organization to prevent future financial difficulties.

During the AGM, seven new board directors were appointed to the Fiji Rakavi Football Union Trust Board (FRFUTB), including former high-performance manager Koli Sewabu. The new directors’ expertise is expected to further strengthen the union’s governance and operational strategies.

Overall, the Fiji Rugby Union’s recent financial success and the strengthening of its leadership provide a hopeful outlook for the future of rugby in Fiji. With continued prudent management and strong sponsorship backing, the union is well-positioned to sustain its profits and overcome past challenges.

In summary, the Fiji Rugby Union’s positive financial performance, combined with a refreshed board of directors, sets a promising stage for the growth and development of rugby in the region, allowing fans to look forward to a brighter future for the sport.


Comments

Leave a comment

Latest News

Search the website