The Fiji Rugby Union has announced an impressive profit of $1.6 million for the last financial year, marking a significant recovery from a $1.6 million loss in the previous year. This financial achievement was disclosed during the Annual General Meeting held at the Grand Pacific Hotel.
Board trustee Jenny Seeto expressed optimism about sustaining this profit trajectory, highlighting that the success was rooted in careful financial oversight and an increase in sponsorships—reflecting the trust sponsors have in the union’s leadership. Seeto noted that from January to September of this year alone, they have managed to secure a profit exceeding $1 million. She encouraged ongoing financial prudence, stating that if effectively managed in the coming months, they could achieve another notable profit in 2024. Nevertheless, she acknowledged that substantial team expenses also pose challenges to profitability.
The union’s interim board chairman, Peter Mazey, shared positive news regarding the organization’s compliance with World Rugby requirements, attributing this to significant debt clearance, including over $7 million in obligations. The union is on track to clear remaining debts by the end of this year, which has allowed them to regain seats in the World Rugby Council, empowering their chief executive officer, Rovereto Nayacalevu, to cast a vote.
Furthermore, a new board of directors was established for the Fiji Rakavi Football Union Trust Board, which includes former Fiji Rugby Union High Performance Manager Koli Sewabu and several other directors with diverse responsibilities related to finance, legal matters, commercial affairs, and women’s rugby.
This financial turnaround represents a hopeful future for the Fiji Rugby Union, reflecting resilience and effective leadership. The commitment to sustaining their profitability while addressing team expenses will be critical as they navigate the next chapter in their journey. These developments not only enhance the union’s standing but also lay a solid foundation for the growth of rugby in Fiji.
As the new board prepares for its initial meeting to elect a chairman, the future appears bright for Fiji Rugby.
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