The Fiji Rugby Union has reported a profit of $1.6 million in the most recent financial year, a remarkable turnaround from the $1.6 million loss the organization faced in the previous year. This achievement was announced during the Annual General Meeting (AGM) held at the Grand Pacific Hotel.
Board trustee Jenny Seeto expressed optimism about sustaining this positive trajectory, crediting the success to careful financial practices and an increase in sponsorships, which highlight the growing confidence sponsors have in the board’s management. Seeto also praised the commercial director for securing additional support to help manage the operations of Rugby House.
From January to September of this year, the union completed an internal audit, reporting profits exceeding one million dollars. Seeto indicated that if financial management continues on this path, the organization could see further significant profits into 2024. However, she acknowledged that maintaining profitability is crucial, especially considering the substantial costs associated with team expenses.
FRU interim board chairman Peter Mazey noted the union is now compliant with all World Rugby standards following the significant clearance of debts. Mazey stated that they are nearing the completion of payments on debts that previously totaled more than $7 million. This includes a repayment of $2.7 million to World Rugby, which had been overlooked previously.
The board of trustees will continue for another four years, overseeing the newly appointed board of directors, which includes members with diverse expertise, such as Koli Sewabu and Anare Manulevu, among others.
This promising financial recovery illustrates the resilience and potential of the Fiji Rugby Union. The organization’s proactive steps in governance and financial management pave the way for continued growth and success in the competitive landscape of rugby. As the union embraces a new leadership structure, there is much hope that these efforts will not only stabilize the finances but also bolster the sport’s prominence in Fiji.
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