The Fiji Rugby Union has reported a profit of $1.6 million for the latest financial year, a significant turnaround from a loss of the same amount experienced in the 2021-2022 financial year. This positive financial outcome was disclosed during the Annual General Meeting (AGM) held at the Grand Pacific Hotel on Saturday.
Trustee Jenny Seeto expressed optimism about maintaining this fiscal stability in the future, emphasizing that this achievement was made possible through careful financial management and an increase in sponsorships, which underscores the trust sponsors have in the organization. She praised the efforts of the commercial director in attracting additional sponsors to support the operations of Rugby House.
From January to September of this year, a preliminary internal audit indicated that the Fiji Rugby Union had successfully achieved a profit exceeding one million dollars. Looking ahead to 2024, Seeto noted that if financial management remains prudent in the coming months, a similar significant profit could be anticipated. However, she also acknowledged the need for sustainable profitability, given that team expenses consume a substantial portion of their funds.
In terms of governance, the trustees will continue their oversight role for another four years, providing guidance to the newly appointed board of directors at the AGM. Interim board chairman Peter Mazey highlighted the union’s compliance with all World Rugby requirements, noting that substantial debts have been mitigated. He expressed hope that these debts would be fully cleared by the end of the year. The Fiji Rugby Union has notably settled $2.7 million of a loan from World Rugby, which was on the verge of being overlooked.
Mazey assured that the trustees are committed to preventing the financial challenges that plagued the organization last year and to protecting the valuable assets of Fiji rugby.
Additionally, seven new members joined the Fiji Rakavi Football Union Trust board, including notable figures such as Koli Sewabu, previously the high-performance manager of the Fiji Rugby Union, and others who will oversee various operational aspects of the organization.
This recovery illustrates the resilience and commitment of the Fiji Rugby Union in overcoming past challenges, fostering a brighter financial future, and reinforcing the trust of sponsors and stakeholders. With strong leadership, strategic governance, and a proactive approach to financial management, the union’s trajectory appears to be on an encouraging path.
In summary, the Fiji Rugby Union is not only on the path to recovery but is also seeking to establish sustainable practices that could ensure continued financial health and support for the sport in Fiji.
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