The Fiji Rugby Union has announced a profit of $1.6 million for the last financial year, a remarkable turnaround from the $1.6 million loss recorded in the previous year. This positive financial outcome was disclosed during the Annual General Meeting (AGM) held on Saturday at the Grand Pacific Hotel.
Board trustee Jenny Seeto expressed optimism about sustaining this trend moving forward, attributing the profit to careful financial management and an increase in sponsorships. Seeto highlighted the growing trust sponsors have in the board’s leadership and applauded the commercial director for securing additional sponsors that support the operation of Rugby House.
From January to September of this year, the Fiji Rugby Union reported a profit exceeding $1 million, and Seeto is hopeful for continued financial success through the remaining months of 2024. She underscored the need to manage expenses, particularly those related to team activities.
The trustees will maintain their roles for another four years, overseeing the newly appointed board of directors introduced at the AGM. Interim board chairman Peter Mazey assured attendees that the union complies with all World Rugby requirements following significant debt reductions, with the aim to completely eliminate outstanding debts by the end of this year. This financial stability has enabled the union to return to the World Rugby Council, allowing Chief Executive Officer Rovereto Nayacalevu to participate in voting.
The union has successfully cleared over $7 million in debts, including repaying a notable $2.7 million loan from World Rugby, which had been overlooked for repayment previously. Mazey emphasized the trustees’ role in preventing future financial dilemmas and ensuring the sustainability of Fiji rugby’s valuable assets.
In addition, seven new directors were appointed to the Fiji Rakavi Football Union Trust board. Notable appointees include former High-Performance Manager Koli Sewabu and various specialized directors tasked with overseeing finance, legal matters, and commercial operations, alongside a focus on women’s rugby.
The board chairman will be appointed in their upcoming meeting.
This remarkable financial recovery is not only a testament to effective governance but also showcases the strong potential for growth and success in Fiji rugby. With continued dedication from the board and support from sponsors, the future looks promising for the Fiji Rugby Union.
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