The Fiji Rugby Union announced a profit of $1.6 million for the last financial year, marking a remarkable turnaround from a loss of the same amount in the previous year. This positive financial development was shared during the Annual General Meeting (AGM) held at the Grand Pacific Hotel.
Board trustee Jenny Seeto expressed optimism about sustaining and potentially increasing profits in the future. She attributed the financial success to effective management and governance, alongside a rise in sponsorship, showcasing the trust sponsors have in the union’s current leadership. Seeto acknowledged the efforts of the commercial director in securing additional funding, which has been critical for the administration of Rugby House.
From January to September of this year alone, preliminary accounts showed a profit of over a million dollars. Seeto emphasized the importance of careful financial management going forward, particularly considering the significant expenses associated with team operations.
In addition to the encouraging financial news, trustees will remain in their roles for another four years, overseeing the newly appointed board of directors at the AGM. FRU interim board chairman Peter Mazey noted that the union is now compliant with all World Rugby requirements after clearing substantial debts, including a notable $2.7 million loan from World Rugby, which had long been overlooked.
Mazey is hopeful that all debts will be settled by the end of the year, providing an opportunity for the union to actively participate in World Rugby Council activities, particularly through Chief Executive Officer Rovereto Nayacalevu’s voting rights.
In organizational changes, seven new directors were appointed to the Fiji Rakavi Football Union Trust board, including experienced individuals such as former high-performance manager Koli Sewabu and others covering finance, legal, and women’s rugby.
This news brings a hopeful outlook for the Fiji Rugby Union, as it marks a significant recovery from financial distress and sets the stage for continued growth and stability in the future. The union’s commitment to sound governance and fiscal responsibility should serve to further reassure stakeholders and fans alike.
Overall, the Fiji Rugby Union’s financial and organizational recovery represents a promising path forward, underlining the potential that lies ahead as they strive to build on this year’s achievements.
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