The Fiji Rugby Union has announced a profit of $1.6 million for the last financial year, a significant turnaround from the $1.6 million loss incurred in the previous year. This positive outcome was disclosed at the Annual General Meeting held at the Grand Pacific Hotel.
Board trustee Jenny Seeto expressed optimism about maintaining this financial growth, attributing the success to effective financial management and a boost in sponsorships. She noted the increased confidence from sponsors has played a crucial role in stabilizing the union’s finances. Seeto also praised the commercial director for securing additional sponsorships, which are vital for the union’s operations.
From January to September of this year, the union managed to achieve a profit exceeding $1 million, with hopes of continuing this trend into 2024, provided financial management remains on track. However, Seeto emphasized the need to sustain and increase profitability, as team expenses consume a significant portion of funds.
FRU interim board chairman Peter Mazey reported that the union has addressed all World Rugby compliance requirements, successfully reducing debts by over $7 million. This includes a notable repayment of a $2.7 million loan from World Rugby. Mazey underscored the importance of the trustees’ oversight role to prevent any recurrence of past financial difficulties.
During the AGM, seven new members were appointed to the Fiji Rakavi Football Union Trust board, which includes notable figures such as former high-performance manager Koli Sewabu and various directors covering finance, legal matters, and women’s rugby. The appointment of a board chairman will follow their upcoming meeting.
This financial turnaround not only showcases the resilience of the Fiji Rugby Union but also paints a promising picture for the future of rugby in Fiji, with hopes to further strengthen its foundation and enhance its performance on a global stage.
The determination shown by the trustees and new board members reflects a proactive approach to ensuring a sustainable future, which is a hopeful sign for stakeholders and fans alike.
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