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 reported in the previous year. This positive financial outcome was disclosed during the Annual General Meeting (AGM) held at the Grand Pacific Hotel.
Board trustee Jenny Seeto expressed optimism about maintaining this trajectory, attributing the profit to effective financial management and increased sponsorship support, which reflects the growing confidence sponsors have in the union’s leadership. The commercial director’s efforts to attract additional sponsors have also been commendable, enabling better administration of Rugby House.
Seeto reported that from January to September of this year, preliminary accounts indicate a profit exceeding $1 million. She emphasized the importance of sound management in sustaining financial gains as the organization heads into 2024, acknowledging that team expenses consume a significant portion of funds.
FRU interim board chairman Peter Mazey highlighted that the union is now compliant with all World Rugby regulations, following the clearance of substantial debts, including repaying a $2.7 million loan to World Rugby. He expressed hope that all debts would be fully resolved by year-end, allowing Fiji Rugby to regain full voting rights within the World Rugby Council.
Furthermore, seven new directors were appointed to the Fiji Rakavi Football Union Trust Board (FRFUTB), including former high-performance manager Koli Sewabu. Other board members possess diverse expertise across finance, legal, and commercial sectors. The appointment of a board chairman will occur during their upcoming meetings.
With these positive developments, the Fiji Rugby Union appears poised for a prosperous future, emphasizing a commitment to sustainable growth and better financial practices, ensuring that the sport in Fiji continues to thrive.
This optimistic outlook signals a hopeful change for Fiji Rugby, presenting an opportunity for further investment and growth in both the sport and community engagement.
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