The Fiji Rugby Union (FRU) has reported a profit of $1.6 million for the last financial year, a remarkable turnaround from a loss of the same amount in the previous year. This positive outcome was announced during the Annual General Meeting (AGM) held at the Grand Pacific Hotel on Saturday.
Board trustee Jenny Seeto expressed optimism about sustaining this positive trajectory, attributing the success to effective financial management, improved governance, and increased sponsorships that reflect the confidence sponsors have in the trustees. She acknowledged the efforts of the commercial director in securing additional sponsorships to support the operations of Rugby House.
From January to September of this year, the FRU has already reported over a million dollars in profit, and Seeto is hopeful that if financial management continues to be diligent, another significant profit can be expected in 2024.
The trustees, who have played a crucial oversight role, will continue for another four years, ensuring that the lessons learned from past financial difficulties are applied moving forward. FRU interim board chairman Peter Mazey noted that the organization is in compliance with all World Rugby requirements following the clearance of over $7 million in debts. This includes repaying a $2.7 million loan from World Rugby, which had previously been overlooked for repayment.
Furthermore, seven new directors were appointed to the Fiji Rakavi Football Union Trust board (FRFUTB), including former high-performance manager Koli Sewabu. Other newly appointed directors encompass various essential areas, such as finance, legal matters, and women’s rugby.
This turnaround exemplifies resilience and effective governance within the Fiji Rugby Union, showcasing the potential for continued growth and financial stability in the future. With a strong new board and a clear focus on financial health, the future of Fiji Rugby appears promising, and fans can look forward to a more stable and prosperous organization.
Leave a comment