The Fiji Rugby Union has reported a profit of $1.6 million for the previous financial year, a significant turnaround from a loss of the same amount in the 2021-22 period. This positive result was disclosed during the Annual General Meeting (AGM) held at the Grand Pacific Hotel on Saturday.
Board trustee Jenny Seeto praised the organization’s prudent financial management and governance, which were crucial in achieving this outcome. She noted that increased sponsorships reflect the growing confidence sponsors have in the trustees and the management team. Seeto commended the commercial director for successfully attracting new sponsors to support Rugby House’s administration.
Between January and September of this year, the Fiji Rugby Union showed a profit of over $1 million. Seeto expressed optimism for the upcoming months, indicating that if financial management continues properly, another significant profit could be realized in 2024. However, she stressed the importance of sustaining and enhancing profitability, as team expenses considerably impact the budget.
FRU interim board chairman Peter Mazey highlighted that the union is now compliant with all World Rugby requirements after addressing substantial debts, amounting to over $7 million. He noted that much of this debt has been cleared, including a loan of $2.7 million from World Rugby that was previously overlooked for repayment. This financial recovery has reinstated the union’s voting rights within the World Rugby Council for CEO Rovereto Nayacalevu.
The AGM also saw the appointment of seven new directors to the Fiji Rakavi Football Union Trust board (FRFUTB). This new team includes individuals with diverse expertise, such as former high-performance manager Koli Sewabu and directors responsible for finance, legal matters, and women’s rugby, among others. The board will appoint a chairman at their upcoming meeting.
With these developments, there is a renewed sense of hope and opportunity for Fiji Rugby, emphasizing a commitment to future growth and stability in the sport. The focus on financial prudence and governance could pave the way for continued success and increased support within the community and from sponsors.
In summary, the Fiji Rugby Union is bouncing back from its financial struggles, displaying an admirable commitment to sound fiscal practices and creating a strong foundation for future prosperity in rugby.
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