The Fiji Rugby Union (FRU) has announced a profit of $1.6 million for the last financial year, marking a significant turnaround from the $1.6 million loss experienced in the 2021-22 financial year. This positive financial result was shared during the Annual General Meeting held at the Grand Pacific Hotel on Saturday.
Board trustee Jenny Seeto expressed optimism about maintaining this trend moving forward, attributing the profit to effective financial management and increased sponsorships, which reflect the trust and confidence sponsors have in the FRU’s leadership. Seeto highlighted efforts by the commercial director in securing additional sponsorships to support the administration of Rugby House.
From January to September of this year, internal audits revealed that the union had achieved an impressive profit of over a million dollars. Looking ahead, Seeto is hopeful that with careful management in the coming months, another profitable year is attainable. She acknowledged that maintaining and increasing profitability is crucial, as team expenses require significant funding.
Interim board chairman Peter Mazey reinforced the union’s compliance with World Rugby requirements following a successful debt-clearing initiative, which he anticipates will be fully completed by the end of the year. This progress enables the FRU to rejoin the World Rugby Council, allowing its CEO, Rovereto Nayacalevu, to participate in voting.
Mazey emphasized the successful repayment of a $2.7 million loan from World Rugby, which had previously been overlooked. He assured that the trustees will oversee operations to prevent a recurrence of past financial challenges and to safeguard the substantial assets of Fiji Rugby.
The AGM also saw the appointment of seven new board members to the Fiji Rakavi Football Union Trust Board (FRFUTB), including Koli Sewabu, the former high-performance manager, and other leadership positions focusing on finance, legal matters, commercial interests, and women’s rugby.
This development not only signals a period of financial recovery but also a commitment to responsible governance and growth within Fiji Rugby. The renewed board and sound financial practices could pave the way for a prosperous future in Fijian rugby, fostering greater engagement and support from the community and sponsors alike.
In summary, the FRU is on a positive trajectory following a challenging financial period, thanks to effective management, strong sponsorship growth, and a committed board of directors. The outlook for the coming year remains bright, with hopes of continued profitability and stability in Fiji Rugby.
Leave a comment