The Fiji Rugby Union reported a significant profit of $1.6 million for the last financial year, marking a remarkable recovery from the $1.6 million loss experienced in the previous year. This achievement was disclosed during the Annual General Meeting held at the Grand Pacific Hotel on Saturday, highlighting a successful turnaround for the organization.
Board trustee Jenny Seeto expressed optimism about sustaining this momentum, attributing the profit to careful financial management, improved governance, and an increase in sponsorships that reflects the trust sponsors have in the union’s leadership. She praised the commercial director for securing additional sponsors, which have bolstered the financial stability of Rugby House.
From January to September this year, the union’s financial activities, including a preliminary internal audit, revealed a profit exceeding one million dollars. Seeto indicated that continued prudent management could yield another substantial profit by the end of 2024, while also acknowledging that team expenses significantly impact overall profitability.
The trustees will continue in their roles for another four years, overseeing the newly appointed board of directors. Interim board chairman Peter Mazey announced that the union is now meeting all World Rugby requirements, having successfully cleared a substantial portion of its debts, including a significant $2.7 million loan from World Rugby.
Seven new members were appointed to the Fiji Rakavi Football Union Trust board, including former high-performance manager Koli Sewabu as one of two directors responsible for rugby. The remaining new directors cover various roles related to finance, legal matters, and the promotion of women’s rugby. A chairperson will be appointed in future meetings.
This financial turnaround and the restructuring of leadership offer hope for a stabilized and prosperous future for rugby in Fiji, aiding in the recovery and growth of the sport and its community. With expert management and a renewed focus on accountability, the union is well-positioned to build on these positive results.
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