Jenny Seeto, a member of the Fiji Rugby Union’s board of trustees, has attributed the union’s remarkable financial recovery in 2023, marked by a $3.2 million turnaround and a surplus of $1.6 million, to prudent financial management and governance. This positive shift follows a reported loss of $1.6 million in 2022.
During a media briefing after the FRU’s Annual General Meeting at the Grand Pacific Hotel, Seeto emphasized the role of increased sponsorships in this turnaround. “Our ability to boost our sponsorships reflects the confidence our sponsors have in us,” she stated. According to the recently released 2023 Annual Report, the union earned $27 million in revenue while keeping expenditures at $25.5 million.
Seeto pointed out that maintaining strict control over expenses was also critical to achieving this surplus. She highlighted sustainability as a vital element in fostering rugby development across Fiji, stating, “We need to sustain profitability and increase profitability as well to develop further the game of rugby and support grassroots initiatives.”
The chairman of the board of trustees, Peter Mazey, reinforced the significance of Seeto’s contributions, recognizing her and other board members as “financial gurus” due to their expertise in accounting.
This turnaround illustrates how effective financial strategies and solid governance can yield positive outcomes and support the growth of sports at the grassroots level in the country. With robust management and a commitment to sustainability, the Fiji Rugby Union seems well-positioned for future success.
In summary, the Fiji Rugby Union has successfully reversed its fortunes in 2023 due to astute financial decisions, increased sponsorships, and a focus on sustainability, offering hope for continued growth and support for rugby development in Fiji.
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