An allocation of $6million (US$3 million) has been provided to support Fiji Rugby Union and the Fijian Drua in meeting the New Zealand Rugby Union’s financing requirements for Super Rugby Pacific.
While delivering the 2021-2022 Revised National Budget in Parliament last night, Economy Minister Aiyaz Sayed-Khaiyum said the investment also for 51 percent shareholding in Counter Ruck Pte Limited, or CRL, which was established by the Fiji Rugby Union to own and operate the Fijian Drua.
“The FRU had requested a grant but Government is unable legally to give a grant to a private company. We can, however, take a share in the company and divest it at a later date,” Sayed-Khaiyum said.
“Through this revised budget, the Fijian Government will allocate the first tranche investment of $3million for 25.5 percent shareholding.
“The second tranche investment of an additional $3million (US$1.5 million) will be undertaken by December 2022 to secure the total 51 per cent.
“By December 2022, the Fiji Rugby Union will own 49 per cent shareholding while the Fijian Government will own 51 percent,” he said.
SOURCE: FIJI TIMES/PACNEWS