The Fiji Rugby Union has reported a loss of $1.3 million(US$650,000) in its 2022 annual report.
Rugby House put it down to the absence of sponsors for programs, losses in domestic competition due to reduced sponsorships, and under-collection from the budgeted income.
In 2021, FRU made a profit of $269,554(US$134,777).
FRU acting chief executive Sale Sorovaki wrote in his report that 2022 posed huge financial challenges for Rugby House.
“While our borders had opened and business started to recover, our sponsors levels did not return to pre-COVID-19 levels and several of our teams did not have major sponsors although we tried our level best to find alternative sponsorship,” he wrote.
“The major programmes that remained without sponsors were the Fijiana Drua, the Fijiana XVs for the Rugby World Cup 2021 and its test matches, and the Flying Fijians. Whilst being minded of costs, these teams still had to participate out of contractual obligations with World Rugby. The financial impact of participation was always anticipated.
“We report a financial loss position of $1,354,816 (US$677, 408) for the financial year 2022, compared to a financial profit of $269,554 269,554(US$134,777).in 2021.”
There was an increase in revenue of $21,356,771(US$10, 678, 385) in 2022 compared with $12,941,098 (US$6,470) in 2021, however, expenses increased from $12,671,541(US$6, 335, 770) in 2021 to $22,711,587(US$11, 355, 793) in 2022.
SOURCE: FIJI TIMES/PACNEWS
