The Fiji Rugby Union has reported a financial loss position of $1,354,816 for the financial year 2022, compared to a financial profit of $269,554 in 2021.
FRU Acting Chief Executive Sale Sorovaki in the annual report of the organisation stated that loss due to the absence of sponsors for programs, losses in domestic competition due to reduced sponsorships, and under-collection from the budgeted income.
Sorovaki said 2022 posed huge financial challenges and although the borders were open and businesses started to recover, their sponsor levels did not return to pre-covid levels and several of the national teams did not have major sponsors throughout the season.
He said major programs that remained without sponsors were the Fijiana Drua, the Fijiana XVs for the Rugby World Cup 2021and the Flying Fijians and these teams still had to participate out of contractual obligations with World Rugby, and the financial impact of participation was always anticipated.
Meanwhile, there was an increase in revenue of $21,356,771 in 2022 compared with $12,941,098 in 2021.
However, expenses increased from $12,671,541 in 2021 to $22,711,587 in 2022.