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Thread: Australian Rugby Union announce $9.19 million turnaround

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    Immortal jargan83's Avatar
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    Australian Rugby Union announce $9.19 million turnaround

    Australian Rugby Union announce $9.19 million turnaround

    March 26, 2009

    The Australian Rugby Union has announced an extraordinary $9.19 million turnaround in its financial fortunes for the 2008 calendar year.

    The ARU says it has recorded a surplus of $712,000, wiping a much-publicised deficit of $8.48 million in 2007.

    Chief executive John O'Neill had described the code in Australia as being in “deep s--t” on his return to the helm of the governing body in June, 2007.

    Since then, he has scrapped the controversial Australian Rugby Championship, pulled Australia A out of the Pacific Nations Cup, announced pay cuts for players and staff and shed jobs at the ARU's Sydney headquarters.

    That has resulted in cuts in expenditure of eight per cent, from $80.69 million in 2007 to $73.99 million in 2008, an ARU statement said on Thursday.

    Revenue increased four per cent to $83,251,000 with gate takings the major driver, up almost 50 per cent to $21.78 million from six Tests in 2008 and more than justifying the appointment of New Zealander Robbie Deans as Wallabies coach.

    A fourth Bledisloe Cup clash in Hong Kong last year provided another windfall for the ARU.

    Cash reserves were restored to $15 million, the statement said.

    “It was imperative for the business to return a surplus after allocations (of $8.5 million to member unions),” O'Neill said in a statement on Thursday.

    “In the end it was a huge turnaround considering the multi-million dollar deficit recorded 12 months earlier.”

    The result was announced at the ARU's annual general meeting in Sydney.


    AAP

    http://www.foxsports.com.au/story/0,...-23217,00.html

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    OK, now maybe I am missing something, but that is the result for last year before they cancelled the Australian Rugby Championship and Aus A program??

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    Legend Contributor fulvio sammut's Avatar
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    The article refers to the 2008 calendar year. The ARC was played in 2007.

    Ergo, you're missing something.

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    Sorry, my bad, Australian Rugby Shield

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    Since then, he has scrapped the controversial Australian Rugby Championship, pulled Australia A out of the Pacific Nations Cup, announced pay cuts for players and staff and shed jobs at the ARU's Sydney headquarters.
    The rest will all be 2009 though.

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    Immortal Contributor The InnFORCEr's Avatar
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    even RugbyWA had a better financial position at years end! No wonder they don't want to give us more $$$
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    "Cash reserves were restored to $15 million, the statement said."

    So was the profit nett after this as well?

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    Legend Contributor fulvio sammut's Avatar
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    Andy, for the true story, you need to read the Financial Reports and the P&L Statement, not the press release.

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    I will put my hand up and admit im a JON supporter, but im also a person who looks at the cold hard facts. Which involves him posting a $9.2million turnaround, reducing expenditure 8% and increasing income 4% in a tough economic times. Sheesh, if that makes JON a bad man, then i guess i would love the devil.

    Quote Originally Posted by The InnFORCEr View Post
    even RugbyWA had a better financial position at years end! No wonder they don't want to give us more $$$
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    well no, techically the ARU made a $9.2million surplus before distributing $8.5million to the member unions

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    Legend Contributor blueandblack's Avatar
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    O’Neill warns of economic storm

    He may have pulled Australian rugby out of the mire but supremo John O’Neill believes the tougher challenge - for all sports - lies ahead.

    The Australian Rugby Union on Thursday announced an extraordinary $9.19 million turnaround in its financial fortunes for the 2008 calendar year.

    The governing body said it had recorded a surplus of $712,000 following a much-publicised deficit of $8.48 million for 2007, the year O’Neill returned to replace Gary Flowers at the helm.

    At the time, O’Neill infamously described the code in Australia as in “deep shit”.

    Since then he has scrapped the controversial Australian Rugby Championship, pulled Australia A out of the Pacific Nations Cup, announced pay cuts for players and staff and shed a multitude of jobs at the ARU’s Sydney headquarters, cutting expenditure from $80.69 million in 2007 to $73.99 million the following year.

    “The current economic stress being experienced makes this decision even more responsible,” O’Neill said in a statement.

    “We must also emphasise that, while the 2008 result was a substantial and necessary turnaround for the business, there are significant challenges facing Australian rugby and indeed all sports in this country due to the current economic climate.

    “These are unprecedented times. The economic circumstances, both domestically and worldwide, have changed dramatically in recent months.

    “They are far worse than anyone imagined.”

    The ARU raked in more than $83 million last year, with gate takings up nearly 50 per cent to $21.78 million from six Tests, one justification for the appointment of New Zealander Robbie Deans as Wallabies coach.

    A fourth Bledisloe Cup clash in Hong Kong last year is believed to have boosted the ARU’s coffers by more than $2 million.

    Overall cash reserves were restored to $15 million, the statement said, “and reversed what had become an annual erosion of the windfall delivered by the 2003 Rugby World Cup”.

    Also announced at the annual general meeting in Sydney was former Wallabies prop Ron Graham’s election for two years as ARU president, replacing Paul McLean.

    Dick McGruther was elected vice president and Peter McGrath reappointed ARU chairman.

    Graham’s appointment, however, may not please everyone.

    Queensland Rugby Union chairman Peter Lewis wrote on Wednesday in support of his state’s nominee, McGruther: “Dick’s relevant experience and acumen compared to his rival’s is a ‘no brainer’. Let’s hope the secret ballot produces a sensible outcome in the interests of the game.”

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    And then some if they also restored the (presumably depleted) cash reserves, as implied.

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    That other cold hard fact is that we now have no significant development pathway between Club and Wallabies (except for the largely self funding S14) than Sevens.
    This puts our development pathway behind Fiji, Samoa and Tonga for starters.
    Welcome back to the 80's JO'N, you have done well.

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    Reminds me of a MD of a company who made an announcement to staff.

    We made 60 Million this year. Staff went wow...after we lost 80 mill last year that not bad posting a 60m profit.

    Oh no said the MD, we only lost 20 million this year.

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    Immortal Contributor The InnFORCEr's Avatar
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    Turnover is one thing, profit is another....gerry, your right!
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