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Force declares million dollar profit

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At its Annual General Meeting held last night, RugbyWA declared a trading surplus of $966,131 for the 2007 financial year.


It also confirmed that it had fully repaid the $1.5million loan that was provided by the WA State Government when the Emirates Western Force was first established.


In announcing the result RugbyWA Chairman, Geoff Stooke, said the result enables RugbyWA to provide a boost for grass roots rugby in the state.


‘This is an excellent result and was achieved despite having to incur net costs of $466,000 to fund the participation of the Perth Spirit in the Australian Rugby Championships,’ said Stooke.


‘The surplus enables RugbyWA to continue its investment at the ‘grass roots’ level of the game, which will include paying the player insurance costs for all senior clubs thus lowering the participation costs for players. It will also assist RugbyWA in its long term goal to build financial reserves,’ he said.


RugbyWA is also committed to relocating in the next two years from its Perry Lakes headquarters to new facilities nearby at a site adjacent to Challenge Stadium.


The WA State Government is contributing almost $18million towards the development of the new facilities however RugbyWA will be required to contribute to the fit out.


Stooke said that the strong financial performance of RugbyWA over the past few years has enabled RugbyWA to commit with confidence to the cost of its contribution to the new facilities.


‘RugbyWA is very appreciative of the enormous support provided by sponsors, members, the WA Government, clubs, affiliate bodies, the ARU and rugby fans in general,’ said Stooke.


‘It is because of their support that the excellent financial result had been achieved.’

 

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