Finance Notes: Samoa Rugby Union On The Verge Of Bankruptcy
The Samoa Rugby Union is "close to filing for bankruptcy ahead of next month’s Test against England." SRU CEO Vincent Fepuleai said that the national team’s future "is under serious threat from mounting debts." The Pacific Island nation "issued a plea for help from the rugby world" and also requested a £150,000 ($197,700) cut of next month's revenue at Twickenham. Fepuleai: "Our fate is dictated by our situation and we are close to insolvency" (London DAILY MAIL, 10/21).
Three National Rugby League clubs have cleared A$1M ($782,000) in salary cap space as "the battle for the prized signature" of halfback Cooper Cronk "hots up." The Sydney Roosters, Cronulla Sharks and Parramatta Eels are reportedly "engaging in an all-out battle for Cronk" and will not "have to shed any players to land him" (Sydney DAILY TELEGRAPH, 10/22).
Financial documents in Cricket Wellington's annual review show CW ran at an NZ$81,793 deficit in the year ended July 31. In her chair's report, Sally Morrison confirmed a "disappointing return" from the one-off Melbourne Stars visit last December, and "lower-than-expected income from corporate hosting at matches" saw commercial revenue down by over NZ$100,000. Cricket Wellington CEO Cam Mitchell said that the deficit was "largely down to depreciation in property and equipment" owned by the organization, while it ran at an "operating surplus over that period" (STUFF, 10/20).
The Nigerian Football Federation agreed to a budget of $17.5M for '18, "with the focus being on Russia 2018 following the national team’s successful qualification for the World Cup." The NFF said, "The guaranteed revenues from sponsors and government subvention is the sum of N3,062,500,310.00 [$8.6M], leaving a shortfall of the sum of N3,320,000,000.00 [$9.3M], which the Federation has to work to augment through sponsorships and special interventions" (INSIDE WORLD FOOTBALL, 10/20).