Queensland raking in the cash
Sat, 20 Apr 2013 07:29
Queensland Rugby has reported a surplus before depreciation of $1.6 million for the 2012 financial year, it was announced at the organisation's Annual General Meeting at Ballymore on Saturday.
The final result of a surplus of $975,193 after depreciation is another strong result and follows 2011's surplus of $1,460,069 ($660,000) in the year the Reds won the Super Rugby title and hosted two home finals at Suncorp Stadium.
The result is largely due to the ongoing success of the Reds which flowed on to an increase in sponsorship (up 26.7%), and Reds memberships (up 107%). Average match attendances were up 3.6% however revenues were approximately the same as 2011 due to one less home finals match.
Queensland Rugby made further significant increases in growing its footprint in the community game and recorded more than a 6% increase in national market share to 37.3% in 2012 from 31.24% in 2011, as compared to New South Wales, with a substantially larger population, at 37.4% in 2012.
Record participation levels saw more than 187,000 participants play rugby in Queensland in 2012, which is a record 37% increase from 2011 and represents 108% growth since 2009.
The performance continues the remarkable turnaround in the financial position of the organisation since 2009 where a $3 million deficit was reported and it was followed by a loss of $1.1 million in 2010.
2012's significant achievements were announced to members and stakeholders at Queensland Rugby's Annual General Meeting.
Following the meeting, the QRU Board appointed former Reds and Wallabies player Damien Frawley as its first independent director.
Frawley, who had a distinguished playing career in representing both Queensland and NSW as well as playing 10 Tests for the Wallabies, is currently the CEO of the successful institutional investment manager, Queensland Investment Corporation, having taken up the role in 2012 after a long tenure with Blackrock Australia in Sydney.
The election of an independent director further aligns Queensland Rugby’s constitution with contemporary best practice for sporting governing bodies and in accordance with government policies.
Due to those constitutional changes, the board now comprises of five member-elected directors and two independent directors appointed by the QRU board, with the changes to be phased in over the next two years.
To assist with the implementation of the new constitutional arrangements and in recognition of her strong support for Frawley's appointment, Queensland Rugby's first female director, Kirstin Ferguson chose to retire from the board at the completion of her term.
Chairman Rod McCall thanked Ferguson for her efforts during her time on the board during a period of great reform for the code in Queensland.
McCall and director Michael Arnett were re-elected to the board for another term as were Tony Shaw (President) and vice-presidents Bill Ross and Andrew Slack.
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