HKRFU assets top HK$200m for first time
The money train just keeps rolling on and on with the Hong Kong Rugby Football Union laying claim to being one of the richest rugby governing bodies in the world after revealing its total net assets had reached a record HK$209 million.
An air of satisfaction swept through yesterday's 55th HKRFU annual general meeting when financial director Grant Jamieson said that for the first time the union's net assets had climbed past the HK$200 million mark.
'This is largely due to sound investments in the past year where our portfolio has risen substantially,' he said. 'While our net assets might sound large and we are the envy of other major unions around the world, you have to remember that we have a turnover of around HK$100 million a year, and one year without the Hong Kong Sevens would make a huge dent in our investments.'
Despite all the gloom and doom in the financial world, local rugby still enjoyed a healthy year with a larger than expected surplus of HK$27.4 million, including a HK$7 million transfer from its affiliated Rugby Union Club. Even last October's Bledisloe Cup which was a financial loss - only around 26,000 fans turned up - hardly had an impact as the HKRFU was left celebrating another bumper year.
'I remember a few years ago when our net assets reached HK$100 million and I thought this was great. But here we are, having crossed HK$200 million. This is truly remarkable considering the money we are spending,' said HKRFU president Brian Stevenson.
Indeed. And the HKRFU is not hoarding its money away in a miserly fashion. The board of directors approved a transfer of HK$15 million - up from HK$10 million last year - to their facilities fund to support the expansion of the game in Hong Kong.
This fund has now swollen to HK$46.2 million, of which HK$10 million has been already committed to a new facility at Tin Shui Wai. The ground, complete with an artificial turf pitch and floodlights will be ready for the new season which kicks off in September.
The Hong Kong Sevens continues to be a huge money-spinner for the union. It accounted for a large part of the HK$41.5 million revenue in ticket sales last year (the only other event where tickets were sold was the Bledisloe Cup). But the bigger source of revenue came from money from sponsors and the sale of patrons and corporate boxes - HK$53.4 million.
'The Sevens every year seems to be getting bigger and better and this year was once again an unqualified success,' said HKRFU chairman Trevor Gregory (pictured). He thanked the union's investment committee, under the leadership of former chairman Stuart Leckie, for ensuring that 'in this difficult environment our investments remain in healthy condition'.
In his report to members, Gregory said 'it was a year of progress', with advancement on all fronts, from the international playing field to community and development rugby.
At December's Asian Games in Guangzhou, the Hong Kong men's team became the first team sport to win a medal in the history of local sport when they clinched the silver medal. It was a huge landmark, one which the women's team too might have matched if not for a controversial end to their bronze medal match against Thailand which saw them finish fourth and out of the medal standings.
Gregory also lauded Hong Kong's second-place finish at the HSBC Asian Five Nations Top Five competition 'only behind a full-time professional Japanese side'. It was the first time in the four years of this tournament that Hong Kong had finished second.
On the home front, progress was perhaps best symbolised by the growing numbers of teams in tertiary rugby - 23 universities and tertiary institutions. Formal recognition of women's tertiary rugby this past year was another major milestone.
Another sign of the growing state of the rugby was the number of fulltime employees at the HKRFU, numbering 52 including a new general manager, Ian MacMahon, whose most pressing task is to formulate a new strategic plan. The cycle of he last strategic plan has been completed and among the targets achieved was winning a medal at the Asian Games.
'Rugby in Hong Kong is in great shape,' said Stevenson, especially pleased that the money was growing in the banks.
