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.