Canterbury Rugby Union Reveals Profit Despite Match Attendance Revenue Drop
By Community | February 28, 2014
The Canterbury Rugby Union has revealed a trading profit of $3, drugs 000 (excluding insurance payments) in the 2013 financial year.
The result was announced at the Union’s recent Annual General Meeting and Chief Executive Hamish Riach called it a satisfactory result in a year of ups and downs.
“2013 was another outstanding performance on the field from our Canterbury A team, prostate winning its sixth consecutive ITM Cup Premiership title. Despite this, revenue from match attendance was down compared with 2012, partly due to lower crowd attendances and partly due to us not hosting a final in 2013 as we had in 2012. Although this reduction in revenue was largely matched by reductions in the costs of ITM Cup matches and of representative teams in general.
“Match attendance will be a real focus to turn around in 2014,” Mr Riach said. “Sponsorship, signage and hospitality income remained at roughly the same level as the previous year, so we are very grateful to our sponsors for their ongoing support.”
Revenue from the International High Performance Unit (a joint venture between the CRFU and Crusaders) was up, but receipts from Gaming Trusts were reduced from 2012.
Half of Canterbury Rugby’s operating surplus is paid to the Christchurch Stadium Trust as part of the agreement formed when the temporary AMI Stadium was built, so the trading surplus was $6,000 before that payment was made. The 2013 surplus was boosted by a $183,000 Business Interruption Insurance payment following final settlement with insurers, bringing the actual surplus for the year to $186,000.
The CRFU AGM also saw Grant Jarrold and Trevor McIntyre re-elected to the Board for another three years. Grant Jarrold has subsequently been elected to Chairman of the CRFU for the ensuing year. He replaces Stewart Mitchell who decided not to re-stand for election after more than ten years on the Board.
Mr Jarrold paid tribute to Mr Mitchell and said he is honoured to be taking up the post: “Stew has been a pair of safe hands and an excellent Chair for Canterbury Rugby. His are big boots to fill but I look forward to taking on the challenge and continuing to contribute to this Union that I am so passionate about,” Mr Jarrold said.
Grant Jarrold is a partner in Deloitte Private for Canterbury and the upper South Island, a director in the Crusaders Limited Partnership and has also served as the Chair of the Belfast Rugby Club Inc.