SA rugby is sitting pretty

The SA Rugby Union has a record cash reserves, its 2008 financial results released yesterday showed.

The SA Rugby Union has a record cash reserves, its 2008 financial results released yesterday showed.

The group had R70million in the bank at the end of the financial year, reflecting the generally healthy state of the group's financial affairs, said Basil Haddad, Saru's financial director.

"Cash reserves were buoyed by a £3m grant [R41million] from the IRB Trust, following the highly successful 2007 Rugby World Cup," said Haddad.

"That grant led to a Rm operating profit at last year-end allowing us to make a once-off, special injection of R20million into the development of the game, through the provincial unions."

Revenues grew 15 percent to R432million in 2008, disregarding the IRB grant, which was accounted for in 2007. - Sapa

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