Investors interested in teaming up with Fijian Drua
March 5, 2021 6:42 am
The Fiji Rugby Union has received some interest from private investors to team up with the Fijian Drua as part of its 2022 Super Rugby bid.
FRU Chief Executive John O’Connor says they are having discussions with interested parties.
As a proposed new entrant, the Drua will need to meet stringent financial conditions set down by New Zealand Rugby Union which include the requirement to hold substantial cash assets and provide financial guarantees to ensure the team’s long-term viability.
O’Connor says they’ve discussed their business plan with NZR.
He adds New Zealand Rugby is happy with what was in the plan that FRU submitted and it’s about fulfilling the financial requirements in the business plan to confirm the Drua’s participation next year.
‘We are working very hard to make sure we meet the requirements in terms of investment and so forth before the end of March so that you know New Zealand Rugby can tick off one of the milestones that we need to achieve which can lead to an official announcement as being part of the Super Rugby competition next year’.
FRU intend to seek $14 million in capital and they’re confident that their proposal will attract strong interest from Investors in Australia, New Zealand, and around the world.
O’Connor says ideally, they’d like Fijian investors also, but they’re looking for either a single investor or at most 3 or 4 entities to back the team.
A separate company structure will run the operations of the Fijian Drua for the 2022 Super Rugby competition.
It will be conducted through a separate company structure, with its’ own Board of Directors, and administration, separate from the Fiji Rugby Union.