QRU slowly dragging itself out of the red despite paying former coach $2500 a week
And they reckon we've got problems. Wish someone would pay me for not getting a job!
THE cash-strapped Queensland Rugby Union has improved its financial position by $1.39 million even while continuing to pay Matt O’Connor more than $2500 a week for not coaching the Reds.
The spinoff from the QRU’s decision to run with Nick Stiles and O’Connor as interim co-coaches last year was almost inevitably going to result in one top coach leaving with two years still to run on his contract because they were competing for the solo role.
O’Connor missed out on the Reds job that Stiles now fills and was also trumped when on the final list of names for head coach at the Western Force.
Since Stiles was appointed, the QRU has been forced to pay O’Connor more than $60,000 over the seven months since his services as backs boss were no longer required at the Reds.
New chief executive Richard Barker inherited the O’Connor situation from the previous QRU regime.
The QRU is still dragging itself from the financial mire which is a hangover from the big-spending days of former chief executive Jim Carmichael and the slump in Reds’ crowds before his exit in May last year.
The QRU announced it would report earnings of $174,329 for the 2016 financial year at its annual meeting on March 11, compared to a $1.31 million loss the previous year.
That figure does not include the annual Ballymore depreciation slug on the balance sheet.
The code’s governing body will still report a bottom line loss of $789,380 for the 2016 financial year but that is a massive improvement of $1.39 million on 2015’s calamitous $2.18 million loss.
More than 15 QRU staffers were made redundant last year during savage belt-tightening and the QRU has absorbed more than $1 million in one-off and restructuring costs during streamlining.
“At a board level, we have continued to implement an urgent and proactive approach to the financial challenges,” QRU chairman Damien Frawley said.
“The organisational changes and restructuring undertaken in 2016 will enable the organisation to emerge from a period of financial hardship and create a sustainable platform for growth.
“Notably, the QRU achieved 100 per cent completion of its ARU-funded initiatives in 2016, primarily focusing on Community Rugby, and invests around $5 million into rugby in Queensland.’’
