The Queensland Rugby Union (QRU) will report a net profit of $32,000 and EBITDA of $900,000 at its Annual General Meeting in March.
The organisation’s financial position mirrors on-field progress with stability in the St.George Queensland Reds coaching ranks and 14 members of the 36-strong Reds squad recently signed on long-term deals ahead of the 2020 Super Rugby season.
QRU CEO David Hanham said: “Our focus over the last 12 months has been on building a strong connection with our customers across the state of Queensland.
“One example of this has been the success of our Reds to Regions tour late last year, which saw our coaching staff and players rolling-up their sleeves in our rural heartlands, and was one example of our determination to reconnect with our communities and local rugby clubs and schools.
“The financial result we’ll report at the AGM is further confirmation that this organisation is heading in the right direction.
“It’s also pleasing to have the strength of our corporate partners behind our vision. Our naming rights partner St.George Bank has been with us for over a decade and Santos joined us as a commercial partner on a 4-year-deal last November.
“Our Reds retention and recruitment strategy is focused on this four-year cycle ahead of the 2023 Rugby World Cup. 90 per cent of the squad has emerged from our Queensland pathway and we have a desire to see the Reds and our fans enjoying Rugby finals.
“Queensland remains a participation heartland for Rugby in this country across both sexes, which comes from the continued hard-work of our volunteers within sub-union, club and school’s Rugby and is central to the future health of the code in this country.”
The positive vibe at Ballymore was reinforced last May when the Federal Government pledged $15 million towards the development of the National Rugby Training Centre (NRTC) at Ballymore. The NRTC will be the National Headquarters for Women’s Rugby, the base for the St. George Queensland Reds (Men’s and Women’s), as well as a winter training facility for the Wallabies.
Since then, the QRU has been working hard to bring this vision to life and continues to be in deep discussion with the Queensland State Government on a matching $15 million contribution to the $35 million project, which will form the centrepiece of the rejuvenation of Ballymore.
“Ballymore will be a ‘world-class precinct’ and a destination the Rugby community can be proud of. We’ll begin this work by delivering the NRTC, which will have training space for more than 80 elite Rugby players as well as our academy, game development and community staff and other programs,” Mr Hanham added.