Rugby Australia signs off 2019 accounts after two-month delay
ByReuters
Published 01/06/2020 at 00:26 GMT
MELBOURNE, June 1 (Reuters) - Rugby Australia (RA) have signed off on its 2019 financial accounts, two months after being unable to complete them due to doubts over the governing body's viability amid financial pressure brought by the coronavirus.
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RA said it had submitted its report to the regulator, the Australian Securities and Investments Commission (ASIC), on Sunday, meeting the May 31 deadline for unlisted entities.
"We have cleared another important milestone as we continue to navigate the COVID-19 crisis with the finalisation of our 2019 accounts," RA interim CEO Rob Clarke said in a statement.
"... Our 2019 Annual Report will be published in the coming days."
RA presented an unaudited version of its accounts at its annual general meeting in March, which showed a provisional A$9.4 million ($6.26 million) operating deficit for 2019.
With all domestic rugby suspended since March due to COVID-19, RA furloughed 75% of its staff and negotiated a pay-cut for professional players with the players' union.
RA is now on a better financial footing, having secured a $9 million lifeline from the game’s global governing body World Rugby last month.
Clarke said RA would announce "the first phase of an organisational restructure" this week.
($1 = 1.5022 Australian dollars) (Reporting by Ian Ransom; Editing by Shri Navaratnam)
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