Tasman Rugby Union has performed a remarkable financial turnaround by recording a sizeable profit for the 2009 financial year.
The profit of $543,358 is an improvement of $2.5 million on a $2 million loss in 2008.
The Makos' first profit follows many threats of demotion from the national provincial championship
due to its off-field struggles.
Tasman's performance goes against the general trend, with bigger unions having announced losses for 2009. That includes $764,000 at Otago and more than $400,000 at both Wellington and Canterbury.
The result - credited to cost-cutting and prudent management - has justified an underwriting late in 2008 from Nelson City Council, Marlborough District Council, the Crusaders and Nelson Pine Industries to keep the union afloat.
Chairman Nick Patterson said the turnaround was also helped by several one-off cash injections, including $150,000 from the New Zealand Rugby Union and $70,000 from a Save the Makos pledge campaign.
"It is an outstanding financial result, but while we are more stable it doesn't get us out of the woods. We expect this to be a very tough year and our goal is to break even. It's fair to say we have a bit of work ahead of us to do that," Patterson told the Nelson Mail.
The union cut its involvement in the national sevens championship, as well as its B side, women's side, colts team and it did not finance junior teams from Nelson Bays and Marlborough to South Island tournaments. Some of those sides will be reinstated this year.
NZRU chief executive Steve Tew was delighted. "This is a great result for Tasman. They have worked hard to turn their fortunes around and it is particularly impressive to do it in what is a challenging time for the sport and other provinces," he said.
- NZPA
