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Dublin: 4 °C Tuesday 18 February, 2020
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IRFU play down €14.9m profit as Fitzgerald appointed president

The union say the large surplus is down to a ‘once off’ €11.5 million.

illy Glynn and new president Pat Fitzgerald (right).
illy Glynn and new president Pat Fitzgerald (right).
Image: ©INPHO/James Crombie

THE IRISH RUGBY Football Union is this evening cooling talk of large profit as their annual report is released showing a surplus of €14.9 million.

On the night of the union’s annual council meeting, the figure is being played down because of the inclusion of a once-off “exceptional” item of €11.5 million.

An IRFU statement cautioned:

“When this €11.5m once-off item was removed its surplus declined to €3.4m compared with €7.8m last year.

“In terms of operating cashflow this has fallen from a surplus of €2.4m in 2011/12 to a deficit of €4.5m in 2012/13after non-cash items, such as depreciation and amortised income*, were accounted for.”

Meanwhile, treasurer Tom Grace noted that the skewed figure “flattered to deceive.”

Tonight’s meeting also witnessed the handover of the union’s presidency. The outgoing Billy Glynn is replaced by Longdord RFC’s Pat Fitzgerald.

The 126th president is the first from a junior club in Leinster and a statement from the union describes him as: “a well-known and successful businessman involved in the construction, property and plant and machinery industry in Ireland and the UK.”

Fitzgerald has formed a part of the IRFU council since joining the marketing committee in 1997. He became a full member of the union council in 2000 and has served on every committee in his time on Lansdowne Road.

The complete IRFU annual report can be viewed here.

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Sean Farrell

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