18 Apr 2009

QRU warns of hard times ahead

3:43 pm on 18 April 2009

Queensland Rugby's Annual General Meeting has been warned of difficult times ahead, as the global financial crisis puts pressure on corporate and consumer spending.

QRU Chairman Peter Lewis says 2009 and 2010 poses major challenges to all sporting organisations and Queensland Rugby was no different, although the organisation has been ahead of the curve in applying stringent controls on spending.

He says the QRU's tight financial situation makes it imperative that the professional representative season is lengthened to provide more revenue opportunities from more home games and that the QRU is successful in its plan to turn Ballymore into a revenue generator, through the development of a multi-sport community health and fitness centre.

QRU Finance Director Michael Glover told delegates Queensland Rugby had decided to clear the financial decks by writing off the remaining book value of the Ballymore grandstands, which has produced a bottom line loss for 2008 of $4.41 million.