Northern Edition

Select Edition

Northern Northern
Southern Southern
Global Global
New Zealand New Zealand
France France

Fiji Government pays NZ$6m to own 51 per cent of Drua

(Photo by Matt Roberts/Getty Images)

Fiji Attorney-General and Economy Minister Aiyaz Sayed-Khaiyum has explained why the Government has invested NZ$6m for a 51 per cent stake in the Fijian Drua Super Rugby franchise.

ADVERTISEMENT

Sayed Khaiyum told Parliament the New Zealand Rugby (NZR) did not want Super Rugby teams run by the rugby union of a particular country while another compelling reason was to ensure any failure of the franchise would not impact on the Fiji Rugby Union.

The Fiji Times report Sayed-Khaiyum said the NZR required an independent entity which led to the formation of Counter Ruck Pte Ltd, which owns and operates Fijian Drua.

Video Spacer

Nic White – Wallaby Legends, Cheika v Jones, and The Honey Badger let loose in Chicago | RugbyPass Offload | Episode 33

Video Player is loading.
Current Time 0:00
Duration 0:00
Loaded: 0%
Stream Type LIVE
Remaining Time 0:00
 
1x
    • Chapters
    • descriptions off, selected
    • captions off, selected
      Video Spacer

      Nic White – Wallaby Legends, Cheika v Jones, and The Honey Badger let loose in Chicago | RugbyPass Offload | Episode 33

      Sayed Khaiyum said one of the conditions was it required a minimum of $NZ3 million equity or debt. “The rationale, of course, was to set up a separate private company to keep the financial affairs of the rugby union away from the team that is going to participate in the Super Rugby competition, because of any financial failures that may occur.

      “Because these competitions are extremely expensive and if it is going to put additional burden to the rugby union, we could have the entire structure within that individual country collapse. That is why they have to keep that as separate entities.”

      When Counter Ruck sought the government to fund the Drua franchise, Sayed-Khaiyum stated the government couldn’t award a grant to a private corporation because taxpayer dollars were involved. After seeing the economic benefits of a Fijian club competing in Super Rugby, he said the government chose to become an equity owner.

      “We also saw the economic advantage in terms of the competition and how Fiji of course is going to be the home base for Drua, at least not now but later on it will be. We saw the economic benefits and we also know rugby is a very, very important part of our national psyche,” said Sayed-Khaiyum.

      ADVERTISEMENT

      “We then said that we could become an equity holder. In that way we could actually give the $6 million but in return get shares for it as we do in other companies.

      “So which is what we have done and as a result of which we get 51 per cent of Counter Ruck, we have already disbursed $3 million, the second lot of $3 million will be disbursed by December, 2022.

      “We have said that in time to come, the Government could of course divest its shares, get back its money but what we would have done would have had the Drua team up and running and a good company will be running it too.”

      ADVERTISEMENT

      Kubota Spears vs Saitama Wild Knights | Japan Rugby League One 2024/25 | Full Match Replay

      The gruelling reality behind one of the fastest sports in the world | The Report

      Boks Office | Episode 40 | The Steven Kitshoff Special

      Perry Baker in the house | HSBC Life on Tour | Los Angeles

      O2 Inside Line: All In | Episode 6 | Le Crunch

      The Unexpected Journey to USA 7s Glory | Aaron Cummings | Sevens Wonders

      USA vs Japan | Full Match Replay

      Yokohama Canon Eagles vs Shizuoka BlueRevs | Japan Rugby League One 2024/25 | Full Match Replay

      Confidence knocks and finding your people | Flo Williams | Rugby Rising Locker Room

      Tackling reasons for drop-out in sport | Zainab Alema | Rugby Rising Locker Room

      Jet Lag: The biggest challenge facing international sports? | The Report

      Trending on RugbyPass

      Comments

      1 Comment
      k
      ky 1094 days ago

      My question is are the Drua and MP paying for the use of the Aussie and NZ stadiums? Taxpayers shouldnt be footing the bill for foreign teams

      Join free and tell us what you really think!

      Sign up for free
      ADVERTISEMENT

      Latest Features

      Comments on RugbyPass

      T
      TomCruise33 2 hours ago
      'Well constructed': Vern Cotter on what led to a convincing win in Fiji

      Contact Mighty Hacker Recovery 4 all hacking services 2025 Reach out on Whatsapp ++14042456415

      Internet scams and cybercrime have surged to concerning heights, causing chaos in lives, depleting hard-earned funds, and incapacitating companies. F R A U Dsters work in multiple forms, such as counterfeit investment sites, binary options frauds, forex trading F R A U D, and cryptocurrency scams, all aimed at deceiving unsuspecting victims

      These offenders are very cunning, utilizing psychological tactics and promising unrealistic high returns to attract individuals, only to disappear with their funds. I am recounting my experience as a caution to those who might encounter comparable circumstances. I used to be a target of a meticulously planned binary options scam, in which I lost an astonishing $898,300 in B I T C O I N to a F R A U Dulent broker. Initially, all appeared to be authentic. The platform seemed credible, and the offers of substantial returns were appealing. Nevertheless, after I put my money in, the fraudsters vanished completely, leaving me helpless and heartbroken. The emotional burden was overwhelming; I felt despondent, ensnared in a loop of sadness, and uncertain if I would ever regain my lost money

      Luckily, I ultimately encountered MIGHTY HAC KER RECOVERY, a reliable and exceptionally talented investigative and recovery firm. Their group of cybersecurity professionals focuses on monitoring and retrieving money lost to internet fraud. Thanks to their assistance, I managed to recover my stolen funds and regain control of my life. Their determination and technical know-how were truly remarkable, offering me the assistance I urgently required during a difficult period

      If you or someone you know has been a target of any type of online F R A U D, whether it’s a fraudulent investment plan or crypto theft, please seek assistance right away. In these situations, timing is essential, and the quicker you respond, the better the odds of recuperation. MIGHTY HAC KER RECOVERY has demonstrated itself as a dependable option for numerous victims, including me. They employ sophisticated methods to track stolen money, uncover scammers, and support legal proceedings when needed

      Don’t allow shame or fear to silence you; con artists flourish when their victims stay silent. To all who see this: Remain alert, perform detailed research before investing, and avoid trusting offers that appear "too good to be real." If you’ve been S C A M M E D, don’t lose hope; contact a trustworthy recovery service such as MIGHTY HAC KER RECOVERY for help. Your journey to healing might be nearer than you realize.

      0 Go to comments
      C
      Cecilia Diesch 5 hours ago
      Freddie Burns' message to prompt transfer scramble?

      Online scams and cybercrime have reached alarming levels, wreaking havoc on lives, draining hard-earned savings, and crippling businesses. Fraudsters operate under various guises, including fake investment platforms, binary options scams, forex trading fraud, and cryptocurrency schemes designed to steal from unsuspecting victims. These criminals are highly sophisticated, employing psychological manipulation and making fake promises of high returns to lure people in, only to vanish with their money. I am sharing my story as a warning to others who may find themselves in similar situations. I was once a victim of a well-orchestrated binary options scam, where I lost a staggering $150,300 in Bitcoin to a fraudulent broker. At first, everything seemed legitimate. The platform appeared professional, and the promises of high returns were enticing. However, once I invested my money, the scammers disappeared without a trace, leaving me stranded and devastated. The emotional toll was unbearable; I felt hopeless, trapped in a cycle of depression, and unsure if I would ever recover my lost funds. Fortunately, I eventually met TECH CYBER FORCE RECOVERY, a trusted and highly skilled investigative and recovery agency. Their team of cybersecurity experts specializes in tracking and recovering funds lost to online scams. With their help, I was able to reclaim my stolen money and get my life back on track. Their persistence and technical expertise were miraculous, providing me with the support I desperately needed during a dark time. If you or someone you know has fallen victim to any form of online fraud, whether it’s a fake investment scheme or cryptocurrency theft, I urge you to seek help immediately. Time is critical in these cases, and the sooner you act, the higher the chances of recovery. TECH CYBER FORCE RECOVERY has proven to be a reliable solution for countless victims like me. They utilize advanced techniques to trace stolen funds, expose fraudsters, and assist in legal actions when necessary. Don’t let shame or fear keep you silent; scammers thrive when victims remain quiet. To anyone reading this: Stay vigilant, conduct thorough research before investing, and never trust opportunities that seem "too good to be true." If you’ve been scammed, don’t give up hope; contact a reputable recovery service like TECH CYBER FORCE RECOVERY for assistance. WhatsApp them at +15617263697 or Telegram at +15617263697. Your path to recovery may be closer than you think.

      0 Go to comments
      LONG READ
      LONG READ Farrell puts his reputation on the line knowing tougher challenges lie ahead Farrell puts his reputation on the line knowing tougher challenges lie ahead
      Search