BOP union to announce $500,000 profit

The Bay of Plenty Rugby Union is set to announce a profit of more than $500,000 -- an astonishing financial turnaround after posting record losses in the previous two years.

But union officials are warning they still need further financial prudence to guarantee the future of the province.

Riding high on the heroics of its Ranfurly Shield-winning team last season and their extraordinary third-place finish in the NPC, the union will open its books to clubs and stakeholders later this month at its annual meeting.

Although the final audited figures are not available until next week, the profit margin is expected to be at least $500,000, and may even be more in the final wash-up.

In 2003, the union announced a $267,000 loss while last year it was another $285,000 in the red and $340,000 overdrawn.

"I think it's an extraordinary turnaround," chairman Stuart Harvey said.

"I would have been happy if it had taken us two or three years to make this turnaround but to do it in one year, you really need things to fall into place.

"This has really come about through good coaching by (Steamers coach) Vern Cotter, good management and good financial control -- good teamwork both on and off the field."

The New Zealand Rugby Union (NZRU) was closing applications next month for its new 12-team premier NPC competition set to kick off next year.

Despite the lucrative season last year, Bay of Plenty was still well short in some key financial criteria areas. It is understood the NZRU has set the entry equity level for the new competition at between $750,000 and $1 million.

The BOP union, after paying the debts accumulated in the last few years, has less than half that amount.

Harvey admits the union has a very strong case for entry based on the on-field performances.

"It's going to be very hard for the NZRU to refuse us entry after finishing third. We've proved our ability on the field, which is huge -- it's just a matter of getting our finances in order."

- BAY OF PLENTY TIMES