Saru in financial dispute

17 Mar 2010

Saru and the South Africa Revenue Services (Sars) are involved in a R155 million dispute.

Saru released its financial results on Wednesday and notes to the financial statements include a contingent liability of R155 million for additional tax assessments raised by Sars. This relates to payments made by SA Rugby (Pty) Ltd to Saru between 2003 and 2008, to fund contractually required amateur rugby activities.

Saru is disputing the matter with Sars based on interpretations of certain provisions of the Income Tax Act, and the rugby body hopes the matter will be favourably resolved soon.

Meanwhile, Saru reported a pre-tax profit of R28.5 million for 2009, which was lower than originally forecast as the British & Irish Lions tour didn’t do as well as expected.

Saru’s gross income for 2009, including its share of the profit from the Lions tour, increased by 15% to R501 million while operating expenditure of R477 million was restricted to a 1.3% increase on 2008.

The lower than expected profit was blamed on the worldwide recession, as this ‘impacted on Saru’s adjusted share of the net revenues from the tour by the Lions,’ a Saru statement said.

‘The demand for hospitality packages and match tickets was, understandably, not as strong as had been forecast,’ said Basil Haddad, Saru’s chief financial officer. ‘But we achieved an acceptable financial result overall and our financial position remains healthy.’

Increased administration and governance expenses, particularly on legal and other professional fees related to the amalgamation of Saru and SA Rugby (Pty) Ltd and certain tax issues, contributed to the expense increase.

However, ‘the amalgamation is likely to provide a platform for maximising revenues and making meaningful cost savings,’ said Haddad. ‘The funding of professional and amateur sport is a challenge for sports federations around the world, and maximising commercial opportunities for rugby is now essential.’

Haddad said that although this year was the last of a five-year broadcasting cycle, during which revenues have remained flat, he expected Saru to make a modest operating profit in 2010, due mainly to a grant of £1 million from the IRB Trust and revenues from additional overseas matches.


142 Comments

Pages: « 1 [2] 3 » Show All

  • 51.Xkreni-WP: Reply to this comment
    17 Mar 2010, 22:16 pm

    @Karen:

    And thanx

  • 52.Karen: Reply to this comment
    17 Mar 2010, 22:16 pm

    @Transformation: And Oasis is making money in return. Do you really think Oasis would sign if they don’t get something in return??

  • 53.Xkreni-WP: Reply to this comment
    17 Mar 2010, 22:18 pm

    @Karen:

    Is it talk rugby or rugby talk. I should put my offer up there as well. At least I know some of those guys are really connected.

    pietman perhaps

  • 54.Karen: Reply to this comment
    17 Mar 2010, 22:18 pm

    @Xkreni-WP: Well I have my tickets :-D Have my season tickets but will hear from the guys in CT if anyone has spares in the boxes and will let you know.
    Yes our teams are really playing great rugby and it is good because it is by time that my team performs :-)

  • 55.The Almighty Shaun: Reply to this comment
    17 Mar 2010, 22:19 pm

    @Karen: So you are ready to protect a racist.. Typical

  • 56.Karen: Reply to this comment
    17 Mar 2010, 22:20 pm

    @Xkreni-WP: Yes Rugby Talk – are you still on Superbru so I can send you the details if you need? Well I am out of here – have a good evening and I will let you know if I hear of anyone regarding the tickets

  • 57.Xkreni-WP: Reply to this comment
    17 Mar 2010, 22:21 pm

    @Karen:

    Thanx Karen.I appreciate it.

    Anyways, I am out of here. This schoolyard insult thing bores me very quickly.

  • 58.Xkreni-WP: Reply to this comment
    17 Mar 2010, 22:21 pm

    @Karen:

    Maybe I will register. See you around

  • 59.The Almighty Shaun: Reply to this comment
    17 Mar 2010, 22:23 pm

    @Karen: Come on Karen.. do you like being soiled by such an association.. I bet you tell people that you are not a racist..

  • 60.Karen: Reply to this comment
    17 Mar 2010, 22:24 pm

    @The Almighty Shaun: I don’t protect anyone and in my opinion you are a bigger racist than me. You don’t know me so keep your self-opinionated comments to yourself – it is guys like you that give other people a bad name. Luckily I don’t associate myself with arseholes like you and at least my friends including coloureds are well mannered and not so damn rude and bombastic like you. So do me a favour and piss off or climb back from under the rock you crawled out of. Keo or IG can ban me after this but you know what so bledie what – you and your high all mightly so called bloggers are the reason why many have left this site. Ps do you think you are GOD or some so-called high ranking pleb? If you are so well known and well connected why do you hide behind a nickname? Maybe you are a just a mail boy trying to pretend you are the boss. Grow up and if you want to blog here discuss rugby not **** like this.

  • 61.The Almighty Shaun: Reply to this comment
    17 Mar 2010, 22:26 pm

    So the stormers have supporters who are ready to protect racist scum.. real pity. especially since they try to make us believe that they are genuinely abhor racism.. This is the dishonesty that I raise on this site all the time..

  • 62.The Almighty Shaun: Reply to this comment
    17 Mar 2010, 22:30 pm

    @Karen: Everybody on this site knows my name is Shaun Langenhoven.. waar kom jy now aan.Baie laat.. Bus is lankal weg.

    Bottom line is that you openly showed your support for racist scum… Now tell us who you are.

  • 63.Karen: Reply to this comment
    17 Mar 2010, 22:30 pm

    @The Almighty Shaun: Hahahaha what world are you living in? Your own one?
    We have Stormers supporters who support the Stormers when they play against the Bulls but when they play against the Canes or any other NZ team they support the Kiwi sides – I have seen it because I go to Newlands every homegame. Geez you have a misguided notion of racist – you shout racism when it suits you because you are hiding behind it yourself. In all your comments you are a bigger racist than most of the bloggers here. Why don’t you blog on a political website where people might want to listen to you because this is a rugby website and it irritates the ***** out of me when anyone blogs about politics – and you are not the only one. I use to blog here daily for a long time but for the past 3 years this site has become a fight site for anyone to have a go at each other.

  • 64.Karen: Reply to this comment
    17 Mar 2010, 22:31 pm

    @The Almighty Shaun: My name is Karen and I do not have a nickname on this site. On all the rugby blogs I use my own name

  • 65.Xkreni-WP: Reply to this comment
    17 Mar 2010, 22:32 pm

    @The Almighty Shaun:

    Dude, you are a typical bully. You do realise that you come across as having a huge inferiority complex.

    Why do you not give me your work number and I will phone you tomorrow. Or if you ever get to Wilderness, just ask who is the biggest Bulls supporter and you will find me. I would love to look you in the eye.

    Do not try to get info from innocent people by playing out your own insecurities.

    As for racist, why did you flee the new South Africa? Scared of the ANC government?

  • 66.Karen: Reply to this comment
    17 Mar 2010, 22:32 pm

    @The Almighty Shaun: So how come you became Almighty – who gave you the devine title??

  • 67.Heavens Game: Reply to this comment
    17 Mar 2010, 22:34 pm

    Does anyone know what the original pre-tax profit forecast was.

    We could then deduce by how much these plonkers messed up on the BI Lions forecast.

    Also lower than expected profits due to either the BI Lions tour having:
    - higher than expected costs
    - tickets prices higher higher than what fans were willing to pay, thus lower than expected sales volume

  • 68.rangerman: Reply to this comment
    17 Mar 2010, 22:34 pm

    @The Almighty Shaun: shaun, you are full of **** mate.

    you go on about whites all day long but are so quick to throw the race card?

    you amuse me :lol:

    now leave karen alone, abusing women is frowned upon in our society. ask rossoneri, she will tell you i fee the same about abuse sent her way.

  • 69.Karen: Reply to this comment
    17 Mar 2010, 22:35 pm

    I am out of here – will go blog on a site where rugby gets discussed and there is no ALMIGHTY DEVINE INTERVENTION.

  • 70.Karen: Reply to this comment
    17 Mar 2010, 22:38 pm

    @rangerman: Thanks :-)

    And by the way Almighty – I am blonde so there is a bigger reason for you to call me a racist ROFLMFAO :-D

  • 71.The Almighty Shaun: Reply to this comment
    17 Mar 2010, 22:38 pm

    @Karen: Ok.. wow.. did I upset you.. 8)

    Firstly, do have a definition for racism.. seems like you are a bit confused. Have you heard of apartheid… were you born 20 years or less ago.. allow me to give you the benefit of the doubt. I am worried that you may not be that well educated and may not be able to match my super intelligence.. But let me give you some time to make a bigger idiot of yourself… This is not going to be nice

  • 72.rangerman: Reply to this comment
    17 Mar 2010, 22:39 pm

    and with that, the ranger must sleep.

    i am presenting a solution to the highest levels of our govt tomorrow that, if adopted, will prevent all those scenes of lazy, stupid, ignorant civil servants, nurses and teachers rioting, striking and defrauding our society.

    and if i sound like another blogger with an inflated ego, have no fear, i just hope i am successful and our society can benefit.

    lets see, but i am not very hopeful.

    night all.

  • 73.The Almighty Shaun: Reply to this comment
    17 Mar 2010, 22:43 pm

    @rangerman: Fk u mate.. how dare you attack me when could have dealt with exkreni.. Looks like you prefer his company too. This twat is dispicable but you look to protect him.. At least we now know who the bullshitter is..

  • 74.rangerman: Reply to this comment
    17 Mar 2010, 22:44 pm

    @The Almighty Shaun: have you heard of apartheid?

    what a stupid question shaun.

    really mate, you need to find a new frame of reference.

    try it on me next time, type apartheid, apartheid apartheid apartheid and see if i squirm :lol:

    try bulala ibhunu or something else rather.

    or better yet, come back and help us bou ‘n nasie? :lol:

    night shaun :lol:

  • 75.The Almighty Shaun: Reply to this comment
    17 Mar 2010, 22:45 pm

    @rangerman: Will it benefit your pocket first and then one or two black partners.. another poverty alleviation scam??

  • 76.Heavens Game: Reply to this comment
    17 Mar 2010, 22:45 pm

    Hello there, between evreyones fun:

    Again:
    Does anyone know what the original pre-tax profit forecast was.

    We could then deduce by how much these plonkers messed up on the BI Lions forecast.

    Also are lower than expected profits due to either the BI Lions tour having:
    - higher than expected costs
    - tickets prices higher higher than what fans were willing to pay, thus lower than expected sales volume

  • 77.Karen: Reply to this comment
    17 Mar 2010, 22:45 pm

    @The Almighty Shaun: Wrong I was born more than 20 years ago and yes I know all about apartheid and so I don;t need your so-called super intelligence because that is the biggest load of crock. If you were so intelligent you would have moved on by now but you are stuck in the 1960′s and still fear the NP goverment. Hallo it is 2010??? Thanks for calling me and idiot because it takes one HUGE IDIOT to recognise another one.

    And no you did not upset me because I see plenty of you at the goverment departments – clueless and incompetent

  • 78.Brigadier Van Zyl: Reply to this comment
    17 Mar 2010, 22:46 pm

    Shaun “no mates” Langenhoven

    doesn’t that concern you?

  • 79.Karen: Reply to this comment
    17 Mar 2010, 22:46 pm

    @Heavens Game: Sorry can’t help you :-)

  • 80.Heavens Game: Reply to this comment
    17 Mar 2010, 22:48 pm

    TAS, Rangerman, Brig ?

  • 81.rangerman: Reply to this comment
    17 Mar 2010, 22:48 pm

    @The Almighty Shaun: ag, i didnt defend xkreni, i defended karen shaun.

    i am truly sick of all the political bs from both sides but your liberal use of the race card must stop please man.

    we all know we come from a tortured past and those of us who live here are trying to move past it.

    you dont help by “exposing racists” every thread, every day.

    in fact you stir up more division.

    so thats my piece.

    you hate me for it, thats my loss i suppose.

    i have to sleep now but i guess we will chat again.

    tjorts.

  • 82.Karen: Reply to this comment
    17 Mar 2010, 22:50 pm

    Night all I am going to brush up on my history on apartheid and the Anglo-Boer War and the World War 2 and the Bush war and all the wars that took place :-)

    And next I blog I might understand what apartheid is and what it means and bla bla bla bla sorry I have moved on and I am living in 2010 so apartheid does not concern me anymore – all that I am interested in now is that the Stormers win on Saturday.

    Cheers all and vapa merda to the fila de puta’s that irriate me

  • 83.The Almighty Shaun: Reply to this comment
    17 Mar 2010, 22:50 pm

    Got to go .. back in 15minutes@Karen: BTW.. I work in the UK.. Top of the world..living the dream..

  • 84.Karen: Reply to this comment
    17 Mar 2010, 22:51 pm

    @rangerman: Cheers and will chat again :-) Nite nite

  • 85.The Almighty Shaun: Reply to this comment
    17 Mar 2010, 23:11 pm

    @rangerman: YOu did not defend apartheid??? you just ignored it because you benefitted from it.. You are not in the middle mate.. You’re the typical bulshitter who is firmly on the right..

  • 86.carol: Reply to this comment
    17 Mar 2010, 23:14 pm

    @Karen: Karen, I have just replied to you!! My e mails have ‘fallen over’ tho!!

  • 87.The Almighty Shaun: Reply to this comment
    17 Mar 2010, 23:14 pm

    @Karen: YOu can visit my website.. it will might help fill that huge void created by denial.

  • 88.carol: Reply to this comment
    17 Mar 2010, 23:14 pm

    What ‘Kak’ is flying here tonight? :lol:

  • 89.The Almighty Shaun: Reply to this comment
    17 Mar 2010, 23:21 pm

    @carol: Karen Nor.. saw it fit to come and defend people that you dispise

  • 90.Karen: Reply to this comment
    17 Mar 2010, 23:33 pm

    @The Almighty Shaun: I see you got part of my surname but actually that is only one part. Secondly I did not defend Xkreni – I just said that he does have a guest house which is the honest truth – you were the one that told me I am a racist and if you check back on this blog I have never ever posted on comment regarding race. I am normally bantering against the Bulls yes. So don’t tell Carol that I came to defend people – I was just stating the obvious fact that he does own a guest house.

    Carol I replied to your mail.

    I have no need to look at your website Shaun because you are not a person who I want to know and be associated with- I don’t care if you are a pleb or a celebrity or a high ranking official or whatever because you just came out and accused me of racism and in my opinion that is just being plain rude – you don’t know me so don’t pin the racism card to me. Besides I am here to discuss rugby and not try and win votes for an election because to gods honest truth I could not be bothered with politics. Besides if you are enjoying life and living the dream life over there why are you so bothered with what is going on here. You made your bed so just stay there.

    End of dicussion but then again you are one of those that must always have the last say – so go ahead and say whatever you want because frankly I don’t give a damn what your opinion is.

  • 91.The Almighty Shaun: Reply to this comment
    17 Mar 2010, 23:40 pm

    @Karen: Do you dispise racist scum like Xkreni.. it a simple yes or no.

    NO need to get all panicky.. I won’t destroy your career..

  • 92.The Almighty Shaun: Reply to this comment
    17 Mar 2010, 23:42 pm

    @Karen: And last thing.. are all SA government workers incompetent??

  • 93.Karen: Reply to this comment
    17 Mar 2010, 23:50 pm

    @The Almighty Shaun: Well the government department people that I have dealt with are 90 percent incompetent. They work slow and it takes forever trying to explain to them what one needs. The 10 percent that does work unfortunately does not work directly with the public. I believe public servants – in any sector – private or government including retail etc should be able to answer the public with efficient service and the proper knowledge – at present I am sorry to say that is not happening.

    Wrt racism – my kids have friends at school and in our street who are of different colour, religion etc but they don’t see the difference – they play together in my house and my kids play in there houses. It does irritate the ***** out of me when people throw the race card – I only defended Xkreni wrt his guest house and he does have one. I never defended him regarding anything else. Both of you were slagging off racial comments so both of you were wrong.

    I am not panicky at all because you have no right to destroy anyones career

  • 94.The Almighty Shaun: Reply to this comment
    18 Mar 2010, 00:04 am

    @Karen: YOu know his name.. he is racist scum.. You won’t let me have his name.. So you are protecting him. Its simple?? Why would you think that I am a government worker?? And why would you think that I am part of the 90%

  • 95.Heavens Game: Reply to this comment
    18 Mar 2010, 00:06 am

    @The Almighty Shaun: 93. TAS, and what could or would you do if you knew his name?

  • 96.Xkreni-WP: Reply to this comment
    18 Mar 2010, 00:07 am

    @The Almighty Shaun:

    Give me your number and you will have my name

  • 97.Xkreni-WP: Reply to this comment
    18 Mar 2010, 00:08 am

    @The Almighty Shaun:

    Trying to use emotional blackmail. Cyber Bully. Would run a mile if you have to face off mano a mano. You look like a weakling on your photo.

  • 98.Xkreni-WP: Reply to this comment
    18 Mar 2010, 00:10 am

    @The Almighty Shaun:

    Lets get this straight.

    Karen was protecting no-one. she stated a fact and you looked like the fool you are. That is what pissed you off. If you want to dish it out, you must take it

  • 99.Xkreni-WP: Reply to this comment
    18 Mar 2010, 00:12 am

    @Xkreni-WP:

    As for racist, look at yorself.

  • 100.Xkreni-WP: Reply to this comment
    18 Mar 2010, 00:13 am

    Hey Keo, are you going to allow this bully to keep on with this?

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Keo.co.za has always promoted uncensored views, but has never tolerated racist or crass outbursts. Come on guys and girls. If you can't moderate yourselves or each other then I am going to be forced to regulate the posts and enforce a registration process for comments. The choice is yours.

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