The Fiji Rugby Union says its proposed development on 46 acres of land in Saweni, near Lautoka, has moved a step closer after what it described as a fruitful meeting with the iTaukei Land Trust Board.
The Union’s chief executive, senior finance and legal officials met with TLTB to discuss final details ahead of a formal offer for the land.
Board Chair, John Sanday, says the proposed arrangement would give FRU a 70% stake in the development, with landowners holding the remaining 30 per cent through a joint-venture company.
He says those shares may be diluted later if outside investors are brought in to help fund the project.
Plans for the site include a stadium, hotel, high-performance facilities, and a rugby museum, alongside industrial, commercial and retail developments.
Sanday adds the proposal also includes education and development funds for the landowners, as well as opportunities for young people to gain experience in business and governance.
The FRU will now write to TLTB outlining the proposed partnership and benefits for the landowning company. The board would then issue its final offer, with the lease, survey and financing steps still to follow.
The Union says the project could strengthen its commercial position and is urging the public to stay tuned and support the development.
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