In an open letter to WRU Group Chief Executive David Moffett, he said: "I am delighted that the Welsh Rugby Union has achieved a remarkable turnaround in its finances and that it returned record profits of £3.6 million in the 12 months ending May 31, 2005.
"This is proof that success breeds success. The magnificent feats on the rugby field by our Grand Slam-winning team have brought a rich reward and set the Welsh Rugby Union on the pathway to financial success.
"I want to acknowledge the strong roles that you, your chairman David Pickering and the WRU board played in achieving this success.
"I know that Welsh rugby supporters are eagerly awaiting a fantastic new rugby season - exciting fixture lists against the best of English, Celtic and European sides; a great domestic programme and the autumn international series at the Millennium Stadium, and I am personally looking forward to the first rugby match at the Ospreys' magnificent new ground.
"And in 2006 the Wales side will once again be seeking to repeat its Grand Slam success in the Six Nations Championship.
"The new financial stability of Welsh rugby is yet another positive in our aim to achieve a world-class Wales."