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New Zealand confirms rowing event losses
New Zealand's government has released the findings of an independent study into the 2010 World Rowing Championships at Lake Karapiro, which reported heavy losses.
The event had been expected to generate a surplus of NZ$500,000 (£252,500, EUR287,400, US$409,800), but recorded a deficit of NZ$2.2m (£1.1m, EUR1.3m, US$1.8m). Event organiser Rowing New Zealand (RNZ) was forced to seek loans from the government and banks in order to pay its creditors, with the review a condition of public support.
The study found that while ticket sales fell below expectations, the forecasts were "flawed" and the event management "lacked commercial acumen and discipline". Sport and Recreation New Zealand chief executive Peter Miskimmin said: "Running a major event requires specific skills and expertise around event management.
"The Karapiro 2010 Board was committed to putting on a world-class event, and they achieved that. Operationally the event was a huge success. But the review tells us they were living beyond their means."
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