Friday, March 02, 2012

Race to save historical Otago Rugby Union from liquidation

http://www.winnipegfreepress.com/sports/other/race-to-save-historical-otago-rugby-union-from-liquidation-141135323.html By: The Associated Press 03/1/2012 



WELLINGTON, New Zealand - New Zealand's 131-year-old Otago Rugby Union has delayed for a week the process of going into liquidation as groups and individuals, including All Blacks captain Richie McCaw, race to pull together a financial rescue plan.
The Dunedin-based union announced at its annual meeting last week that it had debts of more than $2.3 million (US$1.9 million) and had no choice but to wind up its operations.
New Zealand Rugby Union chief executive Steve Tew said Otago's financial predicament "remains very bleak" but stakeholders still hoped to agree on rescue package.
"The key parties have been talking since Monday and have identified some options that warrant further examination," Tew said. "It makes sense for the union to delay proceedings to allow these parties more time to undertake proper analysis,.
"Things are at a very delicate stage, so we are not in a position to discuss the shape of any deal. However, we are only considering arrangements that will put the union on a sustainable long-term footing."
The union said it owed $1.2 million (US$996,000) to the Bank of New Zealand, $400,000 (US$332,000) to the Dunedin City Council and around $750,000 (US$622,000) to other creditors, mainly local businesses.
McCaw, who was born in Otago province but played provincial and Super rugby for Canterbury, has proposed a benefit match to raise funds.
The Otago union is one of New Zealand's largest and strongest and has produced 156 All Blacks over 131 years. Many of its financial problems stemmed from the sale of its famous Carisbrook Stadium which was heavily mortgaged and which realized less than the union had expected.
The union has also struggled to fund the annual $1.2 million (US$996,000) salary bill for the semi-professional Otago team which plays in New Zealand's National Provincial Championship. The Otago Highlanders Super 15 team is a separate entity and player salaries are paid directly by the New Zealand union.
The NZRU said an Otago team could play in this year's National Provincial Championship but it would have to be privately-funded.
The debt crisis has raised fears over the solvency of other New Zealand provincial unions which have struggled since rugby became professional in 1996, with rising costs mainly from player salaries, and falling revenues.
Otago's return from ticket sales has dropped almost 30 per cent in the past five years.


related to http://richie-mccaw.blogspot.com/2012/03/mccaw-in-otago-rescue-talks.html

18 comments:

Anonymous said...

Hello There. I discovered your weblog using msn.
This is a really neatly written article. I will make sure to bookmark it and come back to learn extra of your helpful info.
Thanks for the post. I will definitely comeback.

my web-site :: bibliography for research paper

Anonymous said...

You need to take part in a contest for one of the finest sites on the net.
I'm going to recommend this site!

my site - mr cartoon tattoos myspace

Anonymous said...

Hi! Do you use Twitter? I'd like to follow you if that would be ok. I'm undoubtedly enjoying your blog and look
forward to new updates.

My web site write my term paper

Anonymous said...

I think this is among the most vital information for me.
And i am glad reading your article. But should remark on some general things, The site style
is perfect, the articles is really nice : D. Good job, cheers

Here is my webpage: business local directory

Anonymous said...

When I initially commented I clicked the "Notify me when new comments are added" checkbox and now each time
a comment is added I get three emails with the same comment.

Is there any way you can remove me from that service? Thanks
a lot!

my blog post: buy computers charlotte nc

Anonymous said...

Hi! I know this is kinda off topic but I'd figured I'd ask.
Would you be interested in trading links or maybe guest authoring a blog article or vice-versa?
My website covers a lot of the same subjects as yours and I think we could greatly benefit from each other.
If you are interested feel free to send me an e-mail. I look forward to hearing
from you! Superb blog by the way!

Feel free to visit my homepage business software

Anonymous said...

Howdy would you mind sharing which blog platform you're using? I'm looking to
start my own blog soon but I'm having a tough time making a decision between BlogEngine/Wordpress/B2evolution and Drupal. The reason I ask is because your layout seems different then most blogs and I'm looking for something unique.
P.S Sorry for getting off-topic but I had to ask!


Check out my blog; research paper topics high school

Anonymous said...

Wow, marvelous blog layout! How long have you been blogging for?
you made blogging look easy. The overall look of your site is fantastic, as well as the content!



Here is my weblog - child labor essay

Anonymous said...

I don't know if it's just me or if perhaps everybody else experiencing
issues with your website. It looks like some of the text in your posts are running off the screen.
Can somebody else please provide feedback and let me know if this is happening to them as well?
This may be a problem with my internet browser because
I've had this happen previously. Many thanks

My page; charlotte north carolina computer parts

Anonymous said...

Incredible! This blog looks just like my old one!
It's on a entirely different topic but it has pretty much the same layout and design. Great choice of colors!

Stop by my webpage ... reflective essay

Anonymous said...

Helpful info. Fortunate me I discovered your site unintentionally, and I
am surprised why this coincidence did not happened earlier!

I bookmarked it.

Look at my web blog local small business

Anonymous said...

It's very straightforward to find out any topic on web as compared to books, as I found this piece of writing at this web site.

Here is my weblog - local small business

Anonymous said...

Write more, thats all I have to say. Literally, it seems as though you relied on
the video to make your point. You clearly know what youre talking
about, why throw away your intelligence on just posting videos
to your blog when you could be giving us something enlightening to read?


my weblog ... business

Anonymous said...

Wow, fantastic weblog structure! How lengthy have you been blogging for?

you make blogging glance easy. The total look of your website is magnificent, as well
as the content!

Also visit my blog :: North Carolina remote computer support

Anonymous said...

Hey I know this is off topic but I was wondering if you knew of any widgets I could add to my blog that
automatically tweet my newest twitter updates. I've been looking for a plug-in like this for quite some time and was hoping maybe you would have some experience with something like this. Please let me know if you run into anything. I truly enjoy reading your blog and I look forward to your new updates.

Check out my web site - NC remote computer support

Anonymous said...

It's hard to come by experienced people in this particular topic, however, you sound like you know what you're talking about!
Thanks

my web site; computer parts charlotte north carolina

Anonymous said...

Hello! I'm at work surfing around your blog from my new iphone 4! Just wanted to say I love reading your blog and look forward to all your posts! Carry on the excellent work!

my web-site; daffy duck t shirts

Anonymous said...

Hey I am so thrilled I found your website, I really found
you by mistake, while I was looking on Askjeeve
for something else, Regardless I am here now and would just like to say cheers for a fantastic post and a all round entertaining blog
(I also love the theme/design), I don't have time to read through it all at the moment but I have bookmarked it and also included your RSS feeds, so when I have time I will be back to read a great deal more, Please do keep up the superb job.

My web-site :: local business to business listings