A bank loan of almost $2 million has saved Rowing New Zealand from bankruptcy.
The 2010 World Rowing Champs on Lake Karapiro ran at a $2.3 million loss after spectator numbers failed to reach those forecast.
Rowing New Zealand chief executive Simon Peterson says the Government underwrote the event for $500,000 and a bank loan has covered the remaining $1.8 million owed to creditors.
A review by Sport and Recreation New Zealand is being carried out as to why the event lost so much money.
Mr Peterson says the world champs added $15 million to the Hamilton regional economy but he says it will take Rowing New Zealand years pay back any financial help it receives.
