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News & Editorials
26th May: NZ Masters Games - "Insolvent"
Published: 27 May 2017 - - Author: Newsroom
RAY STEVENS - "I warned them..."
In an interview with the Chronicle former WDC Councillor and NZ MASTERS GAMES Trustee Ray Stevens says "....he warned other trustees six month's ago a train wreck was heading its way" .....
"We have debts of several thousands of dollars and we can't pay our debts. Six month's ago it was a countdown to disaster, nothing was stacking up financially," Mr Stevens said.
"I raised issues about our vulnerability in December. I warned in several emails that insolvency was looming but nothing was done. We had no new income, no new contractual agreements and an increasing level of debt. And now we're insolvent."
This follows on from an announcement earlier by Trust Chair Mark Stoneman that the NZ Masters Games had gone into "hibernation" and had let its staff go, including its chief executive Kathy Cunningham.
With, reportedly, the likes of $20k being spent on ONE out of town band and security/food contracts going out of town also, Mr Stevens is clearly not being happy with how the event was run.
Will it ever recover? Even if the NZ Masters Games gets a Council bailout (they own 49%) , one would suspect that it will be a major challenge to get it back up and running - this, an iconic event that attracted 8500 participants back in the early 2000's (numbers were around the 4000 level last February).
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