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ORU defers liquidation proceedings

ORU defers liquidation proceedings

THE OTAGO Rugby Union has delayed by one week the filing of an application to liquidate the union pending the outcome of discussions around a possible recovery package.

The ORU was due to enter into liquidation at 4pm today after revealling earlier this week it has debts of $2.35 million.

The New Zealand Rugby Union, Dunedin City Council, Dunedin Venues Management Ltd and the New Zealand Rugby Players’ Association have all been working through details of the package. Potential sponsors have also been consulted.

“The key parties have been talking since Monday and have identified some options that warrant further examination. It makes sense for the union to delay proceedings to allow these parties more time to undertake proper analysis,” says NZRU chief executive Steve Tew.

Tew was unable to go into specifics of what the recovery package might look like.

“Obviously 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. This is complicated and any deal has to be multi-faceted involving input from all of the union’s key partners.”

He warns people not to pin their hopes on the deal, as nothing has been finalised at this stage.

“This doesn’t change the fact that the financial picture remains very bleak, there are some significant hurdles to be overcome, so the outcome is by no means certain, but all parties are working hard on these proposals,” he says.

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