The ORFU owed the BNZ more than $1m. Instead the BNZ will get the right to be a sponsor.

　　The ORFU owes the DCC $480,000. The mayor said he did not care about the ORFU but he did care about ratepayers. If the council did not save the ORFU, ratepayers would lose $480,000. The Council agreed to cancel this debt but in return they want more income from rugby. Dunedin has a new covered stadium for rugby which cost $198.3m. About half of that money came from ratepayers. The NZRU has promised three important games in the next two years, which will help to pay for the stadium.

　　The Board of the ORFU must resign and a new board will be elected. The team and coaches must also cut their budget by $290,000.

　　Vocabulary

　　in liquidation – bankrupt, owing money and no way to pay debts

　　debts – money which is owed to a person or business

　　loan – borrow money but have to pay it back later

　　sponsor – can advertise their name at rugby games

　　ratepayers – home owners pay rates (a tax) to the council

　　stadium – football field with seats; this stadium has a roof

　　budget – a plan for spending

　　Pronunciation

　　Note the pronunciation of debt (silent ‘b’)