The $2.2 million loss the World Rowing Championships incurred has been attributed to inadequate financial management, governance shortcomings and much lower than expected ticket sales.
SPARC commissioned an independent review of last November's event at Lake Karapiro after a conditional government loan of $1.3 million in February to Rowing New Zealand.
It had already received $1.5 million from the government, and a conditional $500,000 from the Economic Development's Ministry's Major Events programme.
SPARC's chief executive Peter Miskimmin says the event was a huge success operationally but the Karapiro 2010 Board was living beyond its means.
And Miskimmin says ticket sales were about 20,000 short when forecast crowds for the final days were below expectation and instead of an average price of $50 they received $35 as people bought cheaper tickets.
Rowing New Zealand had expected a $500,000 surplus and also had to seek loans from its bank.
