The Waikato Times today reported that Rowing New Zealand (RNZ) wanted the Government and local Councils in Waikato to make up the difference.

The newspaper reported that event chief executive Tom Mayo confirmed the Championships, staged at Lake Karapiro near Cambridge last November, were $2.3 million (£1.09 million) out of pocket due to low ticket sales over the final two days.

"It is really disappointing," Mayo said 

"We spent so much time doing the research and we were confident of getting 20,000 visitors through the gates for the final two days but we only saw 10,000."

While the Government was expected to underwrite $500,000 (£238,000), local Councils and sponsors were now being asked to help with the remaining $1.8 million (£860,000) shortfall.

"I can say that the response from Government and sponsors has been incredibly positive," said Mayo.

"They understand that is was always going to be a tough ask to run a $10-million (£4.8 million) event in the middle of a recession."

Mayo claimed the final two days of the Championships were hampered by indifferent weather and spectators instead chose to watch the coverage on television.

The Championships, which were attended by the country's Prime Minister John Key (pictured), were widely considered to be a success, especially with New Zealand finishing third overall in the medals table with nine medals, including three gold, behind Germany and Britain.

RNZ chief executive Simon Peterson admitted that they feared they would make a big loss after seeing the crowds on those last two days.

"We have to live with it, it feels very real right now and every day we're incurring interest - but we're searching for help from our event partners, the Waipa District Council and Hamilton City Council," he said.

"They earned what is estimated as a $14.8 million (£7.07 million) economic benefit from the event through visitor investment."

The Bank of New Zealand (BNZ) have stepped in to ensure that no local suppliers are left out of pocket because of the shortfall.

"Fortunately, the BNZ has serviced the debt for now by paying all our creditors...such as the bus company, the caterers and the grandstand providers," said Peterson.

Peterson also claimed that the financial problems would not affect the preparations of New Zealand's top rowers for London 2012 because their funding was ring-fenced.

Contact the writer of this story at [email protected]