Very sad, Otago have been one of the back bones of NZ rugby and have produced many All Blacks, here is hoping that they can find a way out of this mess and once again be one of the proud unions of New Zealand

Read somewhere where they are not the only ones on the edge too.

Yes Suezy, Waikato were in deep debt last year, still over $1m of debt but the annual accounts are now showing positive from a $680,000 loss last year!!  New contracts with the Hamilton City Council for the Stadium use, relocated from leased premises for management to the Stadium and buildings, reduced the ceiling cap for players from $1.3m to $1.0m; altered contracts for holding players one season to next - ie bonds, and probably picked up more backers and advertising.  There may well have been other regions with problems as well. This has been in today's Waikato Times.

http://www.stuff.co.nz/waikato-times/news/6496297/Waikato-Rugby-Union-back-in-black