Hamilton Mayor David Braithwaite has apologised for his role in Waikato Stadium's financial crisis and has offered to pay $300,000 to bail it out.
The mayor said he had agreed to pay the $300,000, but he and two other underwriters, Brian Perry and the Waikato Rugby Union, hoped to offset the
cost by fundraising.
On Thursday, for the first time, Mr Braithwaite defended his role in the stadium project he led until his election as city mayor last October.
He came under attack after the council was forced to bail out the stadium trust, which was sinking under a $5.5 million shortfall.
The council's rescue package surprised many when it included a condition to reduce Mr Braithwaite's uncapped underwriting commitment to pay a share of any funding shortfall.
He acknowledged on Thursday that the stadium trust he led from November last year had made mistakes.
He said the trust was wrong to add parts to the stadium project without having the money to pay for them.
Mr Braithwaite said he also accepted criticism that his stadium trust was not as open with its decision-making as it could be. He also defended the decision that he and the other original underwriter, Brian Perry, would not be forced to pay all the $5.5 million shortfall.
Last week, the city council agreed to take over the project and responsibility for at least $3.5 million of a $5.5 million cash shortfall.
Mr Braithwaite, Mr Perry and the rugby union will now be responsible for the other $2 million of the shortfall.
They will be able to recoup $1.1 million of this through sales of stand, lounge and gate sponsorships, leaving Mr Braithwaite to pay one-third of the remaining $900,000.
He said they would try to recover the money in other ways, but could not specify.
They have 18 months to raise the money.
Mr Braithwaite's latest gesture has not impressed critics, who say it would mean more if he wrote out a cheque now.
Hamilton City councillor Dave Macpherson described it as "a Clayton's promise".
Ewan Wilson, also a councillor, said the gesture would mean more if he just agreed to write a cheque now.
- NZPA
