Articles released today in the NZ Herald and the Otago Daily Times
Wednesday 2 July 2008, 7:32PM
By Bowls NZ
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Articles released today in the NZ Herald and the Otago Daily Times relating to Bowls NZ and Dorchester, contained some major errors. These are outlined below and we would appreciate if these corrections could be published to ensure that the correct information is circulated.
RE: “Bowls Clubs Hit By Finance Firm Woes” by Alanah May Eriksen.
2 July, 2008. NZ Herald
The article identified above contains some major errors which we would appreciate being corrected and published in the 3 July 2008 issue of the NZ Herald and on-line.
The corrections are in regards to the following statements:
Many of its 55,000 members were also encouraged to invest and it is understood that Bowls NZ would get between 1% to 2% of such investment back.
Dorchester had given the association about $10 million over the past 18 years
Bowls NZ, as it does with all of its sponsors, encourages members to support its sponsors but does not or has not provided financial advice or recommendations to its members, clubs or centres in regards to where they should invest their money.
It is quite rightly not our field of expertise and is the responsibility of the member, club or centre to seek their own financial advice and to make their own financial decisions.
The amount of brokerage paid by Dorchester in respect of investments made was in fact paid back to clubs (not Bowls NZ) from where the member came from.
Bowls NZ has not received about $10 million over the past 18 years. Dorchester as a company has invested approximately $8-$9 million in all levels of the sport. This figure comprises of brokerage, sponsorship, advertising and sales agents costs. A large majority was put into club and centre level with approximately 20-25% of this amount attributable to sales agents’ costs.
Dorchester has been a long-standing supporter of bowls from club to national office level for which we are very appreciative. It is a very unfortunate situation for all concerned and we support Dorchester’s efforts in adopting a recovery plan for invested funds.
RE: Dorchester woes catch Bowls NZ, Otago Daily Times, 2 July 2008.
1. It is understood Bowls NZ would get between 1%-2% of its investment back.
This statement is incorrect and was not made by Bowls NZ. As with other investors, we expect Dorchester to use their best efforts to recover the invested funds.