Police believe fireworks may have caused the blaze that gutted the gymnasium at Wellington's Rongotai College early on Christmas morning.
The blaze tore through the building, causing the steel-framed roof to collapse and destroying around $500,000 worth of equipment.
Investigators are still trying to find out how the fire started but local residents have reported seeing fireworks going off just before the alarm was raised.
Police said fireworks were a possible cause but they were keeping an open mind at this stage.
They appealed to anyone with any information to contact Wellington CIB.
About 50 firefighters battled for more than two hours to bring the blaze under control.
The Fire Service said that the gym might have been saved if the building had been fitted with sprinklers.
College principal Kevin Carter said that most of the destroyed equipment was bought with funds raised through the community.
"The most devastating thing would be if we found out it was a deliberate act rather than an accident and that someone in the community did it," he told The Dominion Post.
He said that pupils would still have physical education classes next year but the Education Ministry and the college would need to arrange changing sheds.
- NZPA
Fireworks suspected of causing gym blaze
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