KEY POINTS:
The New Zealand Rugby League is trying not to panic despite discovering a massive shortfall for the 2007 financial year.
New chairman Ray Haffenden has confirmed the NZRL stands to lose somewhere in the vicinity of $1.25 million, although the final figure is yet to be confirmed.
He says there are still accounts to come in and out before they present the final number to the board in 2008.
Haffenden says there were two major contributing factors to the shortfall.
The NZRL lost $400,000 in the record test loss in Wellington and also suffered a $600,000 funding shortfall.
The NZRL chairman says his board now needs some time to resolve the issue.
He says meetings are in place that will provide an idea of what to expect next year and how to manage the budgets accordingly. However, he strongly refutes suggestions the NZRL will have to sell its headquarters in Penrose, Auckland, to nullify the debt.
-NEWSTALK ZB
