The $2.2 million loss the World Rowing Championships incurred has been attributed to governance shortcomings, inadequate financial management, and lower than expected ticket sales.
SPARC commissioned an independent review of last year's event at Lake Karapiro after a conditional government loan of $1.3 million to Rowing New Zealand in February.
It had already received $1.5 million from the government, plus conditional funding of $500,000, through the Ministry of Economic Development's Major Events programme .
A $500,000 surplus had been expected and Rowing New Zealand had to seek loans from its bank and from the Government.
Chief executive Peter Miskimmin says while the event was a huge success operationally the Karapiro 2010 Board was living beyond its means.
Miskimmin says the review is a stark reminder that running major events is complex and risky, and those responsible must be careful and accountable.
He says SPARC has been working closely with Rowing New Zealand to ensure preparations for the London Olympics haven't been disrupted.
The review says while ticket sales fell well below what was expected, sales forecasts were flawed, because of the way management interpreted and used market research information.