New Zealand's second-most funded Olympic sport "faces serious financial problems" with Bike New Zealand set to record a net loss of NZ$169,685 ($145,000), according to Simon Plumb of STUFF. The taxpayer-funded organization, which received NZ$18.3M in public funding for its last Olympic Games alone, only avoided posting "a relatively large" financial deficit at last year's AGM after it flipped a NZ$200,000 website expense into its list of assets. The news increases pressure on Sport New Zealand CEO Peter Miskimmin to release information from a NZ$70,500 report -- paid for by taxpayers -- "into a raft of serious issues inside one of government's biggest Olympic investments." Stuff has recently requested details of the BikeNZ NZ$70,500 review -- "but Miskimmin is trying to block the report from reaching the public domain." In a statement released on Thursday, BikeNZ confirmed this weekend's AGM will see the organization post a net loss of NZ$169,685 for the year ending on Dec. 31, 2013. BikeNZ "lost its principal sponsor two years ago and at an operational level, has also been under serious pressure during that time" (STUFF, 5/22).
