Speaking at the annual meeting in Auckland, NZOC President Mike Stanley and secretary general Kereyn Smith warned the cost of sending a team to Rio will be 30 per cent greater than to London in 2012.

With the Commonwealth Games in Glasgow also due to take place this summer, from July 23 to August 3, Stanley warned the body was in the midst of a "very, very expensive Olympic and Commonwealth cycle".

This was after the revealing of a surplus of NZD329,802 (£167,000/$285,000/€207,000), almost 300 per cent up on the figure for the previous year, but well short of the figure they had budgeted for, described as "closer to NZD500,000 (£256,000/$451,000/€313,000).

The relocation of NZOC from Wellington to Auckland, which occurred over a gradual eight month period from June 2013, is thought to have contributed to this. 

"The issue post-Games year is really reconnecting with commercial partners," said Smith.

"Typically, there's a bit of time-lag with that.

"We also absorbed a lot of costs with the transition [to Auckland].

"The year has really been about laying a platform for the future, and we didn't achieve our targets, but were pretty close."

Speaking to Radio New Zealand, Stanley admitted a revenue increase of 34 per cent is required to properly lead and organise teams for Rio 2016, expected to number as many as 200 athletes.

He added that the National Olympic Committee is in talks with the Government about whether its budget can be topped up, and also has "work to do" with the commercial sector.

Mahé Drysdale won one of six gold medals for New Zealand at London 2012 in the flagship single sculls rowing ©Getty Images







New Zealand will be hoping to improve upon their 15th position on the medals table at London 2012 after they secured six gold medals, in the sports of athletics, canoeing, rowing and sailing, with a total of 13 medals. 

They will also be seeking a strong performance at Glasgow 2014, particularly due to the fact they only managed six gold medals and 11th place on the medals table at the last Games in Delhi four years ago. 

The annual meeting in Auckland also confirmed there will be no changes to the NZOC Board after Rob Hamilton, managing director of First NZ Capital, was reappointed to a role he has served since 2008.

He will continue to work alongside the other Board members, consisting of New Zealand's two members of the International Olympic Committee Barbara Kendall and Barry Maister, as well as athletes' representative Chantal Brunner, and Liz Dawson, Tony Hall, Simon Wickham, Trevor Taylor and both Stanley and Smith.

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