That is despite two new venue-hire agreements tying the Highlanders and the Otago ITM Cup team to the Forsyth Barr Stadium for the next three years, agreed as part of the bail-out of the Otago Rugby Football Union.
The agreements were heralded as the central part of the rescue package for the council by Mr Cull at a press conference late on Wednesday night, shortly after councillors voted 8-5 to support the deal.
He told media the council wanted the venue-hire agreements to ensure rugby remained an income-generator for the stadium, which would also ensure private-sector funding for the venue remained secure.
That, in turn, would protect ratepayers from the threat of potentially "huge" rates rises if the arrangements collapsed, private sector funding was cancelled and the council was forced to cover lost income.
Yesterday, Mr Cull conceded the scenario remained a risk ratepayers could face again once the three-year deals were up for renewal.
The issue was among those considered during Wednesday's seven-hour non-public debate, with some councillors worried the council could find itself back in the same risky position in three years' time, he said.
"There's lots of risks," he told the Otago Daily Times.
Council chief executive Paul Orders also agreed ratepayers would remain exposed to some risk, but said the stadium now had three years to prove itself to be a "mature venue".
"I have every confidence . . . three years of operations will provide a platform for the renewal of those agreements with the Highlanders and the Otago Rugby Football Union, because of the quality of the facility."
