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In a letter addressed to Carisbrook Stadium Trust chairman Malcolm Farry and copied to Dunedin Mayor Peter Chin, acting Rugby World Cup minister Gerry Brownlee said the government would underwrite the project to the tune of $15 million.
Announcing the government's support at a press conference, Mr Chin said: "I am chuffed the Government has seen the worth of this project''.
The $15 million has secured the financial support of the Otago Regional Council.
Regional councillors voted 6-4 to commit funding to the project after being told of the development in a closed session at a meeting this morning.
Chairman Stephen Cairns told the meeting "the Crown was willing to underwrite the construction of the Awatea St stadium up to a maximum of $15 million."
The council's key $37.5 million contribution to the controversial $198m project hinged on a further $15 million being found from the Government or other sources to cover a shortfall in private sector funding.
The deadline was yesterday, in time for a council meeting today.
Carisbrook Stadium Trust chairman Malcolm Farry said from Wellington late yesterday afternoon the trust was "working around the clock" and was confident it would have "something for the regional council to consider".