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Two years ago, the union nearly went out of business but was saved by a rescue package brokered by the city council, with help from the New Zealand Rugby Football Union.
On Thursday, the ORFU announced it had recorded a $400,000 profit, had $500,000 in reserves and was expecting to make another small profit this year.
Dunedin Mayor Dave Cull said the union's result showed the deal the council made to write off its debt of more than $400,000 had worked.
While the council wrote off the money, in return it received All Blacks tests, proceeds from a North v South game, a long-term tenant for the Forsyth Barr Stadium and an assured future for the union, he said.
There was no way the council would ''welsh'' on the deal to bail out the union, he said.
''To decide we want our money back would ensure it failed.
''We can't have it both ways.''