The decision to sell its share to the university came as OUSA was having to dish out at least $1 million in extra capital to meet its share of the cost of shifting Unipol into the University Plaza at Forsyth Barr Stadium.
OUSA, which had part-owned the facility since the 1980s, would have also been faced with a diluted shareholding, which threatened to make any vote cast by the OUSA irrelevant. Instead, OUSA decided it would be better to sell its share.
OUSA president Logan Edgar said students would continue to be provided an excellent service with no point-of-sale charge.
"Unipol is the prime example of a student-focused service run by the university.
"We've been involved for a number of years, and decisions by the board have not been contentious from a student-focus perspective.
"Famously, the Unipol management turned away the All Blacks one day when they tried to book space as there wouldn't be room in the gym for them and students," Mr Edgar said.
He said the OUSA executive did not believe it needed to be on the governance body to be able to represent students should issues arise.
The deal saw the OUSA paid $296,000 for its shares and saw a settlement return of a loan of $370,000 from the 1980s.
OUSA said the fact the total amount received as part of the deal came to $666,000 was "entirely coincidental" and had nothing to do with Satan or the number of the beast.
It is yet to determine the use of the funds and may not make any decisions this year.
