Race's problem goes back to "The Awapuni Debacle" when they built a conference centre / grandstand without any money. The plan was to subdivide residential land at Awapuni, sell sections and then build the new centre.
However, they decided to build before they sold the land and the $9M cost was funded by the Bank with the debt to be repaid from section sales. The building was completed just as the GFC hit and they could not find buyers for the sections.
When they did sell a section well below expected price the proceeds were used to only repay interest to The Bank. So, Trentham has been sold off to repay interest and principal as well as to cover the many other blunders made by so called experts.
The other issue they have is that each club has two directors on the board but some of the clubs are so small in terms of membership that it would be incredibly hard to find two members with the expertise to sit as directors. For example, Marton has about 20 members plus the committee. Rangitikei and Feilding are not much better.