The new Hurricanes board chair is determined to turn around the books of the struggling Super Rugby franchise. 

Developer Malcolm Gillies has acquired the 50% stake in the club, offloaded by the Wellington Rugby Union to balance its own books. 

The franchise has collectively lost $4 million in the past three seasons. 

Gillies told Heather du Plessis Allan it's a good investment. 

He says there’s a lot of untapped potential, but there’s certainly a lot of things to do. 

Tony Philp, who recently departed as the club's general manager of rugby, will assume the interim CEO role. 

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