TOP dollar: Campaign cost Morgan $1.7m

The Opportunities Party’s failed campaign to get into Parliament cost founder Gareth Morgan at least $1.7 million out of his own pocket.

The party declared another $300,000 donation from Morgan last week, on top of previous donations totalling $1.4 million.

TOP, which was formed just 10 months before the election, won 2.2 per cent of the vote in preliminary results and no electorate seats.

Morgan also promised to give up to $1 million to charities, which he hoped would attract voters.

As a new party, TOP received only $41,000 from the Electoral Commission for its broadcasting allocation — compared with more than $1 million for National and Labour.

Morgan, an economist and philanthropist, made his fortune in economic forecasting, investment and banking. While his net worth is not known, he famously made $47 million from his $75,000 stake in his son Sam’s company Trade Me when it sold to Fairfax. He previously said TOP is a longterm project and it will stand in 2020. Other parties also received some large donations in the lead-up to the September 23 election. The National Party received a series of donations totalling $51,720 from Philip Hong, a businessman whose ests include commercial property.

It declared $57,615 from hotel owner Lani Hagaman. Hagaman and her late husband Earl were recently involved in a defamation case against former Labour leader Andrew Little.

National also received $57,400 from Heartland Bank and $50,000 from investment firm Lane Capital Group.

The Labour Party declared a $65,000 donation from Tom Pan, and $100,000 from the Dairy Workers’ Union.