The 500 club, which has run in similar and smaller forms in sporting clubs throughout New Zealand, is the first scheme of its kind to be run by a large rugby union in New Zealand.
Otago Rugby Football Union commercial manager Mike Kerr said initial feedback had been brilliant but now people needed to put pen to paper and make a financial commitment.
The scheme revolves around at least 500 people, groups or clubs buying memberships, for $125 a month, thus raising $750,000 annually.
Members have a chance to win $10,000 a month, $5000 of which they can keep, with the other $5000 to go to the club, school or group of their choice.
Remaining money, estimated after all outgoings at $500,000, will be channelled into amateur rugby.
Membership also entitles the holder to two free ground member tickets to Carisbrook and other benefits, such as entry to the new 500 club lounge behind the terrace at the ground.
If an existing member or rugby club signs up a new member, the union will give the member or club $300.
Kerr said the club would not start until 500 members had signed up, hence the name, and he hoped that number would be reached before the Air New Zealand Cup kicked off at the start of August.
"It doesn't have to be just one person. You can get a group of mates involved and spread the cost around," he said.
A group of 125 people could each pay $1 a month, he said.
Kerr said the money would be spent solely on amateur rugby, from Otago B level down, and the scheme was aimed at getting Otago people in behind something that was "truly about the province".
"We want to give a helping hand to those kids who might live out in the country and have to come in to town for practice."
He said the money would be used to fit out teams, improve coaching and produce more homegrown players.
"We want to produce more Carl Haymans and Tony Browns, and the more help they can get the better."
Kerr said after year one, members would get full accounts to show where the money had been spent.
Former Otago captain John Leslie, who was to be ambassador for the club, said he fully supported the scheme, and it was a chance to help improve the game at grassroots level.
