Leaking centerboard DS 3

I just purchased a 1991 Oday Daysailer 3, put it in the water and it is taking on water through the hole in which the centerboard cable runs. The water rushes *steady stream) in the "cabin" and then out the drain holes into the cockpit.
Can any one tell me if this type of leaking is a common problem and how major an issue it is to fix. would appreciate any solutions.
david (dpw1-at-earthlink.net)
Can any one tell me if this type of leaking is a common problem and how major an issue it is to fix. would appreciate any solutions.
david (dpw1-at-earthlink.net)