We present HI observations of the elliptical galaxy NGC 2974, obtained with the Very Large Array. These observations reveal that the previously detected HI disc in this galaxy is in fact a ring. By studying the harmonic expansion of the velocity field along the ring, we constrain the elongation of the halo and find that the underlying gravitational potential is consistent with an axisymmetric shape.We construct mass models of NGC 2974 by combining the HI rotation curve with the central kinematics of the ionized gas, obtained with the integral-field spectrograph SAURON. We introduce a new way of correcting the observed velocities of the ionized gas for asymmetric drift, and hereby disentangle the random motions of the gas caused by gravitati...