Latest News

Back to Latest News back


Arena Management Enters Receivership

Arena Management Enters Receivership
July 31, 2009

Arena Management Pty Ltd, operator of the Sydney Entertainment Centre (SEC), has gone into receivership after sustained losses caused by the economic downturn.

A statement from the company has explained that a secured creditor who is owed $1.7 million has called in Andrew Wily and David Hurst of Armstrong Wily Chartered Accountants as receivers and managers of the company.

The unnamed creditor holds a charge over Arena Management's assets as security for the loan.

Arena Management Chairman Kevin Jacobsen said the company lost money due to the economic downturn and due to its failure to sell or assign the SEC lease.

He also blamed the venue's owner for a lack of flexibility in adjusting lease terms to reflect the downturn.

In the company statement Jacobsen explained "ultimately this is a loss for the Sydney public.

"The SEC is the beating heart of live entertainment and culture in Sydney, presenting a greater variety of large-scale concerts and events than any other venue."

"The venue's staff and management are highly regarded.

"It's a real pity the venues owner could not find a way clear to adjust the Lease conditions to reflect the sharp and unexpected market downturn."

Jacobsen added that Arena recently paid for a $4.5 million refurbishment, so the venue is in pristine condition.

The SEC will continue to trade while Armstrong Wily are in control.

Earlier this year AEG Ogden had investigated the acquisition of the lease for the Sydney Entertainment Centre from Arena Management. However, at the beginning of July AEG Ogden decided not to proceed with the acquisition, Chief Executive Harvey Lister explaining that during the due diligence process, accountants acting on behalf of AEG Ogden identified a range of issues which caused concern, advising "a number of these issues were raised directly with the Board of Arena Management but to date we have not received a satisfactory explanation in regards to the issues of concern, nor have we received the additional information our accountants requested to enable them to complete their due diligence investigations."



Asking a small favour
We hope that you value the news that we publish so while you're here can we ask for your support?

The news we publish at is independent, credible (we hope) and free for you to access, with no pay walls and no annoying pop-up ads.

However, as an independent publisher, can we ask for you to support us by subscribing to the printed Australasian Leisure Management magazine - if you don't already do so.

Published bi-monthly since 1997, the printed Australasian Leisure Management differs from this website in that it publishes longer, in-depth and analytical features covering aquatics, attractions, entertainment, events, fitness, parks, recreation, sport, tourism and venues management.

Subscriptions cost just $90 a year.

Click here to subscribe.


supplier directory

The Complete Guide to Leisure Industry Products & Services.

See the directory see all

Abel Sports

INTRODUCTION Abel Sports is Australia’s leading manufacturer and suppliers of Goal Posts, sports ground safety netting systems and coaches boxes for Stadiums ,Sports Clubs, Councils and…

read more

Recreation / Sport / Venues



Headquartered in Brisbane with an Australia-wide network of satellite offices, PaySmart is one of Australia’s largest and longest-standing direct debit billing companies. In 1996 we began…

read more

Access / Billing / Fitness / Technology



At easyemployer we've come up with a software solution that manages one of your most important, and often most costly, business resources - your staff. We are helping 100s of clients to…

read more

Finance / Fitness / Technology


Anti Wave International

Anti Wave International is the original suppliers of top performance swim, aquatic sports, leisure and pool programming equipment. Founded in 1971, Anti Wave International is proud of its…

read more

Aquatics / Play / Sport



Centaman has been a market leader in Enterprise Software Solutions for the leisure and recreation industry and both profit and not-for-profit attractions since 1991. It offers a wide range of software…

read more

Access / Billing / Fitness / Technology / Ticketing


The Pool Enclosure Company

Welcome to The Pool Enclosure Company (TPEC). We provide a large range of premium commercial and residential retractable swimming pool, spa and terrace enclosures throughout Australia, servicing…

read more

Aquatics / Design / Recreation / Venues


SeatGeek Asia Pacific

SeatGeek is a search engine and mobile-focused ticket marketplace that allows fans to buy and sell tickets for live events. As of August 2018, SeatGeek has exited the Australian, New…

read more

Entertainment / Sport / Technology / Ticketing / Venues


iDwala Pty Ltd

iDwala is the Community Sports Surface Specialist offering the highest quality designs and technical expertise to Councils, Schools and Sporting Clubs looking to create sporting…

read more

Consultants / Design / Recreation / Sport / Surfaces


get listed with our suppliers directory

Get your business noticed in our targeted directory. Viewed by 10,000 industry professionals per week!

list your business