Latest News

Back to Latest News back

 

Auckland Council considers financial support for Eden Park

Auckland Council considers financial support for Eden Park
March 18, 2019

Auckland Council will this week consider a $63.3 million financial support for Eden Park, incorporating existing loans and guarantees already provided by Council.

The funding will be considered by Councillors at the Tuesday Finance and Performance Committee and will comprise of Council taking over the current $40 million loan and $7 million working capital facility from ASB and combining them with an existing $6.5 million loan from Council.

The $63.3 million also includes a new $9.8 million loan facility which would allow the Trust to fund its programme of essential capital works.

Commenting on the package, Auckland Mayor Phil Goff advised “his is a hand-up to Eden Park, not a hand-out. The money is repayable.

"What it does allow is Eden Park to continue as Auckland’s venue for international sporting events in rugby, cricket and other sports for the medium term.

"Eden Park faces significant financial pressure. Council taking the loan over from ASB eases some demands on repayments and the new loan of $9.8 million, in the form of a repayable credit facility, will enable Eden Park to fund much needed maintenance and renewals including turf replacement and stand upgrades.

"Ratepayers will welcome Council’s proposal to issue its support as a loan rather than a grant. We have a responsibility to protect any financial investment by Aucklanders in Eden Park given that we do not own or control the Park.

"It is only fair that investment made by Aucklanders through Council in the Park comes back to them when Eden Park Trust is in a better financial position or sells the asset.

"The proposal will also be conditional on a much closer working relationship between Council, Eden Park Trust and Regional Facilities Auckland. All organisations need to work together to ensure that we have in place a joint strategy that can achieve less duplication, lower costs and better utilisation of Auckland’s stadiums.

"Council’s proposal will allow Eden Park to continue to play its role as an important sporting and event venue for Auckland for the next 10 to 15 years.”

Click here to view the Auckland Council Finance and Performance Committee paper on the matter.

Related Articles

16th March 2019 - Agreement sees speedway remaining at Western Springs for additional year

6th March 2019 - Eden Park to host international rugby league triple-header

25th February 2019 - Eden Park to host Te Matatini national kapa haka festival 2021

15th February 2019 - Eden Park to host three sporting codes in 24 hours

29th January 2019 - Eden Park annual report shows cost of resource consent applications

11th January 2019 - Report suggests grim financial future for Auckland’s Eden Park

4th December 2018 - Eden Park to host extravaganza for sport lovers

24th October 2018 - Eden Park team retains Australasian Leisure Management communication and marketing award

24th September 2018 - Board appointments to Eden Park Trust and Drug Free Sport New Zealand

22nd August 2018 - ASB G9 returns to Eden Park for its second year

7th August 2018 - Federal and NSW Governments back Rugby Australia plans for 2021 Women’s Rugby World Cup

28th May 2018 - Major sports back Auckland stadium strategy

19th May 2018 - Consultants report reopens debate on new Auckland Stadium


Support our industry news service
We hope that you value the news that we publish so while you're here can we ask for your support?

As an independent publisher, we need reader support for our industry news gathering so ask that - if you don't already do so - you back us by subscribing to the printed Australasian Leisure Management magazine and/or our online news.

 

supplier directory

The Complete Guide to Leisure Industry Products & Services.

See the directory see all

APT Asia Pacific Pty Ltd

APT (Advanced Polymer Technology) is the leading global manufacturer of polyurethane-based materials, acrylic coatings and synthetic turf products for sporting and recreational applications. From…

read more

Environment / Sport / Surfaces / Technology

 
 

PaySmart

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

 
 

The Jump Pad

The Jump Pad is a safe, flat inflatable made in a variety of sizes which can be used indoor or outdoor. From 3mx3m up to a whopping 9mx21m. Markets include Indoor and outdoor playgrounds, schools,…

read more

Attractions / Entertainment / Play

 
 

Hadley/Series Australia Pty Ltd

Hadley Australia and Series Australia Pty Ltd are the leading quality theatre chair manufacturers in the southern hemisphere. The businesses work closely with architects, interior designers and…

read more

Arts / Culture / Design / Entertainment / Venues

 
 

Augmented Creative

Augmented Creative is an open organization of like-minded and highly dedicated, creative people who conceive, plan and execute visual solutions. We pursue new and innovative visual ideas to help…

read more

Arts / Attractions / Consultants / Design / Tourism

 
 

BH Fitness

BH Fitness, part of the long-standing and iconic bike manufacturer BH Group, is a global leader in fitness equipment for both Commercial and Home markets. The company, with the headquarters based in…

read more

Fitness / Recreation / Sport / Technology / Wellness

 
 

Worldwide Sports Management

Principal Consultant Simon Weatherill has spent the last 20 years developing the world renowned Melbourne Sports Hub, as former Chief Executive Officer of the State Sports Centres Trust…

read more

Aquatics / Consultants / Recreation / Sport / Venues

 
 
 
 
 

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