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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.

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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

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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

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