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Operators sought to offload lease for Sydney’s ANZ Stadium
The leasees of Sydney's ANZ Stadium reportedly sought to end the lease for the former Sydney Olympic Stadium.
News Ltd media sources recently reported that Stadium Australia Group (SAG), holders of the lease from the NSW Government over the former Olympic Stadium until 2031, offered to "sell" it back for $100 million. However, the move was apparently blocked by NSW Treasury officials.
News Ltd reported that although the stadium makes a profit of between $10 and $30 million a year, the leasees feel that without significant investment the venue will soon become outdated when compared to other contemporary venues.
Earlier this year plans were revealed plans for a $250-$300 million upgrade of the stadium which would include installing constructing bars and restaurants around the site; a roof; and retractable seats at either end to bring spectators closer to game action when in 'rectangular mode' for football, Rugby Union and Rugby League.
However, News Limited reported that the NSW Government rejected the plans due to apparent lack of funds leading the leasees to suggest returning the stadium to the NSW Government's Sydney Olympic Park Authority.
ANZ Stadium Chief Executive Daryl Kerry told News Ltd "we're disappointed the (NSW) Government didn't get their head around ... (the proposal) because it's a really solid proposal but it could be revisited.
"If they want to run it into the ground that is their prerogative but I can't allow that to happen under my watch ... it would be detrimental to our business and NSW."
Stadium managers contrast lack of investment in the ANZ Stadium with the NSW Government's $65 million investment in upgrading the adjacent Sydney Showgrounds into an AFL venue - when the AFL ready ANZ Stadium sits next door along with investment in upgrading both the Sydney Cricket Ground (SCG) and Allianz Stadium.
Here, Kerry told News Ltd "clearly they (the NSW Government) have found some money more recently in upgrading the SCG."
Kerry added that the lease structure meant there was no benefit to the owners of the stadium in spending their own money on upgrades because it would shortly be back in government hands.
He explained "there's no obligation for us to undertake some major developments. (There's no obligation) other than to make sure it operates and it's in reasonable condition."
As reported in March (see link below), the ANZ Stadium is currently experiencing one of its busiest years.
ANZ Stadium is operated by the Stadium Australia Group (SAG), comprising Stadium Australia Trust (SAT) and Stadium Australia Management Limited (SAM), under the terms of a lease from NSW Government agency the Sydney Olympic Park Authority (SOPA).
In accordance with the lease, which expires on 31st January 2031, SAG is responsible for the operation, marketing and maintenance of ANZ Stadium. On expiry of the lease, the operation of the Stadium will revert to SOPA.
SAG is a wholly-owned subsidiary of Stadium Investments Pty Ltd (SIPL), a company which is wholly owned by Diversified Infrastructure Trust (DIT).
DIT is managed by ANZ Infrastructure Services Limited and its responsible entity is ANZ Specialist Asset Management Limited. DIT has interests in other infrastructure assets and has a range of institutional investors including ANZ.
Article amended 31st May 2013.
22nd March 2013 - ANZ STADIUM’S EASTER PARADE OF SPORTING EVENTS
30th January 2012 - REBEL SPORT EXTENDS PARTNERSHIP WITH ANZ STADIUM
30th September 2011 - ANZ STADIUM MANAGEMENT REVEAL NRL GRAND FINAL CHALLENGE
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