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Taranaki’s Yarrow Stadium owner runs up $15 million loss in last financial year
The Taranaki Stadium Trust, owner of New Plymouth’s Yarrow Stadium, has reported a $15 million loss over the past 12 months.
With the venue’s East and West Stands currently closed as an result of geotechnical testing finding they were susceptible to earthquake movement Taranaki Stadium Trust (TST) Trustee Mike Nield told a told a Taranaki Regional Council Executive, Audit and Risk Committee meeting last week that options are being investigated to replace, or repair the East and West Stands at Yarrow Stadium.
With the Trust facing significant liabilities if the venue's two main stands need to be repaired or replaced, Nield stated "what started as a good year finished on a down note.”
Nield presented the Taranaki Stadium Trust's 2017/18 annual report to the Committee which showed the East and West Stands had been "conservatively" assessed for impairment, or operating loss, of $15.7 million.
The total value of both stands, before impairment loss was known, was $26.1 million.
The report showed total debt liabilities of $4.99 million, including $3.95 million in borrowings, and total cash and debtors assets of $359,000.
Nield advised that TST and its auditors estimated the East Stand had a 90% loss of value, and the West Stand 50%.
The estimated figures were based on the best information available to the TST at the time.
Nield further advised that TST will not know until February 2019, after work has been finalised on repairing, or replacement options, if the estimated loss of value of the stands was "too little, too much or just right.”
Options available on what will happen to the two stands, which were off limits to spectators during the Mitre 10 national rugby championship, should be known in the early New Year with Nield advising that the Trust is committed to repair, or reinstate the stands and was looking at a range of options to return Yarrow Stadium to a fully operational venue.
Yarrow Stadium is owned by the TST, and operated and managed by New Plymouth District Council.
The Trust received $876,000 in annual operating grant from Taranaki Regional Council.
8th June 2018 - New Plymouth’s Yarrow Stadium closed due to earthquake fears
29th November 2017 - Main stand at New Plymouth’s Yarrow Stadium closed over earthquake concerns
2nd November 2017 - Finalists announced for New Zealand venue management awards
9th December 2016 - ‘Uneconomic to repair’ Christchurch’s Lancaster Park
7th July 2016 - Report confirms seismic issues with Hamilton’s Founders Theatre
30th November 2015 - Vale: Peter McLeod, Head of Events and Venues Rotorua and NZ Warriors co-founder
11th August 2011 - Demolition recommended for major Christchurch venues
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