Radio Sport: Hopes fade for new Dunedin stadium
http://www.radiosport.co.nz/SportsNews/spspo/Detail.aspx?id=148884
2/12/2008 7:16 a.m.
The financial crisis could prove the downfall for Dunedin’s proposed new stadium with private funding harder to find
Funding for the new stadium in Dunedin is in doubt but the Carisbrook Stadium Trust is still ruling out a refit of the House of Pain as an option.
The financial crisis is making private funding harder to find and there is now doubt over an application for $10 million with the Community Trust of Otago, with the Trust losing 18 million dollars in six months on overseas investments.
Carisbrook Stadium Trust chief executive Ewan Soper says a refit of Carisbrook is not an option and they can not bring down the cost of construction by 10 to 15 million dollars.
Soper says they are now confident they can build the stadium for the cost they have outlined and they now need to work on the funding options.
The Trust needs to confirm 60 percent of 55.5 million in private funding by February 2 to go ahead with the project. Soper says they are less confident they will meet that funding deadline. He says the councils have made it clear that the Community Trust support is pivotal and there has been some talk within the city and regional councils about suspending the project until the economic conditions are more friendly.
December 3rd, 2008 at 12:52 pm
I can not see the CST raising the $55 million by February 2 considering they way that things are these days throughout the world and stock markets in crisis mode.
December 24th, 2008 at 4:07 pm
Damien I am not so much worried that they will raise the funds, as I am that the waves will wash out the ‘line in the sand’ - the deadline set by the DCC.
Given their past history when it comes to CST reports, it is scary to think that another deadline might be extended.
I don’t think they can raise that kind of money unless the directors all chipped in a bit of their own Xmas cash… hey, but don’t give them any ideas!