General Mt Smart Stadium

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defensivebomb said:
The only way that Eden park should get public funding is if the Eden park trust board gifts it to Auckland / NZ

Otherwise, the council is just funnelling public money into private hands
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The Auckland Council should have geared the prior lending to have a defaulting mechanism where the council took an equity conversion or share acquisition (non-controlling) in case of non-payment.
 
Rizzah said:
The Auckland Council should have geared the prior lending to have a defaulting mechanism where the council took an equity conversion or share acquisition (non-controlling) in case of non-payment.
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Instead, there have been occasions in the past when Council have just written off the loans.

And that's not taking into account that Auckland Council are guarantors for $46.6 million loans that the EPTB has to the ASB ($40 mil) and Auckland Council ($6.6 mil.) which is due to be repaid in 2029.... and the EPTB have no money to pay for it because any operating profit it makes is then taken up with depreciation on assets. In 2029, the loans will revert to AC who will not only have to repay the $40.0 mil to the ASB (plus $10 mil in interest) but write off the other $6.6 mil owed to it.

 
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miket12 said:
Instead, there have been occasions in the past when Council have just written off the loans.

And that's not taking into account that Auckland Council are guarantors for $46.6 million loans that the EPTB has to the ASB ($40 mil) and Auckland Council ($6.6 mil.) which is due to be repaid in 2029.... and the EPTB have no money to pay for it because any operating profit it makes is then taken up with depreciation on assets. In 2029, the loans will revert to AC who will not only have to repay the $40.0 mil to the ASB (plus $10 mil in interest) but write off the other $6.6 mil owed to it.

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Large scale infrastructure like this, that is mostly a public good should be owned/controlled by central govt, or central govt should have a fund that councils can access to run these things. With checks and balances in place.
Putting the burden on rate payers to pay for what is essentially a private asset is fucked up.
 
Rizzah said:
The Auckland Council should have geared the prior lending to have a defaulting mechanism where the council took an equity conversion or share acquisition (non-controlling) in case of non-payment.
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This makes sense and would mean the EPTB would have more of an incentive to pay it back. Or at least think about it a lot more before they come back requesting more funding.
 
Here's an idea out of Left (political) field.

The government doesn't give or loan any money to the EPTB but buys a share of the asset equal to the money the EPTB wants. Say the EPTB needs $160 mil ($110 mil for the stage 1 redevelopment and the balance to pay off its loans). If the assets it currently owns are worth $1 billion plus the additional amount of money required from the government is $160 mill so the final value is $1.16 mill. so the government buys 13.8% of the assets from EPTB. If, to complete stage 2 costs an additional $140 mil, putting the value of the assets up to $1.3 billion, the EPTB owns $1 billion of it while the government owns $300 mil. or 23% of the asset and a quarter of the board is made up of government appointed members. Any profit made by Eden Park gets split between the EPTB and the government according to the percentage each of them own of the assets.

Edit: Just had a look at the EP financial statements for 2024 online. Their current fixed assets are only valued at just under $260 mil. so add the governments $160 mil would give a final value of $420 mil so the government would buy 36% of Eden Park just for Stage 1.

Also, the three international cricket fixtures there averaged 21K. Why do they think that building a stadium for 60K to watch cricket is such a great idea?

 
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1. Does anyone know where to find the promotional pack that Eden Park put out for their 2.1 plan?

2. At Mt Smart, how many meters are the East and West Stands from the field?
 
Spence said:
Approximately 8.5 m to east stand and 12.8 m to west stand.
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Just listened to an interview with Nick Sautner on SENZ.
He says North Stand is currently 30m from the edge of a rectangular field. With new retractable seating, it would be 12m.

I thought when i read the 2.1 document, that it was quite far, but i can't remember and can't find it.
 
They obviously haven't read the council's decision too well.

The decision wasn't for their full Eden Park 2.1 design. It was pretty much the cheapest option of the following:
Eden Park 2.1
New Waterfront Stadium
Eden Park Stage 1: Do the North Stand of Eden Park

This was the statement from the article last week.
Councillors didn’t go as far as to support the full Eden Park 2.1 project, which includes upgrading the upper tier of the North Stand for stage two, or stage three’s retractable roof which would cost $282 million.

They haven't got the money ($110 million) for the North Stand and they are already planning ahead.
 
Hi Wah fans … sorry not sure where to post this… will try here. I am coming to Auckland with my family over Easter weekend and was hoping to get Broncos tickets.

Are there aftermarket places to buy tickets or are the typically a con or am I dreaming to get tickets this late?
 
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