Actually i was incorrect in the initial funding of the Olympic Stadium. Heres a great run down of how it was all done.Originally Posted by MFKS
So let me get this right the State Government have an asset they sold off the management rights to despite them making 5million a year???
Remind me again why I have these ****s saying I can't have this or that in my community that would benefit the whole community as the money ain't there to be spent and they make stupid decisions like that.
FMD
http://www.unswlawjournal.unsw.edu.a...29_shirbin.pdf
Now, from the stadium management side of things heres how i have interpreted it (its been in the news lately).
A private firm manages the stadium and have a contract til 2031. In that agreement there are provisions that Parra stadium cannot be redeveloped and the SFS cant be expanded or even have a roof put on it.
with the sale of the 'poles and wires' ('sup 2bobs?) the govt had set aside $400m to be like the AFL and have 2 stadiums for all footy codes to use in sydney. they wanted SFS and Parra but because the olympic stadium can cockblock them the govt now has to pay out the lease agreement to the management company. Then they are free to spend the money on a new 65,000 stadium to replace SFS and build a 40,000 seat stadium in Parramatta/western sydney. there is a big push to also tear down the olympic stadium as it would be of no use.
rumoured buy out price on the lease - $100m.
your tax dollars at work people.
Reply With Quote