Channel 9 News: A further $1.6m for stadium expenses has opponents seeing red

[[[ Like we didn’t ask CST and DCC where the operational budget was from the start. That said, Mr Davies sounds to be a rational man. ]]]

When David Davies, chief executive of Dunedin Venues Management Ltd, began his job he didn’t have “a single piece of marketing collateral for this venue that I can give you as any inducement to bring a show here, or you to buy a seat”.

He won’t be asking for any more funding before the stadium is built and open.

OK. Expect further funding requests after the stadium is built and open.

Don’t forget Cr Syd Brown says it’s necessary to do a bit of a tidy-up in Dunedin (presentation, presentation) before we host rwc 2011. How much????

****

### Channel 9 Online February 4, 2010 – 8:38pm
Latest News
Stadium allocated an extra $1.6 million
With the recent allocation of a further $1.6m of Council money for stadium expenses, stadium opponents have had more reason for discontent.
Asked to explain the extra hand-out, the Stadium’s boss says it’s necessary to provide the product required, and while he would have preferred not to have to ask for the money, he doesn’t have time to dwell on any poor management that may have led to the shortfall in budget.
Video Link

Post by Elizabeth Kerr

4 Comments

Filed under Architecture, Construction, CST, Design, Economics, Events, Politics, Project management, Site, Sport, Stadiums

4 responses to “Channel 9 News: A further $1.6m for stadium expenses has opponents seeing red

  1. Elizabeth

    Deadline is a free ‘coffee culture and current affairs’ gazette, published by Ben C Vidgen. The street-paper’s circulation – ‘free to good homes!’ – includes Dunedin, Palmerston, Coastal Otago, Oamaru and Timaru.

    The February 2010 edition of Deadline features a story, ‘Valentines Massacre’ (pages 2, 4-5), based on an email that “was referred to but not published in a recent otago daily times article”.

    The subject of the Deadline article is – for better or worse – David Davies, chief executive of Dunedin Venues Management Limited, as relates to his former position as CEO of Queens Park Rangers (QPR), the football club; and, in particular, to the club’s financing.

    Deadline reports that in May 2002, Mr Davies, as CEO of QPR, “took out a highly controversial ten million pound loan with a Panamanian company, ‘ABC Corporation’. This loan attracted interest of 10.5 percent per annum (over one million pounds).”

    The lender, Michael Hunt, a property speculator, is a convicted fraudster. “He served eight years in prison in the 1990s for Britain’s biggest tax fraud.”

    Read the full story in Deadline, available from Dunedin cafés.
    Alternatively, contact the publisher Ben Vidgen – mobile: 027 416 0679
    email: deadlinegazette@gmail.com

  2. The DCC/CST ‘headhunted’ him for the DVML job according to the ODT. It was stated in the ODT that Mr Davies was unaware Mr Hunt was behind the ABC Corporation (Panama).

  3. Phil

    I’ve read a bit about Mr Davies’ past record in the UK. He’s a bit of a risk taker. Lives by the sword and dies by the sword. It looks like there will never be any complete agreement over the action he took in refinancing QPR football club.

    This stadium was always going to be such a high risk venture, by virtue of Dunedin’s location, that it was going to require a few risks be taken. And that, in turn, requires a risk taker at the helm. In that respect, he’s the man for the job. He won’t die wondering, and I do admire that in a person.

    The difference between this venture, and the QPR role, is that it’s public funds, and not private funds, that are at stake. So the fallout, should it fail, is far greater.

    That being said, I don’t think that Mr Davies is a stupid man. Far from it. And infinitely preferable to the alternatives we may have been stuck with it the role had been handed out to anyone on the original project team.

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