Tag Archives: Burns Street houses

Does the insolvent ORFU deserve any more community support?

Where are Mr Farry and friends when you really need them? Dunedin City Council shouldn’t touch this one with a barge pole, but that sentiment is a little too late.

### ODT Online Fri, 17 Feb 2012
ORFU is teetering but no bail-out
By Steve Hepburn
The Otago Rugby Football Union is set to post a loss of “several hundred thousand dollars” and admits it cannot pay creditors. It is calling on the support of the community to get out of a “very serious position”, and says a bail-out from the national body is not an option.
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[partial clarification]
“Mr Graham confirmed that part of the $7 million received from the Dunedin City Council for the sale of Carisbrook went to pay a loan for houses owned by the union. The union had bought houses around Carisbrook years ago as ground expansion was proposed. It formed a trust to own the houses. When Carisbrook was sold in August 2009, $1 million of the sale price was diverted to the trust to pay off loans on the houses.” -ODT

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Related Posts and Comments:
15.2.12 Carisbrook sale
11.2.12 Where’s this going, ODT?
14.12.11 Davies “in the middle of a conversation” – how to fudge DVML, DCC…
2.12.11 DVML gets into bed with ORFU
13.10.11 MAD Classics #26 – You’re a crook or a businessman?
31.5.11 Controlled funding pies and the suit-wearers for professional sport

Posted by Elizabeth Kerr

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Filed under DCC, DVL, DVML, Economics, Media, ORFU, People, Politics, Project management, Property, Site, Sport, Stadiums