Tag Archives: Business failure

Stadium: DVML, DVL miserable losers! #grandtheftdebt

### ch9.co.nz June 20, 2013 – 6:18pm
DVML forecasts small profit
The company that runs Forsyth Barr Stadium has forecast a small surplus for the first time in 2015. DVML has been running at a loss, but forecasts that will change to a $10,000 surplus. But the company that owns the stadium, DVL, has forecast its loss will be about $1 million more than expected, at more than $5 million. DCC chief executive Paul Orders said both were just projections, and the DVL loss was due to tax changes. The forecasts will be considered by the council on Monday.
Ch39 Link [no video available]

Reports for the Council meeting to be held on Monday 24 June 2013 at 1pm not yet available at the DCC website.

Posted by Elizabeth Kerr


Filed under Business, Concerts, DCC, DCHL, DVL, DVML, Economics, Events, Hot air, Media, ORFU, People, Politics, Project management, Property, Site, Sport, Stadiums, What stadium

Perspective: stadium turmoil outweighs arts festival failure

The old names keep popping up.

Responsibility for the accounting and administration of The Otago Festival of the Arts 2012 falls squarely on the board of trustees. No-one else.

Learn more about The Otago Festival of the Arts Trust here.
Registration No: 980660

Paul Dallimore, patron
Malcolm Farry, chairman
Beverley Smith
Warren Leslie
Stuart McLauchlan
Rosey McConnon
Barbara Larson

One of the trustees is prominent chartered accountant and professional director Stuart McLauchlan.

The chairman of the arts trust is Malcolm Farry, better known as chairman of the Carisbrook Stadium Charitable Trust. The stadium trust has occupied a central role in the set-up and failure of Dunedin’s new Forsyth Barr stadium, involving a multimillion dollar cost blowout and contributing heavily to the overall indebtedness of Dunedin City Council and council companies.

Mr Farry’s business consultancy, Farry Riddell, operating out of Forsyth Barr House, was advertising prominently in the Otago Daily Times recently. The online identity for the firm has a ‘global’ black and white theme (link).

Mr Farry yesterday apologised for the delays, saying they had been caused by poor administration of the event.

### ODT Online Sat, 15 Dec 2012
Festival turmoil: artists to be paid
By John Lewis
An interim manager has been appointed to the Otago Festival of the Arts to sort out the disarray in the organisation’s financial affairs. Of about 30 local, national and international groups who performed in the October 5-14 event in Dunedin, some have not been paid. Festival director Alec Wheeler has resigned. However, Festival Trust chairman Malcolm Farry said yesterday all artists would be paid by the end of the year.

A source close to the organisation said historically, all artists were paid before they performed, but this year’s acts were not.

Read more

Posted by Elizabeth Kerr


Filed under Business, Concerts, Economics, Events, Fun, Media, Name, People, Politics, Project management