Tag Archives: Private funding

Stadium: Ombudsman investigation confirms private funding

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### DScene 20 Mar 2013
Raw deal alleged on stadium rights (page 5)
By Wilma McCorkindale
Dunedin’s flash new stadium gets $7 million every 10 years in private funding, an Ombudsman investigation reveals. Newly released documents show the stadium receives $715,000 annually – $7,150,000 over 10 years.
D Scene has learned from an informed source that $5m of that funding comes from investment advisory firm Forsyth Barr in return for naming rights of the new $200m-plus state-of-the-art arena.
Stadium lobbyist Bev Butler said the new figures showed ratepayers got a raw deal on private funding. ‘‘In December 2007, Brian Meredith of The Marketing Bureau, commissioned by the Carisbrook Stadium Trust, addressed the council stating that the head naming rights were worth more than $10m,’’ Butler said in a statement.
‘‘This has been reported twice in the media. The mayor, councillors and public were left with the perception that Forsyth Barr had signed up for the rights for $10m. This latest revelation shows that this was not the case and that Forsyth Barr ended up paying no more than $5m for the naming rights.’’
Butler, who initiated the latest investigation, said the rest of the annual $715,000 in private funding came from other companies who had a high profile in the stadium.
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Posted by Elizabeth Kerr

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