Tag Archives: Property trust

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