Forsyth Barr Stadium.
The Dunedin City Council is to do a fundamental review of
the operating and funding models of the Forsyth Barr Stadium,
which continues to be unable to meet its budget.
Chief Executive Dr Sue Bidrose informed the council this
morning that she had instigated the review as it became
increasingly obvious the original model for running the
stadium, which was set up to suggest the stadium could pay
its own way, was "fundamentally optimistic".
She told councillors considering the 2014-15 budget, that
staff had had to come to them cap in hand for the past two
years asking for extra money to make the existing funding
model work, but now it was clear the stadium was not able to
meet its budget and that could not continue.
There needed to be a solution to the situation "once and for
all", she said.
She did not expressly say how much the stadium was projected
to lose this year or next.
Ratepayers already contribute $9.125 million a year to cover
The review would encompass the entire operating model, from
the company operating structure to the way the stadium was
run on the ground and would be done in conjunction with the
boards of the stadium and its holding company.
The review would be presented to council mid-year.
* Read the full story in tomorrow's Otago Daily Times