Dunedin company Forsyth Barr puts name to stadium

The $188 million stadium in Dunedin, if it goes ahead, will be named Forsyth Barr Stadium at University Plaza.

Principals of the Dunedin-based sharebroking and investment company yesterday signed a 10-year agreement with the Carisbrook Stadium Trust for the "head naming rights".

Neither party would say how much the deal was worth.

Forsyth Barr chairman Eion Edgar would say only that it was a "significant sum", but was "certainly not" what the trust would have liked "and probably more than we would have liked to pay".

While the suggested value of the naming rights has not previously been divulged publicly, in December 2007 trust marketing adviser Brian Meredith reported to the Dunedin City Council that head naming rights would equate to up to 22% of the $45.5 million required from private sector funding - a sum equivalent to just over $10 million.

After a signing ceremony for the media yesterday, managing director Neil Paviour-Smith, of Wellington, said the move would give the company profile, "putting our name on an asset that will have some prominence, not just in Dunedin, but throughout New Zealand".

The company was founded in Dunedin in 1936 and the opening of the stadium would coincide with the company's 75th anniversary, he said.

"It's an opportunity for us to express our confidence in the future and demonstrably through a very significant sponsorship such as this."

He had closely followed the development of Westpac Stadium in Wellington.

"In hindsight, the stadium has been a huge asset for Wellington."

He acknowledged there needed to be "robust" debate over the stadium.

"It is a big cost, but I think the way in which interest rates are moving, building costs are moving, in some ways possibly it's getting more affordable, perhaps, than where it was a few months ago," Mr Paviour-Smith said.

He also believed the stadium was "the kind of project" the country needed to help come through the economic crisis.

"I look forward to central government supporting the project through whatever means they can."

Mr Edgar said the stadium would be "an outstanding asset" for Otago and the country.

Should be called the 'Farrytanic' stadium

It'll be "Going down Dunedin", when the supposedly unsinkable 'Captain Farry' and his minions steam their 'unsinkable' costly crystal palace straight into the financal iceberg. The city will go down, glug glug glug. Maybe once it starts to sink, Forsyth Barr and those who want this heinous montrosity can man the financial pumps, and again dig deep into ther pockets, or better still, basic common sense will prevail come February 9.

 

Did I hear that right?

Foresight Bad Stadium ??

Stadium

It should be called Carisbrook.  Thank you Forsyth Barr for putting up the $. Forsyth Barr Carisbrook works for meGo the stadiun, go Dunedin!

Facts needed to support logic

The propositions embedded in the reported comments by Eion Edgar are:1.Without the proposed stadium, Dunedin will decline2.With the proposed stadium, Dunedin will stay the same or grow3.If the city declines, rates will increase4. If the city grows, rates will stay the same or decrease. And the conclusions he reaches on the basis of these propositions are: 1. With the stadium, rates will stay the same or decrease2. Without the stadium, rates will increase. The conclusions can only both be logically correct if all the four propositions are true. If any are incorrect, the argument falls to bits. It’s a tall order, Mr Edgar. Now let’s have the evidence to convince us that each of the propositions is right. As Mayor Chin would have it, no opinions please, just the facts.

Stadium support from big business

As this support is given by firms, such as Forsyth Barr et al, we would suggest that it is the only way. As a ratepayer I have no intention of contributing anything towards the building or maintenance of this structure.
User pays is the motto and we're not going to use it, so good to see private enterprise running with it. Just count the majority of the ratepayers out, that is the way to approach it!

Simple response

Well, they're not getting my business.

This is so wrong

I noticed on the first drawings of the proposed stadium that it had University of Otago along the front of them.
How can this be allowed when the University are only paying for a wall?

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