With its February deadline fast approaching, the Carisbrook Stadium Trust is confident it can achieve the minimum 60% of private-sector funding required to gain final approval to build the stadium.
Formal contracts were sent to interested parties last Friday, and as of yesterday, 20% had been returned, equating to $22.2 million or 49% of the target, trust chief executive Ewan Soper said.
On September 29, the Dunedin City Council set a target of 60% of public funding to be achieved before February for the project to continue.
The private funding came from the sale of 10-year seating and membership products, and various sponsorship products.
Seating and membership products would bring in $41.5 million, and the sale of sponsorship products, $14 million.
All of the 10-year product came with the option of paying up front, he said.
Contrary to other media reports, donations, although welcome, were not part of the fundraising strategy.
Only $30 in donations had been received by the trust during the last financial year.
The trust was working at converting the registrations of interest into contractural agreements which would be binding, Mr Soper said.
In addition to the $45.5 million private fundraising target, a further $10 million was also required for bridging finance, he said.
Notwithstanding the February deadline, the current economic climate made the job that much harder, but the trust was confident it could secure the funding, he said.
"If we had to write the hardest script we could, this would be pretty close to it."
Mr Soper said the stadium would act as a "catalyst" for development in the city despite the economic conditions.
> Who is paying?
The $188 million budget for the stadium is expected to be funded by:
• Otago Regional Council: $37.5million.
• Community Trust of Otago: $10 million.
• University of Otago: $10 million.
• Dunedin City Council: $85 million.
• Private sector: $45.5 million.
