Carisbrook Stadium Trust chairman Malcolm Farry has made another call for stadium supporters to buy seating packages if they want the stadium to go ahead, as the deadline for the trust to raise private sector funding closes in.
The trust has 50 days to sell 500 lounge memberships - for $1500 plus GST a year - that chairman Malcolm Farry yesterday said would take it to its private sector fundraising target of $28 million by February next year.
The original lounge membership agreements had been rejigged, with a shorter commitment term of five years and an automatic right of renewal, plus a later date for the first payment.
The idea was to make it easier for businesses and individuals to sign up before February, Mr Farry said.
Under the new option, the first payment would not be due until just before the planned opening of the stadium in 2011.
Asked why agreements were changed, Mr Farry said it was hard to get people interested in paying before the stadium was built.
People paying for seats at Carisbrook under the original arrangement would have had to pay for two years' seating packages at the same time.
"We tested it on a few people - they said it makes a difference."
Those who had already signed could exchange for the new contract.
"That should provide the reassurance businesses need to commit in a period of some economic uncertainty."
Mr Farry put the trust's private sector funding tally so far at $19.8 million, though not all of that was signed.
The amount came from $6.8 million of signed commitments for lounge memberships, corporate suites and open club reserves, up from $6.3 million on November 26.
To that, Mr Farry added $3.5 million for corporate suites, which, though not signed, were "pending finalisation" and $9.5 million in sponsorship funding "in advanced discussions".
Asked about the figures, he said only the $6.8 million was actually signed, but "it would be inappropriate to leave that as a bald figure" because the trust was in the process of finalising contracts.
"I would expect that all to be signed up by January, if not sooner."
Mr Farry said many stadium supporters appeared not to realise the importance of the February target, and needed to understand they had to commit to memberships before then or they would put at risk funding from the Dunedin City Council and Otago Regional Council.
"It is up to the community, individuals and businesses, to seize this opportunity and commit now to purchasing memberships.
"Only then can we ensure construction can start next year in time for the stadium to be ready for 2011 Rugby World Cup."
He urged people to commit now, rather than "leave it till the 11th hour and give us all a nervous breakdown".
The trust is working to the council-set target of raising 60% of $45.5 million, although it also needs to find about $10 million on top of that for bridging finance.
