The company running Dunedin's Forsyth Barr Stadium hopes securing private backing for next year's Neil Diamond concert will provide a model for the future.
Dunedin Venues Management Ltd chief executive Terry Davies yesterday confirmed three private parties had together agreed to fund about 40% of the cost of staging the October 24 concert.
Two of the parties are Earl and Lani Hagaman, of Scenic Hotel Group, and Queenstown businessman and Forsyth Barr chairman Sir Eion Edgar, who are contributing as individuals.
The third contributor is Allied Press, owner of the Otago Daily Times and a stable of other print, television and digital media outlets.
Details of each party's share, together with the total cost of securing the concert, were not revealed.
Mr Davies said the deal bolstered DVML's ability to bid for the Neil Diamond concert, while reducing the risk for ratepayers.
''It's a commercial battlefield, if you like, when you're trying to win high-quality events.
''Any support we can get from businesses in Dunedin ... it gives us a chance to not only compete, but, moving forward, take the risk away from any additional ratepayer investment.''
As part of the agreement, each party had accepted a proportional share of the risk. Success might encourage more investors to join the initiative, providing a model for future events funding, he said.
''We've got three players in this at the moment, but there will be more in the market.
''If we can form a model that is workable for all parties we might get more investors in play, which would be an ideal situation.
''Obviously, if we can have some successes and attract more events, it'll encourage more of the promoters to come,'' Mr Davies said.
The deal was the initiative of Mr Davies, but he praised the private backers for their support.
''It's purely because they want to see Dunedin succeed. They want to put the region and the South Island on the map.''
Mrs Hagaman was not available yesterday, but Sir Eion said he would consider making additional contributions in future.
''I'm just keen to help Dunedin make sure we can host more of these events. It's great for the city - everyone wins,'' he said.
Allied Press managing director Sir Julian Smith echoed those sentiments.
''We see it as a way of reducing risk to the stadium and the city's ratepayers, while helping ensure an entertainer such as Neil Diamond comes to Dunedin. We trust it will work to the benefit of all parties.''
