NSW Premier Mike Baird says the government’s acquisition of ANZ Stadium from an infrastructure fund manager will provide the state with the most flexibility to develop the venue.
The Baird government will reportedly pay up to $220 million to buy out the final 15 years of the Olympic Park stadium’s ownership from Infrastructure Capital Group.
Stadium Australia Group will continue to oversee daily operations at the stadium.
Mr Baird told reporters the price was not finalised but that taxpayers would benefit most from the deal.
He said future profits from the stadium would no longer go to private interests.
“It does enable us, by purchasing, to have as much flexibility as we can to develop the best possible facility,” Mr Baird said.
“There are future profits through the terminal lease that will come back to repay it.”
Mr Baird said upgrading sporting infrastructure had been overlooked in Sydney for too long.
The government has already outlined its plans to spend $1.6 billion rebuilding Parramatta Stadium, turning ANZ Stadium – the 2000 Olympic Games main stadium – into a true rectangular ground and renovating Allianz Stadium in Moore Park.
This figure does not include the cost of buying back ANZ Stadium.
“We deserve the best events,” he said.
“They are going to be delivered.”
Fix the scrums
Guest
But can anyone honestly say it's money well spent. A brand new mid size stadium is being built close by at Parramatta. Having a large reduction in attendances for games like origin etc is a strange move. I know it's a done deal but it seemed to be a very rushed face saving measure.
Stadia Cooperoz
Guest
Melbourne would have mixed views because in effect the SCG is not only the biggest but the only sizable AFL venue in NSW now. So any remote hope of a Sydney AFL GF, if it ever move,s is looking slim. Cricket too has lost its competitive edge you'd think.
SVB
Guest
Yes, thank you Ken. 70,000 is a good fit. There are very few stadiums in the world which exceed 80,000. In fact a lot of the largest stadiums in the world (let's say top 15) are American college football stadiums. Even NFL or EPL teams don't need massive stadiums. The largest stadium in the world is in North Korea from my understanding. I guess that leaves the MCG in good company.
Ken
Guest
I don't think SVB was bagging the MCG, or the AFLs crowds, only noting that the 100,000 capacity was rarely required. If it was hypothetically reduced to 70k, there's only a couple of times per year that anyone would notice. Similarly, ANZ (at it's current 84,000) is only sold out a handful of times per year for the Grand Final, 1-2 Origins, occasional Soccer or RU special event. Make it a much better viewing experience all year around for the loss of some seats that are rarely used? Sounds like a good deal to me.
AR
Guest
"How many times does the MCG get more than half full?" Fair question. In 2015 there were 28 AFL games which were 50k or more at the MCG. That's a fair dip on previous years. Still, it provides a pretty rock solid ROI for the MCC. When you add Origin, ICC games, and obviously the cricket, it's even better.
SVB
Guest
How many times does the MCG get more than half full? Those stadiums you mentioned are suitable for AFL and cricket. They are terrible for football or the rugbies. Therefore they are only 'premium' for those sports. Even then I would rather the charm of Lords or The Oval than any cricket ground in Australia. Most of the rest of the world are actually downsizing stadiums. 70,000 rectangular stadium is just fine. Main thing is the change in configuration. It's not a peeing contest.
Marco
Guest
The remodelled stadium in Australias biggest city is going to be downsized to 70000 capacity. Meanwhile ,Perth with less than half the population is building a 60000 seat stadium and some over there think that it should be bigger. Adelaide may need to increase its stadium capacity to about 70000 the way things are heading. Suncorp could possibly get bigger. The MCG will well and truly be Australias premium stadium with its 100,000 capacity. But, Sydney with a growing population has to downsize its main stadium just to appease a couple of poorely attended sports. Go figure. Just down the road Parramatta are getting a new 30000 seat stadium which will be just fine for most NRL and soccer games. Big events at the current ANZ usually are close to sellouts. Other states must be looking at this with disbelief. Melbourne must be loving it.
clipper
Guest
What I find amusing is this comment 'He said future profits from the stadium would no longer go to private interests' Isn't that exactly what is now happening with the sell off of the poles and wires?
JVGO
Guest
Baird has sold the profitable NSW Public Works department, the poles and wires, the land titles office, the Powerhouse Museum, and stacks of other Government property, so that we can buy the lease of a white elephant of a sports stadium? The guy just has no idea. I guess he'll just lease it back to his mates at a loss when he gets it all sorted.
Fix the scrums
Guest
Baird says Sydney deserves the best events but is going to make ANZ smaller! A rectangle stadium may be all well and good but it better get filled on a regular basis. Other states can fill their stadiums with NRL and AFL games . But not in Sydney. Is it money well spent?