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‘Free’ stadium ignores economic realities

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  A "free" stadium for Auckland will come at a huge cost for the city's economy. Photo: Ports of Auckland Ltd A "free" stadium for Auckland will come at a huge cost for the city's economy. Photo: Ports of Auckland Ltd

A new waterfront stadium has plenty of cheerleaders in Auckland, who are urging the council to just bite the bullet and get on with it - especially as it's being pushed as 'cost-neutral' to the ratepayer. But the economics of swapping a car park for a stadium on Auckland’s waterfront don't add up reports Alexia Russell on Newsroom.

It’s entirely up to the Auckland Council if it wants to move its money-spinning, dividend-paying, economic driver from prime waterfront land and build what’s likely to be a loss-making but iconic stadium there instead. On the surface it's a tempting deal - swap Eden Park for an international showcase sunk into the sea at Bledisloe Wharf. But the big sticking point is the Ports of Auckland.

This month POAL reported a 27 percent lift in net profit to $76.8 million. Volumes and revenue were also up. It paid Auckland Council a dividend of $51.1m, about the same as it did last year. Earlier this year the council endorsed the port's 30-year master plan which looks at how it will cope with the city's rapid growth. It has 700 employees and port-related industries in Auckland keep an estimated 160,000 people in work.

Read more . . .>

  • Source/ReadMore: A Newsroom release by Alexia Russell
Published in BUSINESS
Tagged under
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  • news talk
  • the msc newsreel

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