Local Govt | National News Video | Parliament Headlines | Politics Headlines | Search

 

America’s Cup Village Loss Grossly Overstated

America’s Cup Village Limited

September 1, 2000

AMERICA’S CUP VILLAGE LOSS GROSSLY OVERSTATED
Statement made by Peter Kiely, America’s Cup Village Limited

A report in the New Zealand Herald of August 30, and repeated in the Evening Post and the Dominion in following days, which claims the America’s Cup Village lost $56 million is false and totally inaccurate.

The Herald’s original article incorrectly interpreted information given to them.

The loss on providing for public participation and land based events at the Village was $9.5 million.

The cost of developing infrastructure, in effect helping create the wharves and facilities that make up the Village, is $14 million. This $14 million is an investment in a water based stadium.

Combined they come to $23.5 million.

This information was released publicly on August 24, 2000.

The estimated realisable value of our land holdings at the Cup Village is $38.9 million. This value has been determined by independent, expert valuers. That valuation has been accepted by our auditors, Audit New Zealand, and on that basis has been adopted by the board of America’s Cup Village.

The method used to value the property is the same as that used in past years.

The Herald in its article instead used a value of $29 million, based on a question contained in a letter by an Infrastructure Auckland executive, who in the course of preparing financial information asked whether the method used to establish the value was the most appropriate one. This question was reviewed at the time, and based on independent, professional valuation, we continued with the method we have used in previous years.

The Herald then simply deducted $29 million from the original investment of $85.7 million, reaching a “cost” of “$56 million”.

In addition to using the incorrect value, this approach ignored $10 million received from the sale of a part of the property known as the log farm, external funding of $11 million received from Ports of Auckland and Government, and residual net working capital of $2.3 million.


For others to repeat or use the Herald’s $56 million figure is to repeat the original error.

No amount of repeating inaccurate information will change the net loss from $9.5 million and the investment from $14 million.

For further information please contact
Peter Kiely, chairman, ACVL, Tel 09- 366 5111 025 715 111


Issued on behalf of America’s Cup Village by
Dennis Lynch, Network Communications, Tel 0-9-379 3154 025 963 733

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On NZ’s Complicity In Western Sahara

If David Parker really wants to hone his crisis-managing chops on an international trade dispute that New Zealand has been making worse for years, he maybe should be turning his attention to the Western Sahara.

Some background: two NZ companies called Ravensdown and Ballance Agri-Nutrients appear to be the only independent firms in the world still willing to import phosphate from the disputed territory of the Western Sahara... More>>

 
 

Gordon Campbell: On Malaysia Exposing Our Dodgy Policies On China

Last week, we all owed a vote of thanks to Malaysian PM Mahathir Mohamad for breaking with protocol during his bilateral with Jacinda Ardern. Reportedly, Mahathir used the photo opportunity phase of the meeting to launch into matters of genuine substance. More>>

ALSO:

Withdrawls After Police Uniform Ban: Auckland Pride Remains Committed

The Auckland Pride Board remains committed to creating a space for our rainbow communities to feel safe celebrating their gender and sexual identity, despite some institutions pulling out from the Parade in recent days. More>>

ALSO:

South Korea: State Visit By Korean President Moon Jae-In

The President of the Republic of Korea Moon Jae-in will visit New Zealand from 2 to 4 December... “I am very much looking forward to welcoming President Moon to New Zealand,” said Jacinda Ardern. More>>

Health: Changes To Drinking Water Standards

David Clark said many of the changes he is making, which will take effect on 1 March 2019, are clarifications or corrections, “but there are two changes which will significantly improve the ability to test and respond to the presence of harmful bacteria such as E.coli”. More>>

ALSO:

IPCA: Police Detention "Unlawful But Reasonable"

The Independent Police Conduct Authority has found that while Police acted unlawfully in October 2017 when they detained a Queenstown man for a mental health assessment, their actions were reasonable in the circumstances. More>>

ALSO:

Joint Statement: Chile President's NZ Visit

At the invitation of the Right Honourable Jacinda Ardern, Prime Minister of New Zealand, His Excellency the President of the Republic of Chile, Sebastián Piñera, undertook a State Visit to New Zealand on 19 November 2018... More>>

ALSO:

Climate Change: Top Academics Call On Government To Take Action

One hundred and fifty academics and researchers from around Aotearoa, including Dame Anne Salmond, Emeriti Professors and several Fellows of the Royal Society, have signed a strongly-worded open letter to the Government demanding bold and urgent action to tackle climate change. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels