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Support For Forsyth Barr Stadium A Major Milestone

Forsyth Barr Stadium At University Plaza

For immediate release 3 March 2009

Government Support For Forsyth Barr Stadium A Major Milestone

The Stadium Trust has welcomed the Government’s letter confirming that it will underwrite development of the Forsyth Barr Stadium at University Plaza as a major milestone. Stadium Trust Chairman Malcolm Farry says: “We are extremely grateful to the Government for its support and its recognition of the stadium’s important role in regional economic development.

We acknowledge the competing demands on Government funding and appreciate its decision to support the development of this iconic community infrastructure for the Otago region at this time.

“Following the Government’s decision, Otago Regional Council voted today to confirm its funding commitment of $37.5 million. We thank the Council for their continued support and the shared vision to develop community infrastructure of lasting benefit to the Otago region.

“The Government support, combined with the Dunedin City Council, Otago Regional Council, Community Trust of Otago and University of Otago support and ongoing private sector fundraising, will achieve the remaining budget for the stadium development. We now look ahead with renewed confidence to construction starting this year, and to the creation of new jobs that will bring.

“The Stadium Trust is continuing to sell memberships, hospitality products and sponsorships and will do so throughout the stadium construction period with the goal of achieving or exceeding the private sector funding target.

“Contrary to some published reports, the Trust remains on track to achieve its private sector funding target of $45.5 million,” he said.

ends

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