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Post by The Red Baron on Feb 13, 2011 9:54:45 GMT 12
Waikato Rugby Union is falling further behind on rent payments for Waikato Stadium – owing its landlord Hamilton City Council almost $900,000. The struggling union defaulted on a $300,000 payment due at the end of January and is facing an uphill battle to meet its repayment plan for the growing $881,000 debt owed to the council. More than $500,000 of the outstanding debt is at least 90 days old and is accruing interest. This year also looks shaky for the union as it is set to post a loss of $400,000 in its annual report next month and has hinted at slashing its wage bill below $1 million to make ends meet. www.stuff.co.nz/sport/rugby/itm-cup-heartland-championship/4636438/Waikato-Rugby-can-t-pay-its-rent-bill...Maybe WINZ could help out with an accomodation allowance...be sad to see old Mooloo out on the street... 
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Post by Dave Homewood on Feb 13, 2011 10:17:17 GMT 12
What on earth will the council do with the stadium if the rugby union is forced out? No other sport will be able to afford it either.
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Post by shorty on Feb 13, 2011 10:29:43 GMT 12
The local iwi will take it over for maori housing and a marae?
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Post by lumpy on Feb 13, 2011 10:45:07 GMT 12
Same thing happened here last year . The rugby union got in over its head with a loan for improvements , which pretty much forced the council to purchase the majority of the grounds off them ( or risk them being sold to a developer ) . The council now run it , like any other council owned sports ground , which means that nothing has really changed , except now the ratepayers foot the bill instead of the rugby union !
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Post by corsair67 on Feb 13, 2011 12:39:27 GMT 12
The NZRFU have plenty of money, get them to pay for it!
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Post by The Red Baron on Feb 13, 2011 13:10:27 GMT 12
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Post by shorty on Feb 13, 2011 20:36:11 GMT 12
I see that the RWC, which was going to bring so much money and jobs to New Zealand, is having the opening and closing ceremonies done by an Aussie firm. More NZ profits going off shore!
I reckon the RWC will run at a loss, not a profit.
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Post by Dave Homewood on Feb 13, 2011 21:21:54 GMT 12
RWC CEO Martin Snedden announced in December 2010 that they expected to lose $39 million. Other estimates are as high as a $55 million loss in the running of the Cup.
Why did they put a kiwi cricketer in charge?? I mean success doesn't exactly go hand in hand with this concept, does it?
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Post by Peter Lewis on Feb 13, 2011 21:39:54 GMT 12
Well at least they didn't put a Lawyer in charge.
They would lose even more that way.
I did hear that the RWC contract specifically states that they are not to make a profit out of it!
Madness.
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Post by Dave Homewood on Feb 13, 2011 23:18:35 GMT 12
Umm, Peter, I'm afraid Snedden is a lawyer by profession.
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Post by kiwithrottlejockey on Feb 14, 2011 20:20:11 GMT 12
The NZRFU have plenty of money, get them to pay for it! They sure do have plenty of money. Last month when the Hurricanes played the Chiefs in a pre-season game at Mangatainoka (right next to the Tui brewery), the NZRFU chartered one of the 96-seat Silver Fern railcars to travel from Wellington to Mangatainoka and return via the Manawatu Gorge. They wanted 1st class service, including brunch on the way to the match and a multi-course dinner on the way back, plus champagne service (real French champagne....none of that NZ bubbly) for the NZRFU heads and headquarters staff and their families (about 60 persons in total) and were quoted more than ten grand by KiwiRail, which they agreed to pay to get their 1st class silver service. |
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Post by Dave Homewood on Feb 14, 2011 21:08:29 GMT 12
Good to see our State owned railway is turning a profit, if only for one day.
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