Labor will force the SCG Trust to repay a maximum $644 million loan to proceed with the upgrade of the Sydney Football Stadium at Moore Park, if elected at the end of the month., the Parliamentary Budget Office has told the NSW ALP the SCG Trust can repay the loan over 35 years with reduced payments for the first five years. It’s understood the total value of the loan is $644 million with $40 million in interest.
Labor leader Michael Daley insists the design of the stadium will be more modest and in keeping with the local environment if he’s elected.He is also not committing to offering the entire line of credit but would wait and see what other more “cost effective” options are presented. Labor leader Michael Daley insists the design of the stadium will be more modest and in keeping with the local environment if he’s elected.Sports Minister Stuart Ayres has consistently said that a loan, like Labor is proposing, is “almost impossible” for the Trust to service.
Sydney doesn’t need a new 45,000 seat stadium. Average NRL, Union and Soccer crowds are between 10,000-20,000 at best. Just build one similar to the new 30,000 seat Parramatta stadium for half the cost. Refurbish Homebush for bigger games.
Can a trust be forced? No personal liability here. Rather they promised never to fund stadiums.
Funny how they want them to take some responsibility in their desires yet quite happy to take responsibility over from those who take drugs, have children, don't want to work etc. don't get me wrong I hate sports and wonder why my taxes go to help other people work out! (Etc)
Labor a selling a massive furphy here. Who is going to take on the liability of the loan? If it’s the trustees they won’t agree to it, if it’s the trust itself that is the govt loaning itself the money. Ie. if the Trust defaults the govt pays anyway.