Wednesday, April 29, 2009
Stadium Contract Signed
The contract has now been signed: Dunedin is now committed to a new Stadium. For the sake of Dunedin ratepayers, I hope it is a success, and earns enough revenue to pay it's way. The Councillors who voted for the Stadium deserve credit if it goes well and will be held to account if it does not.
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When Dunedin Stadium CEO Michael Davies was CEO of financially-strapped Queens Park Rangers 2001-2004, the club was approached by The Moonies, who wanted to buy their stadium for mass weddings. However,The Moonies lost interest because QPR was not a fiscally sound business investment. Also, Michael Davies was pursuing Brian Melzack, a millionare businessman for investment. Regrettably, that fell through too for the same reason. Unfortunately, in desperation, Davies on behalf of QPR, took out a 10m pound loan with
ReplyDeleteABC Corporation, a Panamanian Company, at 10.5% annual interest. This company is owned by Michael Hunt, who was convicted and jailed for Britain's biggest ever tax fraud. Two years later, Davies 'resigned' by "mutual agreement". Hopefully, he will have better luck here in Dunedin!