What would a private investor stand to gain bankrolling an upgrade of a council owned oval. I would have thought there a better ways to invest millions of dollars.
PRIVATE INVESTMENT PUSH
There is a general agreement that Leichhardt and Campbelltown require a refurbishment in line with other NRL grounds – and that could mean private investment.
“We all readily acknowledge that Leichhardt needs work and it’s not of NRL standard as far as change rooms and corporate facilities,” Hagipantelis said.
“There was, of course, a promise of $50m which the Government reneged on and, unfortunately, there isn’t an election – state or Federal – for quite some time so it will be difficult for us to bring any pressure to bear on government to fund any upgrade to Leichhardt Oval.
“But we are in earnest discussions with council – Campbelltown, Liverpool and the Inner-West – about what can be done to raise funding and we are prepared to explore all options, including private equity into the stadiums, if available, to help fund refurbishments of those stadiums.
“We would even be open, and in fact encourage, private equity. We’re exploring those opportunities; investors who are prepared to invest in the redevelopment of a stadium for a return on that investment whereby they would have an equitable holding in those facilities, an ownership share.
“There would be some arrangement made where they receive a return on their investment as a joint venture with council, who are open to discuss the opportunity but there would be a detailed and lengthy process to get through from a council perspective.
“I can’t envisage any scenario where Wests Tigers will not play at Leichhardt Oval in the future. Leichhardt Oval is an institution and it will always figure largely in the Wests Tigers calendar so the suggestion we will never play another game there has got no basis or merit whatsoever.”
