Bjo187
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But really who cares if it blows out in cost, I doubt cristifulli will still be premier in 2030 or whenever it's completed anyway.
News Gabba Upgrade & Olympics News
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But really who cares if it blows out in cost, I doubt cristifulli will still be premier in 2030 or whenever it's completed anyway.
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It will blow out in cost. You can absolutely guarantee this.
But it will blow out even further if it's not done now. Better to get it done while we have these offers of financial backing on the table from the federal government and the IOC.
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The guaranteed amount is $1.6 billion US which today is $2.45 billion Australian
The eventual amount depends on media deals (about 60% of revenue), sponsorship (30%), ticket & merchandise sales and probably some other revenue i can't think of. All that revenue goes to the IOC. So, Brisbane does not get both.
The IOC use a formular to calculate the guarantee. But the final amount could be a little higher.
Host cities/states need to make up the difference in other arears like tourism spend during and after the Olympics
Well known cities like London, Tokyo, Paris & LA won't get too much boost in future tourism, but a relatively unknown Brisbane should.
Similar to what EXPO did many years ago. It is an investment in the city and state to the rest of the world.
Some reading in the link below regarding funding and where it is spent for anyone interested.
Apparently 90% of IOC revenue is put back into sports. That would include Olympic contribution monies.
The IOC retain 10% to run the business.
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Norm Smith Medallist
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Not directly.
The State and Commonwealth governments fund the venue builds. Thats the $7.1 billion budget.
The IOC makes contributions at a later date back to the city/governments to help fund the games.
At present the simple math is:
Budget outlay of $7.1 billion less $2.45 billion IOC future contribution revenue = Shortfall (deficit) of $4.65 billion
Host cities try to make up the difference with tourism and future tourism and then there are other intangibles.
However, on the asset side the government increases their assets, like the value of a new stadium.
Look at it this way you are super rich and buy a house for $4.65 billion (the shortfall) so you have an asset worth $6.4 billion. You can sell it later and either make or lose money on the sale.
Regarding the venues, the state government now own structures worth $7.1 billion, but they only paid $4.65 billion for them (the shortfall).
The venues will usually, but not always decrease in value. But along the way they can generate revenue from those bigger venues and also can be used by the taxpayer in a lot of the smaller venues.
Iron Turtle
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Not really Olympic or Gabba related, but I thought it was interesting.
https://www.abc.net.au/news/2024-12-02/queensland-secret-fight-lang-park-stadium/104648768
I doubt Harvey Lister / ASM Global want another Stadium to compete with Lang Park / Suncorp (unless they get management rights). They are also behind Brisbane Arena/Live, so probably keen to keep the concert hosting monopoly.
https://www.abc.net.au/news/2024-12-02/queensland-secret-fight-lang-park-stadium/104648768
I doubt Harvey Lister / ASM Global want another Stadium to compete with Lang Park / Suncorp (unless they get management rights). They are also behind Brisbane Arena/Live, so probably keen to keep the concert hosting monopoly.
Favours for the in crowd, normal government business.
Some significant power brokers behind the push for a Lang Park upgrade as part of the Olympics... is that idea dead in the water with Crisafuli now in charge?
Bjo187
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Miles sounding like Albanese there. Asking for personal favours then ruling in their favour on a big decision a short time later (banning Qatar, Suncorp upgrades), it's not a good look and disappointing that this goes on in government.
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Norm Smith Medallist
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Government business with business fat cats not really unusual.
Lister has his fingerprint all over Brisbane Arena.
This is the main reason in my opinion why the previous state government and present Labor commonwealth have held firm on it proceeding.
Forget the fact that no validation report has been done on the new site.
As you pointed out the best scenario for Lister is to corner the market.
He presently has Suncorp and wants to add Brisbane Arena.
That covers all large and smaller entertainment that comes to Brisbane.
The last thing Lister wants if for a new stadium around the 55k mark that he does not have a venue operator agreement.
- Mar 12, 2003
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Is this chap Mr Lister on the 100 day review panel?
- Stephen Conry AM (Chair) – over 40 years’ experience in executive positions in the property industry in Australia and globally.
- Jess Caire (Director) – Executive Director of the Queensland Division of the Property Council of Australia with extensive experience working with the Queensland property industry.
- Tony Cochrane AM (Director) – an experienced director and chair, working in the sporting, events and entertainment industries for over 45 years.
- Jill Davies (Director) – 28 years’ experience in securing, planning and delivering Olympic and Paralympic Games across five continents and multiple cities, including Sydney 2000.
- Jamie Fitzpatrick (Director) – highly respected leader in North Queensland, with over 30 years’ experience spanning across the hospitality, tourism, and events industries.
- Sue Johnson (Director) – over 20 years’ experience developing, funding, constructing, and operating complex legacy infrastructure.
- Laurence Lancini AM (Director) – founder and Executive Chairman of Lancini Property Group and has overseen construction and property development across Queensland, including Townsville, Mackay, Cairns, Yeppoon and Brisbane.
https://statements.qld.gov.au/statements/101658
no hes not, I re listened to an interview he had 6 months ago, I don't think he would be against a vic park stadium he seemed for it
Stadium expert Harvey Lister on the reason Taylor Swift didn't come to Brisbane - 4BC
ASM Global APAC chairman and CEO Harvey Lister wraps up a big week in Olympics news, and reveals the real reason Taylor Swift did not hit Brisbane on her Era’s Tour.
www.4bc.com.au
Thought Lister would have retired to Fiji by now.
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Norm Smith Medallist
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Your thinking of Lester
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Yep, sounds like he's on boardno hes not, I re listened to an interview he had 6 months ago, I don't think he would be against a vic park stadium he seemed for it
Stadium expert Harvey Lister on the reason Taylor Swift didn't come to Brisbane - 4BC
ASM Global APAC chairman and CEO Harvey Lister wraps up a big week in Olympics news, and reveals the real reason Taylor Swift did not hit Brisbane on her Era’s Tour.
3 on the review board are from a property development background, another's is "legacy infrastructure", and yet another "28 years’ experience in securing, planning and delivering Olympic and Paralympic Games across five continents and multiple cities, including Sydney 2000."Yep, sounds like he's on board
I can not see them failing to come out with a new oval stadium being a recommendation in their final report.
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Norm Smith Medallist
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Crisafulli's terms of reference does give some scope to get a new stadium. A much better hope than before.
However, the new Authority are still restricted to the $7.1 billion budget also mentioned in the terms of reference.
A couple of ways the Authority can find enough capital to fund a new stadium.
Private or private/government ownership will enable that to happen. That's included in his terms of reference and could be the gamechanger in this sorry saga.
Review the present two government agreement and change the $2.5 billion Brisbane Arena funding. Also allowed for in the terms of reference
One of these or a combination of both should comfortably fit a new stadium inside the budget.
I hope they spend the majority of their time finding a solution on these 2 venues as they make up 73.3% of total funding.
The other 35 minor venues make up only 26.7% of total funding.
Oh how wonderful that three of them, including the chair, are property developers, or look after property developers' interests. It's great that there's such a big focus on the most important outcome from these games - the ability of property developers to profit from it.
As long as Brisbane gets a new oval stadium out of this process I don't care who benefits financially, I assume they will be working within the system and not breaking any laws.
- Mar 12, 2003
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Last week I drowned in sarcasm, today I've drowned in cynicism. I love it! Never change, BigFooty, never change.
Elixuh
See you on the 9th green at 9
Channel 9 news just reported senior lnp figures say Gabba rebuild is the front runner.
Elixuh
See you on the 9th green at 9
Main justification seems to be that they think it doesn’t break the no new stadium promise because it somehow wouldn’t be a new stadium, just a rebuild of an existing stadium. Laughable.
Nunez
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They should do a Gabba rebuild... In Vic Park.
Still called the Gabba.
No new stadiums baby!
Where the hell are we going to be playing is the question for us.
Metricon would be an absolute disaster for membership and attendance numbers.
It will be interesting what capacity a new Gabba would potentially have and how they are going to improve dispersal of crowds post game.
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Well when I was young, Victoria Park was Collingwood's home ground. So I'd be very happy with this proposal.
Elixuh
See you on the 9th green at 9
No, new stadium!
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