Additional details – Stadium debt of $85,000,000 has remained unpaid for the last 14 years.

The interest cost alone ongoing [assuming 5% interest rate] is $4,250,000 every year.

Enormous and increasing Stadium maintenance costs have varied markedly from year to year so are difficult to establish.

Both the ORC and DCC promised the Dunedin public in 2010 that the Stadium build would not go ahead unless they had an anchor tenant with the ORFU.

The Stadium never had a tenant agreed but both ORC and DCC went ahead anyway.

The initial annual Stadium rental to the DCC was agreed at $4 million per year. This would have covered just the interest cost early on assuming 5%, but in some early years interest costs peaked at 9.2%

This $4 million Stadium ‘rental’ has subsequently been reduced to $2 million and recently further reduced to $1 million.

It turns out that the Stadium can lose any amount of money annually and not be caught by ‘Trading while Insolvent’ legislation because the shareholder, the DCC can keep bailing out any amount of loses.

Progressively larger subsidies of Stadium operations by the DCC have included millions in annual large event subsidies, local event subsides, a one-off bail out subsidy of $2 million, and a massively reduced annual rates subsidy of about $1.5 million.

Despite pay-back of the Stadium debt being talked about for over a decade, no debt pay-back plan has been suggested as losses and maintenance costs continue to grow.

DCC and DCHL BILLION$ DEBTS continue to increase unsustainably by progressively larger annual amounts, [DCC up $120 million this year and an additional $121 million budgeted next year] again with no debt pay-back plan included in the recently confirmed 9 Year Plan…