KEY POINTS:
The Auckland Regional Council is confident an $18 million funding gap for the $240 million redevelopment of Eden Park can be bridged.
The ARC is considering contributing a lump sum of $10 million into the project on the understanding it will not be asked for any more funding. It wants to consult the public about the move first. ARC chairman Mike Lee says the funds would not be available until the final bills started rolling in. Eden Park Redevelopment Board chairman John Waller says the cash marks a funding milestone.
There was fierce debate in December when the Eden Park Trust Board suggested naming rights could be sold to meet a shortfall of $28.5 million to revamp the stadium in time for the 2011 Rugby World Cup. But the Government is now underwriting $190 million, the Rugby Union is putting in $10 million and the Eden Park Trust Board will give $12 million. The shortfall is $18 million.
With three and a half years to go before the Rugby World Cup, Mr Waller is confident the shortfall can be found. He will not be drawn on the progress of funding discussions with the Auckland City Council.
- NEWSTALK ZB
