Dust settles on difficult year at Eden Park to reveal $1.6m profit

The guardians of Eden Park have battled tough economic times, redevelopment of the park and poor rugby crowds to record a small profit of $1.6 million for the latest, shortened financial year.

Eden Park Trust Board chairman John Waller said the "modest surplus" was a good result considering the reduced capacity and disruption caused by the $256 million redevelopment of Eden Park.

Last Friday, Auckland's mayors agreed to underwrite a $40 million loan to allow completion of the redevelopment after the Government said its $190 million contribution was final.

Contributions from the New Zealand Rugby Union ($10 million), Auckland Regional Council ($10 million) and ASB Community Trust ($6 million) complete the funding package.

Mr Waller said with funding packages in place to complete the stadium to an international standard, Eden Park was better positioned to maximise commercial opportunities and deliver a transformed sporting and entertainment facility.

The challenge is on now for the accountant and BNZ chairman to raise enough money from sponsorship and membership programmes, topped up with a loan the board can service, to meet the $40 million shortfall.

Mr Waller said the $1.6 million operating profit included $4.9 million of interest, most of this from the Government's $190 million contribution.

The interest had been spent on various projects, such as lowering the lights on the ASB Stand, he said.

The shortened financial year, to October 31, 2009, was due to the trust changing its balance date to better reflect Eden Park's operating seasons.