Eden Park records best financial year five years after concerns about its future

Auckland’s Eden Park has recorded its most successful net operating profit year in the stadium’s history just five years after there were concerns for the national stadium’s future.

In the 12 months to October 31 last year, Eden Park recorded a net operating profit of $8.263 million, a $4.618 million increase over the previous year.

It comes on the back of hosting major sporting fixtures for the 2022 Women’s Rugby World Cup and last year’s FIFA Women’s World Cup as well as accommodating musical legends like Billy Joel and Guns N’ Roses.

Nearly 100,000 fans attended two Ed Sheeran concerts in February last year before Eden Park recorded New Zealand’s biggest football match attendance with 43,217 people packing the stadium on three occasions at the FIFA Women’s World Cup.

More than one million people attended the range of events during the 12-month period.

Six60 wows the crowd in the inaugural first music event held at Eden Park in 2021. Photo / Eden Park

Eden Park CEO Nick Sautner said the performance reflects the commitment of the stadium’s team to deliver exceptional experience for everyone who comes through its doors.

“Eden Park is a truly multi-purpose, hybrid venue, and these results reinforce the stadium’s position as a leader in the live events industry, a strategic asset for New Zealand and a community asset for Auckland,” Saunter said in a statement.

He attributed the 125 per cent increase in total revenue to an unprecedented major event calendar and enhancing stadium utilisation by offering diverse events and functions.

Eden Park chief executive Nick Sautner. File photo / Jason Oxenham

“From two sold-out Ed Sheeran concerts, the world-renowned Te Matatini kapa haka festival, and the FIFA Women’s World Cup right through to Super Bash, Art in the Park and free community events such as ‘Wahs Under the Stars’ and ‘Paris at the Park’, every event we hosted created a legacy – a memorable moment for those who attended and a positive impact on our wider community,” Saunter said.

Now with plans for a new, multimillion-dollar vision to turn Eden Park into a 60,000-capacity all-weather fortress, Saunter says he looks forward to building on the success of 2023.

Eden Park 2.0 and revised 2.1 option plans to transform the 60,000 seat stadium into a glitzy 60,000-capacity sport and entertainment fortress with a retractable roof, three new grandstands and a pedestrian promenade linking to Kingsland train station.

The revised 2.1 option is believed to have a reduced carbon footprint, but like its sibling comes at a cost likely to exceed $1 billion when the Eden Park Trust does not have the financial means to foot the bill, and Auckland Council and the Government are saying “no” to nice-to-haves.

“We look forward to building on the success of 2023 in the coming years, especially as we develop Eden Park 2.1 – a financially and environmentally responsible approach to delivering a world-class hybrid, multi-purpose stadium. Our commitment to being a cornerstone of our community and delivering events which contribute to the vibrancy of our city and country, showcases New Zealand on the global stage,” said Sautner.

Eden Park's capacity would lift to 60,000 under the 2.0 vision. Image / Eden Park Trust

At the beginning of 2019, Eden Park faced an uncertain future as mounting financial pressures put at risk its ability to host All Blacks tests and other major events.

The situation was so bad a senior council source told the Herald that Eden Park was referred to internally as being “bankrupt”.

For several years, Eden Park had kept its head above water by being able to pay interest on its loans but not being able to put any money aside for future work - known as depreciation costs - which had led to deficits of between $4.5m and $8m.

A report by consultants EY said this meant a 10-year, $62.8m maintenance plan has no funding for things like new floodlights ($5.6m), turf ($3.5m), north, west and south stand maintenance ($12.2m) and super screens ($6m).

Over the next decade, the park could run up further losses of $80m, EY said in 2019.

Eden Park hosted a number of matches for the FIFA 2023 women's world cup including the opening match between New Zealand and Norway. $33 million upgrades were made ahead of the tournament.

Two months later, the Auckland Council bailed out Eden Park to the tune of $63 million, and nearly $10m of that was a brand-new, no-strings grant.

Mayor Phil Goff, who was outvoted in the meeting, immediately condemned the decision. He told the Herald, “You can basically guarantee that Eden Park will be back for more, because why wouldn’t they? That’s free money we’ve just given them.”

Goff supported a proposal from officials that the extra money, totalling $9.8 million, be a no-interest loan, secured against the Eden Park assets. But by a vote of 12-10, the Finance and Performance Committee preferred the grant option.

Benjamin Plummer is an Auckland-based reporter who covers breaking news. He has worked for the Herald since 2022.