KEY POINTS:
The perils inherent in stadium financing were laid bare this week with the takeover of Sydney's landmark Olympic arena, Telstra Stadium.
The 80,500-seat stadium has been riddled with debt since it was built for the 2000 Sydney Olympics.
The board of Stadium Australia Group, which operates Telstra Stadium, recommended its shareholders accept a takeover bid from Stadium Investments, a company owned by ANZ Infrastructure Services.
The stadium cost A$690 million to build, but has struggled to make money or draw full houses.
The ANZ takeover offer was A$190 million.
The stadium is the only asset in Stadium Australia Trust and its management lies in a separate company, Stadium Australia Management.
In its interim result for June, the group carried more than $200 million in debt.
- AGENCIES
