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Auckland Council gives Eden Park a life line

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Auckland Council gives Eden Park a life line

By: Newstalk ZB staff | Latest Auckland News | Thursday August 23 2012 15:56

 

Auckland Council has given Eden Park a life line as it struggles to pay off its Rugby World Cup loan.

In 2010 the Eden Park Trust took out a 40 million dollar loan to boost funding for the stadium upgrade.

Today Auckland Council voted to extend its guarantor status for that loan until November 2015.

It also loaned the trust money in 2010, to the tune of around 6.5 million dollars.

Council has agreed to extend the principle payment holiday on that loan as well.

Eden Park Trust boss David Kennedy says in a normal year it makes a profit of about two million dollars, which just covers the bank interest payments.

Photo: Photosport

 

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