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Council still paying Lancaster Park debt

Author
Jessica McCarthy,
Publish Date
Wed, 29 Jul 2015, 8:14PM
The stadium before the quake (Photosport)
The stadium before the quake (Photosport)

Council still paying Lancaster Park debt

Author
Jessica McCarthy,
Publish Date
Wed, 29 Jul 2015, 8:14PM

It's been revealed the Christchurch City Council is still paying interest on a loan used to upgrade the now defunct Lancaster Park.

The council borrowed almost $54 million to buy shares in event management company Vbase, who used that money to upgrade the Deans Stand in 2010.

The stand suffered major structural damage in the earthquakes.

Councillor Yani Johansson is chalking it up as a lesson learnt.

"Fundamentally, we did as a city redevelop that stadium, and we're still paying for it".

"That is a financial reality of the situation post earthquake".

The upgrade was scheduled just in time for the 2011 Rugby World Cup, but earthquake damage saw the city's seven games rescheduled elsewhere.

But Yani Johansson says New Zealand Rugby should acknowledge the commitment the city, and schedule more big rugby games in Christchurch.

"We fundamentally did that to support professional rugby, and I think there's a moral obligation on them to support us.

The council is still debating with its insurer Civic Assurance as to whether Lancaster Park is a repair or rebuild.

The two parties are set to attend mediation in September.

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