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SBD Global/May 8, 2013/OlympicsPrint All
ANZ bank has offered to sell Sydney's Olympic Stadium back to the state government for A$100M ($102M) because "it is fed up with a lack of government investment in the project," according to Andrew Clennell of the Sydney DAILY TELEGRAPH. It may have "showcased Sydney to the world" in '00, but ANZ Stadium "is in danger of turning into the white elephant it was always feared it would be." ANZ, which has a lease from the government over the Homebush stadium until '31, offered to sell it back for A$100M, but "Treasury officials blocked the move, arguing it did not make enough of a profit." The stadium makes a small profit -- between A$10M and A$30M a year -- but the owners argued that, without a huge investment, "it risked being in a state of disrepair and completely out of date when it reverted back to the government in 18 years." The company wants a A$250M-A$300M upgrade of the stadium which would include "installing a roof, putting retractable seats at either end to allow it to have a rectangular shape for rugby league, union and soccer and bars and restaurants built around the site" (DAILY TELEGRAPH, 5/4).
A total of 70 athletes "got the nod from the Singapore National Olympic Council on Monday to take part in the upcoming Asian Youth Games." They "hail from seven sports," including aquatics (diving and swimming), athletics, shooting and table tennis (STRAITS TIMES, 5/6). ... Japanese Olympic Committee President Tsunekazu Takeda reminded his organization on Tuesday "not to repeat the kind of trouble caused last month by comments from Tokyo Gov. Naoki Inose about a rival bid city's qualifications to host the 2020 Olympics" (KYODO, 5/7).