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Sydney Sport Stadiums Set To Get $700M-Plus Upgrade From Government Sale

The Baird government is selling the operations of the Land and Property Information Service -- "hopefully for a 10-figure sum" -- to help fund its A$1B ($700M)-plus upgrade of Sydney’s sports stadiums, according to Andrew Clennell of the Sydney DAILY TELEGRAPH. Premier Mike Baird "has already earmarked" A$600M ($420M) from the Restart NSW fund for the "ambitious stadiums plan, which includes the new 50,000-seat stadium at Moore Park, rebuilding Parramatta Stadium and upgrading ANZ Stadium at Homebush." It is believed that, "like the other privatised electricity assets, the LPI’s operations would be leased and would be expected to reap" more than A$1B over 10 years. Treasurer Gladys Berejiklian confirmed Wednesday that "the lease sale would go ahead." Berejiklian said, "Our asset recycling strategy has allowed us to invest record amounts on new rail, roads, sporting and cultural facilities, schools and hospital, while keeping our debt low." The stadium strategy is understood to have been "the cause of heated debates in Cabinet committee meetings, with Treasury Secretary Rob Whitfield understood to have had an argument" with Sports Minister Stuart Ayres over how much Ayres estimated it would cost to buy back ANZ Stadium from the private operators. Those negotiations "are still going on." The stadiums package includes a new rectangular stadium at Moore Park with 50,000-plus seats, the redevelopment of Stadium Australia, "which may include a retractable roof, and a new indoor arena near the CBD to replace the bulldozed Sydney Entertainment Centre." There will "also be a new outer Western Sydney sporting venue -- expected to be in Penrith or Liverpool and serviced by the Badgerys Creek airport -- and completion of the SCG upgrade would also be undertaken" (DAILY TELEGRAPH, 1/7).

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