The Baird government "is close to finalising a deal" worth about A$200M ($145M) that "will return Sydney’s Olympic Stadium to public hands" as it clears away roadblocks for a A$700M ($506M) redevelopment of the arena, now known as Stadium Australia, according to Kylar Loussikian of THE AUSTRALIAN.
While the government "owns the arena, the rights to operate the facility are held by the Stadium Australia Group, part of the Diversified Infrastructure Trust, which is in the hands of a number of superannuation funds." A deal between the company and the government "has been agreed to in principle, with a formal agreement to follow." In April, New South Wales Premier Mike Baird announced plans for a "full refurbishment of the site," also known as ANZ Stadium, "kyboshing plans" for a new stadium to be built in Moore Park. The A$1.6B ($1.16B) refurbishment plan for the ANZ, Allianz and Parramatta stadiums "was backed by the majority" of National Rugby League clubs, with the Homebush arena to be reconfigured into a 70,000-seat rectangular field (THE AUSTRALIAN, 6/2).
