skip
Years ago

Adelaide Arena is officially up for sale.

The arena is officially on the market.

The CBRE Group, the bank's agent, is taking expressions of interest until September 27.


I guess the pressure needs to be strongly put onto the state government now to ensure that it is kept in the hands of sport.

Full Adelaide Now story here.

Topic #29126 | Report this topic


Loco  
Years ago

I can't help but feel this does not bode well.

Reply #376728 | Report this post


Anonymous  
Years ago

What were you guys expecting?

Bank has said all along they were going to sell it. Bank has no interest in owning and running the venue.

Reply #376729 | Report this post


Well with Ricey telling everyone how to run a club at the moment plus all the cash he thinks he has maybe he should buy the Arena. :)

Reply #376734 | Report this post


Isaac  
Years ago

That's Sir Ricey to you...

Reply #376736 | Report this post


Anonymous  
Years ago

Isaac could sell his ferrari and buy it??

Anyone (or group of people) loaded enough to buy it?? if i was i would for sure, but unfortunatly i probably couldnt afford the broom to sweep the arena with let alone the arena.

Reply #376742 | Report this post


Isaac  
Years ago

Arena would have to come down in price for selling the Ferrari to work...

Reply #376750 | Report this post


Thomo  
Years ago

sadly if the Gov dont step in it will become another location for EDGE church :(

Reply #376760 | Report this post


skip  
Years ago

Thomo - To my knowledge, the Government would actually have to step in for it to become a Church due to the restrictions of having live music performances there.

Reply #376764 | Report this post


Anonymous  
Years ago

Or the restrictions on non-sporting events.

Reply #376765 | Report this post


Isaac  
Years ago

I think they can have up to 18 events with live music per year, but only up to 1,000 people in attendance at each? Something like that.

Reply #376767 | Report this post


Anonymous  
Years ago

What would it be worth? Any ballpark figure??

Reply #376772 | Report this post


Anonymous  
Years ago

Isaac I don't think that's quite right. I'm sure no live music events are allowed.

I thought the 1,000 limit was about any non-sporting event.

Reply #376774 | Report this post


Anonymous  
Years ago

Who made the 'STUPID' rule that you can only have 1000 people to a non-sporting event? No wonder no one wants to buy it!!
The dome would be a fantastic place to have concerts for any bands/performers that might not be big enough to sell out the entertainment centre!!
Would be a great 5000-6000 seat venue for a concert. Could set up the stage either centre court facing the grand stand or have it on the baseline where they set the tables up for game nights!

It's not rocket science people!!!!!!

Reply #376776 | Report this post


Isaac  
Years ago

'774, that might be right. The 18 sub-1k non-sports events allows for MVP dinners and so on.

'776, read Boti's recent article for the full story. Essentially the venue was approved by the government as long as it didn't compete with their own Entertainment Centre.

Without restrictions, yes, it'd be a lot more attractive to buyers.

Reply #376780 | Report this post


Thomo  
Years ago

Skip, I'm not sure on those restrictions, but they must not be concerning EDGE as i know they had made a play for it last time, and from speaking to someone last weekend the are ready to make a play again.

and unfortunately basketball doesn't have the money to buy it but they do :(

like i said i know nothing of the restrictions but i am willing to bet the government would be water down the restrictions if a church wanted it vs a group wanting to use it like a EC venue

Reply #376783 | Report this post


Anonymous  
Years ago

Is that article that Boti wrote going in the Advertiser? Great article but unless it goes in the Advertiser no one will see it to care fot it!!

Reply #376789 | Report this post


Nba agent  
Years ago

Every one chip in $20 and see were we get.

Reply #376790 | Report this post


Anonymous  
Years ago

First home game... 5,000 people all chip in $600 a pop... Bang arena owned.

Reply #376794 | Report this post


KET  
Years ago

Can't it be both a church and a basketball stadium....? Or are we talking about destroying it and re-building a church?

Blissfully indifferent to the EDGE Church at the moment, but the very second they buy Adelaide Arena and kick the 36ers out, they'll be on some sort of hate list of mine, that's for sure.

Reply #376797 | Report this post


Isaac  
Years ago

'789, Boti's said on Twitter that The Advertiser were preparing a campaign pushing for the 36ers lease before CBA came to the table. Hopefully they can bring that back out for the sale.

Reply #376803 | Report this post


EC  
Years ago

Can't have 5,000 people each chipping in $600 because the certificate of title could not fit 5,000 names as tenants in common unless it was 500 pages long.

Reply #376807 | Report this post


Jack Toft  
Years ago

EC, 5,000 people on a CT is just crazy stuff. The simple thing is to form a trust. (eg the Sixers Stadium Trust) Let's assume the successful bid is say $4,000,000. Therefore each of the 4,000,000 units are sold for $1 each. Then if people wish to sell their part of the stadium, then they can sell their share at a predetermined rate.

The stadium is then run by the trust and any "excess" returned to the shareholders as a dividend. The current setup is actually perfect for this. Danny Hughes is the current stadium manager and would simply become an employee of the trust.

Owning commercial property in trust format is a very common format of stamp duty tax avoidance as well. The stamp duty on $4,000,000 property exchange is $213,830 (5.35%) As the ownership of the property doesn't change (ie the Sixers Stadium Trust), only the ownership of that trust changes and so the government can't extract stamp duty as there is no property transfer to attract stamp duty. The Sixers Stadium Trust still owns the stadium. Therefore, selling the trust units is easier and the price of the unit is worth about 5% more as any "stamp duty" cost goes to the Trust shareholders.

A significant number of high rises and commercial properties are owned this way. You would be surprised! Can you imagine the stamp duty if something like Tea Tree Plaza was sold? Instead of Company A selling to Company B, Company A just sells its share in Trust C to Company B. Let's face it, most corporations are run by accountants who know these loopholes and if the government actually spent taxes wisely, we wouldn't mind paying taxes.

I wouldn't be surprised is someone who watches this forum know about this type of property ownership. (you know who you are you sexy devil)

If anyone is interested in forming a trust and heading it up, I would be interested in chipping in some money to buy some units in the trust and I would encourage others to consider this as well. The other benefit of a commercial property trust like this is is that when you do decide to sell your share and the unit price has gone from say $1 to $2, the smart thing to do is roll the proceeds of the sale into your Super to save on capital gains tax (you'll get slugged 15% instead of 50%(?) (check/confirm with your accountant as I have never received a CGT bill)

Any takers?

Reply #376812 | Report this post


Thomo  
Years ago

love the idea Jack, i certainly would purchase units if this was set up

Reply #376815 | Report this post


Anonymous  
Years ago

$1 a unit? Put me down for one, might even lash out and get two!

Reply #376823 | Report this post


Isaac  
Years ago

Few million to go...

Reply #376836 | Report this post


sunnycoast  
Years ago

I think that would be a great idea there would surely have to he some bigger people willing to get on board for this type of setup. Would the rent just get shared among the members of the trust? Interesting concept

Reply #376853 | Report this post


leopard  
Years ago

jack Toft, you have it perfectly. Let's see BSA be proactive and give this a go. 5000 people, $800 each, there would be more people prepared to do this than you think, me for instance.
The $40m Adelaide Oval walkway just boils my blood...

Reply #376857 | Report this post


sunnycoast  
Years ago

I'd definately be keen

Reply #376859 | Report this post


Dione  
Years ago

So who is going to pay for the $3M upgrade needed?

And who is going to pay the bills when over the first 12 month it losses money?

Reply #376863 | Report this post


hydra89  
Years ago

leopard and others , be real. No way in hell are you going to get 5000 people interested in pitching in. It'd be nice to think something like this could happen, but it's just a fantasy.

Reply #376867 | Report this post


Isaac  
Years ago

Hate to be pessimistic (realistic), but there's no chance of 5,000 chipping in that much money. Even if they tried a Kickstarter campaign with various incentives I think it'd fall short.

Reply #376886 | Report this post


Anonymous  
Years ago

And that would maybe cover purchase price. But what's the plan for running costs, maintenance, desperately needed repairs and improvements?

Reply #376903 | Report this post


Clive Bixby  
Years ago

Borrow the rest from the Commonwealth Bank

or

Radio Shack might be looking for something new to sponsor

Reply #376905 | Report this post


paul  
Years ago

Dont know whether the idea being discussed would actually work in practice, but theoretically you wouldnt need anywhere near 5000 people because some would put in considerably more.

Reply #376909 | Report this post


TR  
Years ago

Isaac's Ferrari never gets old..


Jack, get the ball rolling.. I'm in.

Reply #376935 | Report this post


Ricey  
Years ago

I love people posting on here to talk shit, but never putting names out of their own... When did I mention I have any money? And why would I want to buy a stadium that holds no value at the moment. Maybe if the 36ers could pack it out and win a championship it would hold some value.

And people thinking it would be a great music venue... Do you have any idea of cost to transform the stadium into a venue of any use to music? Didn't think so, because the cost for fixing sound in there would make it a useless purchase alone, especially as no promoter will book the venue due to its positioning... Maybe the wrestling would be keen to use the venue, but that's about it, and some big church events...

Getting 3000+ people to buy "life memberships" for something like $400+ is more likely. From that money they receive severely reduced season ticket and single ticket purchases for their life. Will help pack stadium out every game for long run, and create a new buzz about the team in the short term. If the 36ers had any brains, they would try looking at something like this to make the club financially stable over next 5 years

Reply #377104 | Report this post


Thomo  
Years ago

like the idea of life membership, but personally would charge more then that,but for that to be viable people would want to see a "stable" sixers so it becomes a catch 22 scenario

Reply #377146 | Report this post


Anonymous  
Years ago

If the 5000 odd regular fans buy life membership how will the club gain more income through ticket sales?

Reply #377154 | Report this post


Ricey  
Years ago

If you can guarantee 3000-6000 season ticket sales, how wouldn't that be a boost? The entire purpose is to create direct income to get the venue, which would also establish a credible database of people to become season ticket holders regularly. Then with guarantee attendance close to capacity, then sponsors will become more interested, which then allows club to expand those prices for sponsorship, which then will allow us more money to spend on getting/keeping players to make us a decent team which then leads to more return clients... It's a pretty big circle of events, but easy enough to work out and put together in a good system. Maybe Sir Ricey should be given the keys to the dome for making the obvious, just a bit more obvious...

Also, with the immediate cash influx for stadium, if we owned it outright, then thats less of an expense on the team, and they can get back every dollar from social and district games played there, not to mention any events if they can lift certain bans (hire to large church events = $$$$$$$)...

I just do no understand how this is so hard for the 36ers admin to come up with.

Reply #377281 | Report this post


Muzz buzz  
Years ago

I get dumber every time I read one of your posts Ricey

Reply #377284 | Report this post


Rabbit  
Years ago

Why can no one answer this question?

Who is going to pay for the $3M upgrade needed and the ongoing losses from paying a matinance manager and stadium manager?

Reply #377297 | Report this post




 

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