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Australia SCG Trust to take control of all NSW stadiums after major merger

03:37  24 june  2020
03:37  24 june  2020 Source:   msn.com

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The powerful Sydney Cricket & Sports Ground Trust will have control of all the state's stadiums as part of a new super agency to run NSW 's sporting and entertainment venues. Businessman and the chair of the SCG Trust Tony Shepherd will lead the body, to be created through a merger with

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a plane sitting on top of a building: Stadium Australia is among the venues that will be managed by the new body. (Twitter: @BAndersonSEN) © Provided by ABC Grandstand Stadium Australia is among the venues that will be managed by the new body. (Twitter: @BAndersonSEN)

The Sydney Cricket Ground Trust will control all of the state's stadiums and major events after a shake-up announced by the NSW Government.

Acting Minister for Sport, Geoff Lee, said the merger with Venues NSW would put the state in the best position to attract "blockbuster" events.

"NSW is often competing nationally and internationally to attract major sporting events, concerts and other outdoor activities to our venues," he said.

"A strong, coordinated and streamlined approach to attracting these major events will put our state in the best position to win them and reap the economic benefits."

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The merger of the SCG Trust and Venues NSW to create a powerful new body makes sense. The powerful Sydney Cricket & Sports Ground Trust will have control of all the state's stadiums as part of a new super agency to run NSW 's sporting and entertainment venues.

Mergers and acquisitions (M&A) are transactions in which the ownership of companies, other business organizations, or their operating units are transferred or consolidated with other entities.

The yet-to-be-named organisation will be chaired by SCG Trust chairman Tony Shepherd, with SCG Trust deputy Rod McGeoh serving as the deputy chair.

Mr Shepherd told ABC Radio Sydney the merger would give NSW leverage to bid for major international events like the Rugby World Cup and rejected suggestions it would make the SCG Trust all-powerful.

"Venues NSW is also a powerful body," he said.

"It's got Bankwest Stadium, it's got ANZ Stadium, it's got stadiums in Newcastle and Wollongong."

"So it's a merger of equals and it will bring together all the firepower of stadiums in NSW in one body."

But Shadow Member for Sport, Lynda Voltz, has criticised the merger, saying it will concentrate too much power in the hands of the SCG Trust.

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Chewed up SCG surface after a scrum during the round four Super Rugby match between the NSW Waratahs and the Queensland Reds at the SCG in Sydney on Saturday. Ground staff were called into action with shovels and rakes after every scrum, with the embarrassingly cut-up playing surface

The trust has colluded with the NSW government to spend 0 million of taxpayers’ money on an unnecessary stadium instead of schools and hospitals for the people of NSW . The two board members who were elected by the SCG Members, Phil Waugh and David Gilbert will remain, as will former test

"You now have a merged structure that is the Sydney Cricket Ground Trust essentially overseeing all the events in the Sydney market," she said.

"At the end of the day, Tony Shepherd and Rod McGeoh are overseeing the venue strategy for Wollongong, Newcastle, Sydney, Parramatta and the Sydney Olympic Park Stadium."

A 2015 report authored by former Liberal leader John Brogden recommended a merger between the three bodies overseeing stadiums in NSW in order to prevent the SCG Trust from competing with other stadiums.

Former Premier Mike Baird flagged his intention to merge the separate bodies under a single organisation in late 2015 when he announced his $1.6 billion dollar plan to upgrade Sydney's stadiums.

Under that plan, a new stadium was be built at Parramatta and Stadium Australia at Olympic Park would be upgraded to become a permanent rectangular arena.

But the SCG Trust remained a standalone entity when the Liberal Government backtracked on its commitment in 2017.

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A way in which a merger or consolidation takes place in which some or all of the shares of one A merger between subsidiary corporation and a parent corporation that owns at least 90% of the The acquisition of control over a corporation through the purchase of a substantial number of the voting

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In 2019, the Government announced plans to demolish and rebuild the Sydney Football Stadium at Moore Park, which is controlled by the SCG Trust and work started on that project last year.

And last month, the Government announced it was scrapping the $800 million redevelopment of Stadium Australia and redirecting the money into its infrastructure and jobs fund.

An interim advisory board will be established to oversee the development of the operating model of the new entity and will include board members from both the SCG Trust and Venues NSW.

The State Government said all Venues NSW and SCG Trust contracts, agreements and membership entitlements with sporting codes, clubs, partners and members would continue to be honoured under the new arrangement.

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