Eden Park is facing a $7m revenue shortfall. Photo / Supplied
Eden Park is facing a $7m revenue shortfall. Photo / Supplied
Eden Park says it has $7 million of revenue at risk from the coronavirus and facing a scenario where there is "zero revenue".
Eden Park Trust chairman Doug McKay told Auckland councillors this morning it was unable to give a full picture of its financial position until it holds a"very intense" meeting of its finance committee next Tuesday.
But in a question from Mayor Phil Goff about its finances, McKay said it had $7m of revenue at risk in the current financial year which ends on October 31.
"This is an unprecedented situation for us. I have never seen a scenario where there is zero revenue," said McKay, who chairs the BNZ bank and is the former chief executive of Auckland Council.
Since the Government imposed a ban on events of more than 500 people, Eden Park has effectively closed down. Goff indicated the Government would stop events of more than 100 people this afternoon.
The trust board was appearing before the finance and performance committee for a six-monthly update on its performance and financial projections after the council took over bank loans of $46.5m and made a three-year grant of $9.8m in September last year.
