WELLINGTON - The Wellington City Council will soon own more than 350 WestpacTrust Stadium memberships - but it is confident of recouping the $4.5 million it is spending.
Under a 1997 agreement the council agreed to buy all memberships left unsold at the end of this year. That is when theWellington Regional Stadium Trust has to pay contractor Fletcher Construction About 370 of the 2500 memberships, which cost $13,500 each, are still unsold.
Council chief executive Garry Poole said the cost to the council would be minimal. He was confident it would get its money back.
The stadium trust will continue to market the memberships and expects they will all be sold by March.
The council's finance and corporate committee has approved the spending.
Councillor Robert Armstrong said 500 memberships had been sold since August.
The number of people who had registered interest in buying memberships was higher than the number left.
The council had originally agreed to lend the stadium trust up to $10 million for unsold memberships. It also lent $15 million for building the stadium. That loan is expected to be repaid in 10 years.
Councillor Bryan Pepperell, who voted against the spending, said there was a lot of opposition to ratepayer funding of the stadium.
