'We are not broke': SCG chair goes into bat as coronavirus hits Trust | SMHsport
Sydney Cricket and Sports Ground Trust chairman Tony Shepherd has defended the spending of the organisation as it bids to ward off insolvency, saying coronavirus and its financial impact was "nothing we could have predicted".
Financial records show the government statutory body’s total revenue for 2018/19 was $109m, $24m of which came via memberships, and as at February 28, 2019 it had $18.2m in cash. Instead of a small profit the costs of relocating member facilities and tenants such as NRL premiers Sydney Roosters during the $800m rebuild of Allianz Stadium contributed to an operating loss of $27m.
“We are not a profit-making organisation,” Shepherd said. “What we try and do is try and provide the best facilities we can within a budget so that sports can continue to play there. “When the two stadiums are up and running we’re running over $1 billion in assets. We do not get the gate [revenue] – it goes to the clubs and codes. We make our money out of food and beverage, the members and a little bit of corporate and advertising.”
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