2nd October 1996
Sydney 2000 Olympic Games News -

Sydney's Olympic Stadium operators yesterday played down concerns that "silvertails" would snap up most of the 34,400 gold passes being offered at Au$10,000 each in a public float.

Stadium consortium, AS2000, being headed by Multiplex Constructions Pty Ltd, a Perth-based company, and Hambrose Australia Ltd, revealed the public float aimed at raising Au$344 million in the fine print of their public "seat" float. The total stadium development costs are estimated to be Au$615 million.

The fears of the average Australian not even getting to see the games or even an event live have now been realised as the gold pass holders will have first bite at arranging six seats next to each other at an Olympic event. Now 34,300 seats times by six does not leave many more seats after the officials, bureaucrats and politicians have dipped into their yet to be added share of the seating arrangements.

On top of this 600 "Platinum packages" are soon to be released at Au$34,000 each.

What we do know is that the "gold package" includes the following for those who can afford to fork out Au$10,000:

• A guaranteed seat to each stadium session during the Sydney 2000 Games.
• Stadium club membership for more than 30 years from 1999.
• An equity investment in the business of the stadium.
• and of course the guarantee of those six extra seats.

The consortium has said that it would favour early applicants although the final decision on lucky holders would be made by four stock broking firms underwriting the float.

Peter Ritchie, the chairman of Stadium Australia, and chief executive Chris Chapman said that they were at pains to point out that they wanted the average Australian to be allocated seats.

Something somehow doesn't add up here....

"The Underwriters are making available finance packages to try and in part address that very issue," Chapman was quoted as saying.

20,000 expressions of interests multiply by 2, (mainly) = say 36,000. 34,400 seats available and I as an average Aussie had never heard about the scheme until today....

Last word to Mr Chapman who said that Stadium Australia was "particularly sensitive to the issue of the availability of tickets", and was also examining ways of re-allocating tickets for sessions that members did not want to use.

Ah, so there are some crumbs for us at the master's table after all!

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