RussellEbertHandball
Flick pass expert
Compo is $380m. If the Comm Games Federation give say $350m of that to a Birmingham Organising Committee for their operating / working capital, they can probably run a repeat games at a profit, given they already have most of the infrastructure in place.If the Victorian government have to pay between $500m and $1bil AUD as compo to the Commonwealth Games Federation, which is roughly between £200 and £500 depending on what exchange rate is used in the calculation, and locked in with currency futures contracts, then Birmingham with some stuff held in London and some in Manchester, could put on the back to back games and break even, maybe make a small profit given their 2022 Games budget was £780, which included building stuff and normal event operating costs.
You might say that no way will they pay that much, but Andrews kept deflecting questions about compo at yesterday's presser, saying they are being worked on in London, suggests to me its gonna be a big bill.
The Andrews government did pay over $1bil to cancel that East West Link tunnel project the Libs stitched up just before the 2014 election.
Decision to scrap East West Link 'based of flawed advice': auditor-general
The cost to taxpayers of scrapping Melbourne's East West Link project is more than $1.1 billion, the Victorian auditor-general says.www.abc.net.au
The acting auditor-general also found shortfalls in terminating the contract, with the state incurring costs in excess of $1.1 billion "with little tangible benefit for taxpayers". The bill will be partially offset by the sale of properties acquired for the project, worth an estimated $320 million. The total cost of the termination settlement will be $642 million, despite Premier Daniel Andrews' election pledge that the contract could be ripped up at no cost because it was not worth the paper it was written on.
Daniel Andrews says $380m Commonwealth Games compensation ‘the best outcome Victoria could get’
The Victorian premier last month announced Victoria would not host the games after a forecast cost blowout
The Victorian government has agreed to pay Commonwealth Games bodies $380m in compensation after cancelling the 2026 event, in what the premier, Daniel Andrews, is claiming as “the best outcome” the state could get.
Andrews made the shock announcement last month that Victoria would not host the Games as planned due to concerns they would far exceed initial cost expectations.
Following the announcement, mediation was launched between the State of Victoria, the Commonwealth Games Federation (CGF), Commonwealth Games Federation Partnerships (CGFP) and Commonwealth Games Australia (CGA).
Lawyers for the state government travelled to London last month to negotiate what the cost would be for terminating the contract.
Following confidential “good faith” discussions, Victoria agreed to pay the three parties a total of $380m.
“All parties engaged respectfully and made appropriate concessions in order to reach an agreement,” the groups said in a joint statement.
Appointed as mediators in the process were former New Zealand judge Kit Toogood KC and the former chief justice of the Western Australia supreme court Wayne Martin AC KC.
In cancelling the regional Victorian Games on 18 July, Andrews cited a forecast rise in cost from $2.6bn to between $6bn and $7bn..........
