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January 20, 2020

New stadium could cost $46b

first_imgIndependence Park Limited (IPL), the operator of the National Stadium, says that renovating the complex is more feasible than building a new one.IPL recently told The Sunday Gleaner that it is making plans to upgrade the facilities at the stadium on a phased basis but that it is waiting on funds from the Government to get started.It says that this upgrade is to meet what it describes as “international standards”.General manager Major Desmon Brown says that a new stadium with modern features would cost approximately US$350 million, the equivalent of just under J$46 billion at the current exchange rate.”As a country, it would be difficult to find those kinds of resources,” Brown says.He said that one of the challenges to ever raising that figure is that IPL does not collect profit from tickets sold for events hosted at the complex. Instead, it earns its profits from renting to various sporting bodies for the hosting of their events.”Remember, Independence Park does not have events,” he says. “What we do is rent the stadium and people have events. So that money goes back to them, not us.”One such association that rents the facilities is the Jamaica Football Federation (JFF), for the national football team’s home matches. In recent times, the JFF has used the stadium less frequently. The last home matches hosted at the venue were FIFA World Cup and Caribbean Football Union qualifiers late last year, but there have been no international friendlies there in almost five years.The JFF says that renting the national Stadium costs between just over $1 million and under $1.5 million, depending on the type of game being hosted. For this reason, it is not profitable to host friendlies at the stadium. This is one of the reasons IPL has struggled to come up with necessary funding.GOV’T AIDED”Currently, I get 30 per cent from the Government to run the facility. That’s the operating cost. All the capital costs would come from the Government. Fixing the pool and all of those things have to come from the Government. A stadium only becomes profitable when you have your own team. For instance, the Indianapolis Colts (American National Football League team) have their own stadium. They have 50 matches every year. They know that 25 of those are home matches. You sell most of the tickets before and have a fixed income. You have advertisers who are in the stadium full time.”When you go to our stadium, it’s always empty because everybody comes there with their own different advertisers. The only time a stadium becomes profitable is when you have your own team and you have a certain number of matches and you can plan around that,” Brown says.last_img read more

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January 19, 2020

ONE: PH’s Corminal loses by submission to Lepont

first_imgJake says relationship with Shaina ‘goes beyond physical attraction’ France’s Arnaud Lepont vs Philippines’ Richard Corminal during their ONE: Immortal Pursuit bout at Singapore Indoor Stadium. INQUIRER/Sherwin VardeleonSINGAPORE—Filipino bet Richard Corminal absorbed a first-round submission loss to the returning Arnaud Lepont in ONE: Immortal Pursuit prelims at SIngapore Indoor Stadium here.Corminal barely connected against Lepont, who managed to take the fight to the ground just 30 seconds into the fight in front of a big crowd.ADVERTISEMENT MOST READ Coco’s house rules on ‘Probinsyano’ set Margot Robbie talks about filming ‘Bombshell’s’ disturbing sexual harassment scene Jo Koy: My brain always wants to think funny Sports Related Videospowered by AdSparcRead Next Gilas shakes off Japan to start World Cup qualifiers campaign Steam emission over Taal’s main crater ‘steady’ for past 24 hours Kiss-and-tell matinee idol’s conquests: True stories or tall tales?center_img Don’t miss out on the latest news and information. Jake says relationship with Shaina ‘goes beyond physical attraction’ It’s too early to present Duterte’s ‘legacy’ – Lacson LATEST STORIES Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award The Malaysia-based fighter spent the next three minutes trying to escape Lepont’s mount before the French fighter choked him out with an arm triangle at the 3:16 mark.Lepont, who fought for the first time after a two year absence, immediately ran out of the cage to thank ONE CEO Chatri Sityodtong.FEATURED STORIESSPORTSRedemption is sweet for Ginebra, Scottie ThompsonSPORTSMayweather beats Pacquiao, Canelo for ‘Fighter of the Decade’SPORTSBack on the throne“When you go away for two years, you miss the momentum. I missed you guys,” said an emotional Lepont, who was also moved to tears while thanking his son.Corminal, meanwhile, could only slam the canvas in frustration as he lost his second straight assignment in Asia’s top mixed martial arts promotion. OSG plea to revoke ABS-CBN franchise ‘a duplicitous move’ – Lacson View commentslast_img read more

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