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Seven
Ropes In Promoter To Save Stadium, by Annie Lawson
- 5th April 2002
Credit:
The Sydney Morning Herald
The Seven Network has recruited
music entrepreneur Glenn Wheatley to secure a
strong line-up of entertainment events for Colonial
Stadium in an attempt to revive its flagging fortunes.
The
money-losing stadium plans to triple the number
of events on its calendar during the non-footy
season by putting on extreme sports, opera and
popular music acts.
The
stadium's operator, the Seven Network, has taken
a 50 per cent equity stake in Mr Wheatley's Talentworks
promotion business. Seven's new media and investments
head, Steve Wise, and colleague Mark Jarman were
also appointed directors of Talentworks last month.
Colonial
chief executive Ian Collins said the stadium had
staged only about six to eight events in the past
year. That included Austereo's Rumba concert.
"We've
had a number of entertainment events in the off-season
but not to the level that we would like,"
he said.
He
said the stadium operators were in talks with
Opera Australia about staging an annual event.
It
is hoped the Talentworks deal will improve the
stadium's dire financial situation: it posted
a $225.4 million loss for the year to June 30.
This followed a $155.8 million writedown on the
carrying value of the facility, valued at $400
million when it opened in early 2000.
Seven
has assumed management control and effective ownership
of the facility to resurrect its fortunes through
a $75 million pre-payment of a 23-year lease.
The
benefits of the network's expansion into Mr Wheatley's
entertainment and promotions business are expected
to flow through to Seven's investment in ticketing
agency Ticketmaster7.
Mr
Wheatley, who is finalising the arrangements for
John Farnham's national tour, said the deal would
also accelerate the expansion of Talentworks.
He
conceded Colonial experienced serious teething
problems when it first opened as a music venue
because of hiccups with the sound system.
"I
think Colonial got off to not the best start and
tried to get the facility working before its time,"
he said. "It's a matter of people getting
used to it."
Mr
Wheatley will work with Colonial Stadium to devise
annual events exclusive to the venue that will
cover a range of music genres, sports and other
forms of entertainment.
He
said there were enormous cross-promotional opportunities
with Seven's diverse media spread that included
TV, online and magazines.
"We
are looking across the board at events that could
convert into TV and also brings in PMP,"
he said.
Mr
Wheatley will draw on his strong network of music
contacts and plans to lure other national and
international promoters on board.
He
said the deal gave Talentworks access to Seven's
online, accounting and legal resources. Talentworks
principal shareholder is Tripicity, a company
whose directors include Mr Wheatley and his wife
Gaynor.
Links:
Sydney
Morning Herald Online (provider of Mediaman
news feeds)
Talent
Works
Seven
Network
John
Farnham official website
Opera
Australia official website
Music
Managers Forum Australia
Articles
ABC
- Inside Business - Wheatley keeps on rocking
- 29th June 2003
The
Great Aussie Promoters, by Greg Tingle
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