Wellington Commonwealth Games SocietyTourism
Tourism and Sport Minister Murray McCully has announced that the Government has agreed to back the Wellington bid to host the 2006 Commonwealth Games, with a limited underwrite.
The Wellington Commonwealth Games Society asked the Government for a cash contribution for the bid process after a fundraising shortfall from other sources, and that the Government underwrite potential losses from the hosting of the Games.
"We have agreed in principle to support the bid and to underwrite up to $11.25M of any loss the Games might make," said Mr McCully. "We have also agreed to a loan to the Society to assist with the bid process."
"Before taking advantage of the Government underwrite, the Wellington Commonwealth Games Society will be required to show clearly that they have the capacity to meet their own cash and underwriting commitments, and can manage their project effectively," the Tourism and Sport Minister said.
"The Government support recognises that the bid process itself presents opportunities to promote major events facilities in this country, and to encourage increased international media exposure for the Wellington region and New Zealand," said Mr McCully.