Considering that they HAD to buy the lease to get anything done at ANZ stadium this time because SAG didnt want to change the configuration and invest any more money into it, SAG were willing to NOT DO A THING to ANZ even with 15 years left of their lease...And a 30 year lease is not a 'medium term' lease.
Its not ridiculous at all. They (SAG) wanted to make it so AFL and Cricket could be played there due to them throwing money at it. For the Government to step in, they too would have had to throw money at it, the idea they would step in and go "no. you must become rectangular" would more than likely breach the terms of the lease and open the door for litigation..
And considering that AFL regular season games were getting more attendance at ANZ than NRL regular season games were, it was a wise business decision, even if you dont like it.
Few things.
Stadium Australia group no longer owned the lease when the govt bought it back recently.
The lease was sold to ANZ stadiums from SAG, I know, I was one of the shareholders of SAG as an original member.
With a change of owner of the lease could’ve come a change of conditions of the lease.
But that’s not why the govt bought back the lease. They couldn’t politically spend $800m plus on something they didn’t own. It would’ve been even worse optics than what we have now.
30 years is absolutely a medium term lease in terms of commercial property management. If you want, it’s a medium length long term lease.
We can’t know what would’ve broken the lease. But the govt paying SAG not to go oval wouldn’t have resulted in litigation, it would’ve been a reasonable step to a) help Sydney’s main winter codes b) protect the commercial viability of the SCG.
AFL we’re only ever prepared to play 2-3 games there, cricket at that point perhaps only 1 game. The cost of covering this wouldn’t have been major at all. AFL’s crowds were not a big factor when so few games would be played there.