Geelong Football Club is sweating on an early $2 million Christmas present to press ahead with a multi-million stadium upgrade.
Cats finance and administration general manager Rob Threfall last night told the club's annual meeting the stage three development of the Doug Wade stand faced being abandoned if it failed to secure $2 million in funding by Friday. The Cats are prepared to pay $2 million of the $4 million needed for the works to begin.
"We expect to make a decision this week, in fact, just before Christmas as to whether the project can proceed and can be completed within that time frame, May 2013," Threlfall said. "The trigger is we hope to receive feedback this week from one of the funding parties as to an additional contribution."
Threlfall said the club's board of directors resolved to contribute an extra $2.1 million to the redevelopment that will take the club's total contribution to $4.1 million, subject to additional funding. "If that additional funding from the funding party is not forthcoming, then we'll be making a decision over the next few weeks as to whether we defer the project for 12 months or abandon the project completely," he said.
Geelong fell $4 million short of pressing ahead with its $49 million redevelopment after discovering a $12 million shortfall in the tender process. The club was forced to scale back plans for the new Doug Wade Stand and cut 1000 seats."We've got until Friday to hopefully put this one to bed. We can't do any more, we've got all the ducks in a row, we've made the application, we've done the paperwork there's not much more we can do as a football club in relation to this matter," he said.
"Currently the budget shortfall is at $3.9 million. As a result of that, we've deleted a lounge for club members unfortunately but also our capacity has dropped from the stand," he said.
"Originally it was 10,000 seats but now it's 9000."
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