Australia’s free-to-air Seven Network today (Dec. 23) said it is looking at the possibility of selling its stake in the 52,000-seat Telstra Dome in Melbourne’s Docklands.
The A$450 million ($328.5 million) venue has been used for numerous sporting events and rock concerts since it opened for business six years ago for. Green Day played Dec. 17, and U2 are booked to play there next March.
Seven owns all income streams at the venue, including naming rights, signage rights, food and beverage rights, the Medallion Club and public parking. A founding investor in the stadium, Seven’s stake is understood to be worth up to A$200 million ($146 million).
Ian Collins, chief executive of the ground’s manager Melbourne Stadiums Ltd, said, “(With) the stadium going quite well it is probably an opportune time to have a look at the situation as to whether it will or won’t sell.”
The Australian Football League, which will play 50 games at the venue through 2006 and is due to take ownership of the venue in 2025, is most likely to bid.
The venue, with a retractable roof, was initially called the Colonial Stadium and was in the red for the first three years of operation.