Sports Hub: No proposed termination of GSP
Until Friday night, there appeared to be tension between Sports Hub Private Limited (SHPL) and one of its four consortium partners - Global Spectrum Pico (GSP) - in the $1.33 billion Singapore Sports Hub project.
But a statement released by SHPL yesterday said that there will be no termination of the Venue Operation Contract (VOC) that GSP has with the SHPL.
SHPL, which is made up of majority equity partner InfraRed Capital Partners, Dragages Singapore, DTZ Facilities & Engineering (S) Limited and GSP, is into the fifth year of a 25-year contract with Sport Singapore to design, build, finance and operate the Sports Hub.
SHPL's statement comes after Friday's meeting between SHPL, InfraRed and GSP in the United States.
The statement read: "Contrary to published reports, InfraRed has not proposed a termination of the GSP VOC and no such termination was considered at the meeting."
Earlier, local media reports had hinted that a termination of the VOC was on the cards, believed to have started with a KPMG audit that found a lack of alignment between GSP, Sports Hub shareholders and stakeholders from the government.
But SHPL chairman Mark Woodhams moved to quash any such talk.
He said: "We value our partnership with, and involvement of GSP at Sports Hub. Global Spectrum and us are committed to working together going forward to build on the success of the project."
GSP had earlier said, in a statement to The Straits Times, that "we are dismayed at the manner in which SHPL has without notice to Global Spectrum or without factual basis, elevated an internal matter regarding the management of the Sports Hub to a public forum".
But Dave Scott, president and CEO of Comcast Spectacor, the ownership group of Global Spectrum, said in the latest statement that GSP are continuing their work with the Sports Hub.
"We will continue to lever our global venue management expertise and event sourcing capacity for the benefit of the Sports Hub," he said.
Singapore is poised to host two international rugby events at the Sports Hub starting this year: one of 10 legs of the HSBC World Rugby Sevens series for at least four years, as well as a five-year agreement that will see Super Rugby side, Sunwolves, play three games each season at the National Stadium.
Singapore Rugby Union (SRU) president Low Teo Ping, who had earlier told The New Paper that the current situation between SHPL and GSP is merely a common occurrence of "organisational restructuring", will still be seeking clarification.
He said: "As far at the SRU is concerned, all that has happened requires us as partners to get some comfort that all these will not have any implications on our preparations and hosting of the (events).
"We need the comfort because we owe it to our stakeholders and commercial partners."