Changes are afoot for the S$1.33 billion Sports Hub, which has been affected by a number of issues since its opening in June 2014. Today, has learnt that Sports Hub Ptd Ltd (SHPL) board, led by major equity partner InfraRed Capital Partners, is proposing to terminate the contract of its venue operation partner, Global Spectrum Pico at a meeting in the United States today (Feb 18).
Part of the Comcast Spectator Group – a sports and entertainment company based in Philadelphia, in the United States – Global Spectrum Asia had linked up with local event management company Pico for the Public-Private-Partnership (PPP) project. As the venue operating partner, they are responsible for booking and managing concerts and sports events, as well as marketing the facility to local, regional and international clients, and the Singaporean community.
According to sources, the SHPL board are unhappy with the commercial deals undertaken or signed by Global Spectrum Pico. They are proposing for the consortium to take on the venue operator’s role as part of a restructuring of SHPL.
SHPL has a 25-year contract with Sport Singapore to design, build, finance and operate the Sports Hub. The consortium currently comprises four equity partners: InfraRed Capital Partners, Dragages Singapore (design and building contractor), DTZ Facilities & Engineering (S) Limited (facility management partner), and Global Spectrum Asia.
The board members are expected to meet in Philadelphia today (tomorrow, Singapore time) to discuss the proposal to end the partnership with Global Spectrum Pico.