BIG TRANSACTION

Dominion, Volume 8, Issue 2309, 17 November 1914, Page 8

BIG TRANSACTION

, ATHLETIC PARK AGAIN SECURED FOR AMATEUR RUGBY Eugby footballers and all followers of the amateur game will be glad to hear that tho AVelliiigton Eugby Union has Sficurcd a renewal of the leaso of Athletic Park, (he chief football ground of tlie city The terms of renewal are considered to be satisfactory to tho union.

The valuable block of land in Eintpu Street which is called Athletic lark is administered by the Public lrustee uuder the Native Eescrves Act in the interests of certain Maoris. For some tuno it was leased to the Athletic Park Company, but six years ago the company wont into liquidation, and assigned its interest in the. lease to the elll ?g t «ii Eugby Union for £4000. i,n™? lllnetorL ' u * nion borrowed the i.4000 from the New Zealand Eugby Union, which had had its coffers well replenished through the tour of the fa'mous All Blacks, and was using some' of. its money in. assisting ' provincial unions to obtain grounds. This amount of £4000 was made repayable (by instalments) ■ within ' six years; The principal and interest instalments amounted to about £700 annually. • The original lease of the Park from the Public Trustee to the Athletic Park Company was-for a term of twenty-one years, and this lease, of which the Kugby Union had the last six years, expired on Saturday last.- iThe union had a right of renewal for a further period of twenty-one years at a 'rental to be iiscd by an arbitrator. The union has 'exercised its right of renewal, and for twenty-one years from November 14 it may hold the lease of the land. ' The matter of ,the .animal rental for the Park was referred to'an arbitrator, :Who assessed .the . future yearly- payments at £437. 'The arbitrator was Mr. George Frost, a member of the Wellington City Council; and chairman of the Eeserves Committee of the council. Both parties, it is stated, . are satisfied with Mr. Frost's assessment. The previous yearly rental was fixed at £162; so that tho new rental represents an increase, of £265 per annum; However, it has to be remembered that the.earlier sum was fixed twenty-one years ago. , ■ .' '. Of the amount which the Wellington Union borrowed from the New Zealand Union, £1200 remains unpaid, although the time for repayment of tho whole has expired.' Provision for the refund' of this, unpaid balance has been made ■in a fresh mortgage over the new lease. The terms accepted by the New Zealand Union are payment at a rate of not less than £200 a year. . , ;. , , Tho_ present lease which the Wellington Union has undertaken will expire in 1935, and a clause in the lease gives the union the right of renewal for another twentj'-one years from that 'tinie.. Uiider the present agreement the union is committed.to an expenditure of £9177 for the right to use the ground. The matter of renewing the. lease has .been under negotiation for some considerable time. Indeed, the transaction Has weighed somewhat on the minds of ,the AVellington Union -for the last couple of seasons, and that body will bo heartily whon.it is known that business of such importance to the amateur game in Wellington has been satisfactorily transacted. ' ,