SINGAPORE - Global Spectrum Pico (GSP), one of the Sports Hub Pte Ltd's (SHPL) four founding partners, will remain with the consortium after all - despite much speculation it was going to be removed.
Media reports on Thursday (Feb 18) had said that SHPL had intended to terminate the Venue Operation Contract (VOC) with GSP. It is believed InfraRed Capital Partners, the majority equity partner, met GSP in the United States on Friday to discuss this issue.
A joint press statement issued by both parties on Saturday denied termination of the VOC was ever discussed. However, on Thursday, SHPL had declined to deny or confirm if GSP was about to be terminated as venue operators when queried by The Straits Times on the speculation.
The statement said: "Following a meeting on Feb 19 between SHPL partners InfraRed Capital Partners and Global Spectrum Pico, the SHPL partners continue to work jointly to evolve the operating structure of the delivery model for Singapore Sports Hub, post the construction and commissioning phases.
"This has been an ongoing process for several months and discussions continue to be constructive, as both InfraRed and GSP share the common goal of seeking to enhance the vibrancy and depth of the event programme at Sports Hub."
GSP is a partnership between local event management agency Pico and Global Spectrum. The latter is part of American sports and entertainment company Comcast Spectacor group.
SHPL chairman MarkWoodhams added: "We value our partnership with, and involvement of, GSP at Sports Hub. Global Spectrum and we are committed to working together going forward to build on the success of the project."
Dave Scott, president and chief executive officer of Comcast Spectacor, added: "We will continue to lever our global venue management expertise and event sourcing capacity for the benefit of the Sports Hub."
Speculation had been rife this week about GSP's removal following an audit conducted by KPMG. The audit, which looked at the last 18 months of operations, is believed to have found that there was a lack of alignment of interest between GSP, the shareholders and government stakeholders. There was also concerned that GSP may have breached limits of the VOC, which led to SHPL incurring losses.