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Investor defends Oz$5m Parramatta stadium deal
Investor Reuben Levy has defended an agreement that has given the city of Parramatta ownership of a new stadium valued at Oz$5 million.
The project has already generated Oz$130 million in contracts, including staging equipment and a turnover package from the Australian Rugby Union, the New South Wales government and the Eels NRL club.
Mr Levy, who invested in the project in a small way, said the purchase price would be likely to be higher.
"If you take all those things into consideration it's a very, very fair price," he said.
Mr Levy said the money was used to pay off the city's loans, repay other infrastructure bonds and use the money for further commercial negotiations.
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He told the Herald that negotiations for the stadium lease were about to begin, with the city's only competition being the Gold Coast and a new stadium being built for the Sydney Swans.
"It's going to be a gold mine for the city," he said.
"We want to come here and we want to make it the centre of football in Australia."
He said the purpose of buying the stadium was not to own it, but to have an interest in ensuring it was successful.
Mr Levy said that the Eels were "very supportive" of the plan.
"They're very happy to see a community benefit through it."
The deal will allow the Eels to operate the stadium until the new one at Leichhardt ac619d1d87
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