Sandys 360 remains closed, secures strict budget from bank
The indebted Sandys 360 sports facility, which remains shut down after the electricity was turned off five months ago, has negotiated a flatline budget to cover basic maintenance.
Acting chairman Stanley Lee said the sports centre's financing is under an ongoing independent review courtesy of KPMG.
“A budget for care and maintenance has been approved by Government and HSBC bank,” Mr Lee said. “It's limited to make sure the phones and e-mail are working, with a little energy to keep the pool running. That's about all we have right now.”
The West End facility, which opened in 2009, faced steep bills for rent, electricity — but struggled to obtain funding because its accounts hadn't been audited.
Recent Budget figures show Government $500,000 in grants over the 2013/14 fiscal year — well short of the $2 million originally estimated. No grant money has been allocated by Public Works for 2014/15.
Mr Lee said he anticipated KPMG's report on Sandys 360's finances to be completed by the end of the month.
“Once the report goes through, then we'll have to talk to the bank and Government and decide where we're going from there.”
Sandys 360 is not currently open to any clients, he added.
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