New figures, presented to the Dunedin City Council's finance and strategy committee yesterday, confirmed private fundraising had so far reached just $6.3 million, not the "$12 million to $14 million" stated in yesterday's Otago Daily Times.
Asked about the discrepancy following yesterday's meeting, Carisbrook Stadium Trust (CST) chief executive Ewan Soper said the $6.3 million figure was for confirmed sales of membership products.
The larger total of up to $14 million - given to the ODT by Mr Soper on Sunday - included offers for "likely sponsorship products", such as naming rights, which were not yet confirmed, he said.
"They are not absolutely contracted but . . . we have indications of support. They are not expressions of interest. They are offers and if we accept them they are real," he said.
The trust has to raise $55.5 million privately as part of stadium funding arrangements agreed with the DCC, with $27 million needing to be locked in by February 9, when the council meets to decide the project's future.
On Sunday, Mr Soper said private fundraising was proving "more difficult than anticipated", as doubts surfaced over the Community Trust of Otago's ability to provide a $10 million grant towards the project.
Asked yesterday how confident he was of reaching the fundraising target, given the $6.3 million total, Mr Soper said: "My confidence moves pretty much on a daily, or weekly, basis".
"I think we still have a possibility of getting there for February, but there are a few rabbits we have got to pull out of the hat to get there.
"I think it's probably 50-50," he said.
Earlier, CST commercial manager Guy Hedderwick suggested fundraising problems could be traced back to continuing uncertainty surrounding the stadium's future.
"It is proving difficult to get corporate New Zealand to commit to a project when the project won't commit to itself," his report said.
Many corporates were reluctant to risk investing funds, and losing the chance to spend them on other opportunities in the short term, if there was a chance the stadium project would be scrapped in February, he said.
However, Cr Chris Staynes disagreed, saying private backers "don't have to commit for very long before they know if it [the stadium] is proceeding or not".
"But if they don't step up to the mark it probably won't be proceeding," he said.
Cr Teresa Stevenson said businesses that could benefit from the stadium should stop relying on ratepayers.
"Community is us all together and I hope that they understand they really need to commit now and join in."
Private funding confirmed so far included the sale of 222 lounge memberships, five corporate suites and one open club reserve package, totalling $6.3 million, Mr Hedderwick's report said.
Another $42.2 million in potential funding has been indicated, through applications to purchase products, although progress towards turning the applications into signed contracts was "slower than we would like".
Another $1 million in potential funding came from expressions of interest for products, he said.
The trust had already received an offer from a naming rights sponsor and a subsidiary sponsor, and had been approached by three further corporate entities wanting to explore naming rights and other opportunities.
However, Mr Soper was reluctant to reveal exact details yesterday, citing commercial sensitivity.
Further information was expected later this month.
