Here is an iconic stadium that was a big success….NOT!

IT WAS billed by then Olympics boss Juan Antonio Samaranch as the best stadium he had seen.

Rugby great Mark Ella, Olympic hero turned banker Ralph Doubell, one-time union boss Michael Easson and former Seven chairman and McDonald's boss Peter Ritchie became directors of the venture that owned Stadium Australia, now called Telstra Stadium.

But a decade after the disastrous float of Stadium Australia Group its banker, ANZ, will take control of the debt-laden stadium for next to nothing. In effect the bank has become a mortgagee in possession.

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