Fitzpatrick's grab lands Olympic venue

The business world also knows Mr Fitzpatrick as the man who set up Hastings Fund Management, a specialist infrastructure company that he subsequently sold to Westpac in two tranches in 2002 and 2005.

Mr Fitzpatrick announced his return to the high-profile investment sector last night with a deal to buy 50 per cent of ANZ Infrastructure Services (ANZIS), the management company that runs $1 billion of different assets.

ANZIS operates two separate infrastructure funds: one that controls power stations, pipelines, wind farms and biodiesel producers; and a second diversified trust that includes the Stadium Australia Group.

Listed in the lead-up to the 2000 Olympic Games, Stadium Australia Trust racked up more than $60 million of losses before it was bought out by its biggest creditor, ANZ Bank, in 2006.

ANZ, which was owed more than $130 million by Stadium, offered the trust's shareholders about $9.7 million or 10 a security. Its shares had traded as high as $5 in 1998.

Despite the success of the Sydney Olympics, the stadium failed to attract enough attendance to help pay down its mountain of debt before it was acquired by ANZ through its infrastructure division. The bank took over the naming rights of the complex when the post-Olympics deal with Telstra ended.

Mr Fitzpatrick will take over as chairman of ANZIS once the deal is completed in the next two months.

He is buying the management company in partnership with John Clarke, who originally set up the business for ANZ in December 2000 as a 50-50 joint venture with his own company.

ANZ subsequently ended up owning 80 per cent of the company and Mr Clarke 20 per cent.

Under the terms of the latest deal, Mr Fitzpatrick will take a 50 per cent stake in the buy-out vehicle, Mr Clarke 40 per cent and another minority partner, Les Fallick, will have 10 per cent. Mr Clarke will remain as managing director.

The change in ownership of the management company will have no impact on the running of ANZ Stadium, which is leased from Sydney Olympic Park Authority, the agency entrusted with all the neighbouring sports facilities. The stadium is leased to ANZIS until January 2031, at which date it will be handed back to the authority.