Closure
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In 1999 the Australian Football League announced that it would not schedule any further matches at Waverley Park. Instead it would aim to sell the ground and its surrounding land, hoping to raise a sum of $30 - $80 million to go towards the construction of a new stadium under construction at Docklands at the western end of the Melbourne central business district. Later the League would also argue that a portion of the income from the sale of Waverley would provide further finance for the development of AFL football as a national code in Australia. The last official AFL game was played in 1999 between Hawthorn and Sydney in front of a sell-out crowd of 72,130.
After the decision to close the venue was made by the AFL, the ground's drawbacks were highlighted.
Despite an excellent playing surface and its own water storage, focus shifted to its unfavourable position, and its antiquated corporate and spectator facilities, such as the 17-year-old sepia-toned video screen. Even though Waverley Park was only 20 minutes from the Melbourne CBD and was serviced by a major freeway, successive governments had failed to provide adequate public transport to the venue; the stadium's car park was large enough to service its crowds, but the access roads were incapable of dispersing them, and long delays for driving spectators were common. Spectators felt distanced from the game in the huge arena, and seating was only partly undercover, giving it the unflattering nickname "Arctic Park" thanks to its location on an exposed site, with the prevailing south-westerly winds bringing rain to Melbourne's eastern suburbs directly from Port Phillip.
In 2000, AFL pre-season cup matches were played at the venue, and Victorian Football League games also took place there, including finals and the grand final. Melbourne's Eastern Football League also played division 1 and division 2 Grand Finals at the venue at the conclusion of the 2000 season. The 2000 VFL Grand Final was the last official game of football played at the venue.
After the 2000 VFL Grand Final, Waverley Park was not maintained and vandals broke onto the site smashed windows and trashed the super boxes. The playing surface became covered in weeds. Victorian MP Mary Delahunty called on the AFL to mow the dilapidated stadium, as it was still under their control.
On 10 December 2001 the AFL confirmed that the land was sold to housing developer Mirvac to assist the in the financing the construction of the now complete Docklands Stadium. The ground was demolished starting on 11 December 2002.
While often seen as something of a failure, Waverley Park actually served an important strategic purpose for the VFL/AFL. With a viable alternative venue for the Grand Final and other events, the AFL possessed a critical bargaining chip in negotiations with the Melbourne Cricket Club over MCG access.
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