Golden Stave Raises $340,000, Bluejuice Buy Michael Jordan-Signed Basketball

The annual Golden Stave fundraising lunch in underway at Sydney's Hordern Pavilion, with a number of music industry and wider business executives and directors taking part in various charity auctions to raise money for childrens' charities in New South Wales.

Following the interval, the day's host Shaun James, head of Foxtel's music channels, claimed that the day had raised $120,000, with most of the major auction items - including advertising packages from television and radio networks and memorabilia including an Elton John-signed print and a Michael Jordan-signed basketball - still to come. Last year's event raised over $550,000.

Approximately 600 people are in attendance, down on the peak years of 700, and out of the near 50 tables about five had emerged as serious and repetitive bidders by the interval. Notable tables were Universal and CT Freight, whose owner Clive Thomas was inducted into the Hall Of Fame by WSFM radio's Jonesy & Amanda.

For the 34th year of the event, The Black Sorrows opened proceedings before The Voice contestant Darren Percival launched his new single and Bluejuice played three tracks. 1927 and Diesel are also expected to perform.

UPDATE: The event has finished and final figure raised this year $340,000. And the Michael Jordan-signed basketball was bought by Bluejuice's Stavros Yiannoukas.

See our full galery from the event here.