Stadium to run as business

2016-11-22 06:00

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Cape Town Stadium will be run as a state-owned company soon to start making money, the City of Cape Town has announced.

A “municipal entity” will be established to manage the stadium and the City is now calling for comments, recommendations and input on this.

The City will be the sole shareholder of such a municipal entity which will appoint a service provider to commercialise the stadium, explains deputy mayor Ian Neilson.

“Our goal is to minimise the financial losses currently being experienced by the stadium and to maximise the potential income streams,” says Neilson.

The City made an assessment of the financial implications, including the impact on City staff employed at the stadium and on the assets and liabilities of the stadium, Neilson explains.

This assessment is now available for public comment until Saturday 12 December. These documents can be accessed on www.capetown.gov.za/haveyoursay or at the City’s libraries and subcouncil offices.

Readers can submit their comments and recommendations to richard.wootton@capetown.gov.za, fax to 086 202 8751 or post to the office of the chief financial officer, for attention: Richard Wootton, City of Cape Town, Private Bag X9181, Cape Town, 8000.

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