The City of Cape Town has published a municipal entity to manage the South African city’s multi-purpose stadium.
Opened in 2009 for use during the 2010 Fifa World Cup in South Africa, Cape Town Stadium has a capacity of 55,000 and has been used to host a number of sports and leisure events, such as music concerts.
The proposed municipal entity will operate as a state-owned company with an independent board, with the City to serve as the sole shareholder. The selected municipal entity will also appoint a specialised service provider to increase the use and financial viability of the facility.
Parties interested in taking up the role will be subject to a City-led assessment in order to establish the impact on City staff employed at the stadium the assets and liabilities of the facility. A public comment period will run from November 12 to December 12.
Alderman Ian Neilson, executive Deputy Mayor of Cape Town, said: “Our goal is to minimise the financial losses currently being experienced by the Cape Town Stadium and to maximise the potential income streams.
“We are committed to enhancing the financial sustainability of this key strategic asset, which will in turn reduce the cost burden on the City’s rates book, while maximising the benefit of the Stadium to the city community and economy.
“Members of the public are urged to make use of this public comment period to submit their recommendations and input on the establishment of a municipal entity as the preferred management model for the Cape Town Stadium.”
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