Cypriot football team APOEL FC is set to move into a new stadium following the announcement of a partnership with businessman Konstantinos Iordanos.
The aim is for the venue to be built in Kokkinotrimithia, a village located around 12 miles west of the country’s capital city Nicosia, although a timeframe for the beginning of construction is yet to be confirmed.
Iordanou is due to invest 50% of the funding for the project, with the process of drafting agreements to secure the necessary building permits to begin imminently.
The end of March this year has been set as a deadline for these to be signed before a planned press conference takes place to present the financial and technical aspects of the construction.
“As the Boards of Directors of the Association and the Company APOEL FOOTBALL, we wish to warmly thank Mr. Konstantinos Iordanos, for his positive approach and for the time he has devoted in the last months, to study the proposal for the construction of a privately owned stadium,” read a statement from an APOEL spokesperson.
“But above all we thank him for the fact that he expresses the same zeal for the common vision both for us personally and for every fan of our team.”
For several years, APOEL has hinted at the possibility of building a private stadium in Nicosia but previous plans have been hindered by the lack of space in Nicosia or funding issues.
It is hoped that the new facility will represent a significant step towards the modernisation of Cypriot football.
Iordanos is estimated to be worth around $273m (£215m/€248m) after co-founding Bermuda-based insurance firm Arch Capital Group in 2002 with Paul Ingrey and Robert Clements.
APOEL FC currently plays its home fixtures at the 22,859-seater GSP Stadium, which opened in 1999.
The venue also serves as home to fellow Nicosia-based side Omonia and Cyprus’ national football team.
