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Why the city is planning to lease Cape Town Stadium for R100

17 October 2019 4:00 PM
Tags:
Cape Town Stadium
Greenpoint
Ian Nielsen
Cape Town deputy mayor Ian Nielsen explains why the stadium will be leased to a municipal body for the meagre amount.

Green Point residents and ratepayers have been shocked to hear that the Cape Town Stadium could be leased for R100 a year to a municipal body created to operate and manage the site.

Deputy mayor and mayco member for finance Ian Nielsen explains that the entity is wholly-owned subsidiary of the City of Cape Town.

UPDATE: City says it will re-evaluate R100 lease fee once CT Stadium brings in money

The municipal entity will be responsible for the daily operational costs and maintenance of the stadium, the IOL reports.

Nielsen says the city has entered into a lease agreement with the entity in order to give it operational powers.

He says the entity will be subsidised by the city for the foreseeable future.

This is a purely commercial operation decision. We've created the operating company to manage the stadium as a wholly-owned subsidiary of the city.

Ian Nielsen, Deputy mayor of Cape Town and Mayco member for finance

We own it, essentially. The city also subsidises the operations of the stadium.

Ian Nielsen, Deputy mayor of Cape Town and Mayco member for finance

Having created the municipal entity, we needed to give it the authority to manage the stadium and to be able to sub-lease for example.

Ian Nielsen, Deputy mayor of Cape Town and Mayco member for finance

James Loock of the Green Point Ratepayers' and Residents' Association says that ratepayers were not adequately consulted on this move and don't understand the value of it.

It is not the City of Cape Town who sponsors the stadium, but us, the ratepayers who pay for it.

James Loock, Former chairperson at Green Point Ratepayers' and Residents' Association

We are in the dark as to how this will improve the situation and reduce the load on the ratepayer.

James Loock, Former chairperson at Green Point Ratepayers' and Residents' Association

Listen to the full discussion on Afternoon Drive with John Maytham:


17 October 2019 4:00 PM
Tags:
Cape Town Stadium
Greenpoint
Ian Nielsen

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