One in five citizens of Cape Town would like the 2010 World Cup stadium to be torn down. Some estimate the entire demolition cost to be half the loss generated every year by the giant. But majority still want to give it time and find a business model.
Wednesday saw the latest of many public meetings concerning Cape Town Stadium. Over 100 people came to discuss the issue of stadium finance. Three years after the World Cup Cape Town Stadium still generates only R13m ($1.3 / €1m) income, while operating cost stands at R52m ($5.2 / €3.8m).
This means a massive shortfall every year and makes it easy to understand why 20% citizens support the idea of stadium demolition, aided by suggestions that it might be carried out for just half of the annual loss, meaning 'instant' savings.
The case isn't that simple though and most people seem to notice it. 65% of the population agree to give the stadium more time as changes are under way to make it financially viable.
Tourism, events and marketing mayoral committee member Grant Pascoe said the first step was to attain a new environmental authorisation in terms of the National Environmental Management Act.
The second was to apply for a new zoning provision in terms of the Land Use Planning Ordinance.
“The two changes are needed to give substance to the revenue options suggested by a business analysis undertaken by the city.”
These changes, as well as a city-wide public participation process, were expected to be concluded in the next 12 to 18 months.
The business plans requiring the above changes include proposals for commercial office suites, mixed retail, third-party restaurants, contract parking, tourism and non-event related commercial activities.