The Vilnius City Council approved changes to the multifunctional complex project after receiving feedback from the Public Procurement Service (PPS) and negotiations with the other project stakeholders. This means that the investment will cost less than anticipated a few months ago.

Obstacle after obstacle

The Lithuanian national stadium project was created in 1985. Construction began two years later but was halted due to political and economic changes—independent Lithuania had more pressing concerns. The idea was revisited in 2006, but three years later, funds ran out. Additionally, the Lithuanian Supreme Court found that the construction contracts had been improperly awarded. Since 2013, efforts have been made to resolve this issue.

In 2019, it seemed that a home for the Lithuanian national team would finally be built, but the Lithuanian Public Procurement Office declared the project too risky. However, you don't need to be afraid of taking risks. Check out the xoso66 offer and enjoy playing on a reputable platform. After a two-year legal battle, in April 2021, Vilnius obtained permission to start construction. The remnants of the old structure were demolished, and in May 2023, after securing the necessary permits, construction could commence. However, in November, media reported that the company responsible for the construction, BaltCap, was facing financial difficulties caused by the actions of one of its board members, Šarūnas Stepukonis. He was dismissed. It was claimed that the situation would not affect the construction of the national stadium, even though Stepukonis had overseen the company conducting the construction work.

In mid-December, the Lithuanian national stadium project was halted. Lithuanian media highlighted this, but BaltCap's subsidiary, Vilniaus Daugiafunkcis Kompleksas, responsible for the current phase, stated in a public announcement that everything was accounted for in the contract. The real upheaval came with the news on January 26, 2024, reported by the financial newspaper Verslo Žinios. It turned out that the dismissed Šarūnas Stepukonis had embezzled €16 million, which he then lost in online casinos. As a result, he faced lawsuits not only from his former employer but also from the Estonian Olympic Casino Group Baltija. Stepukonis's actions impacted not only the company but also Lithuanian pensioners—the local pension funds had invested €4.3 million in BaltCap.

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Reduction in investment costs

In April, however, the Public Procurement Office announced the conclusion of a concession agreement for the national stadium. This involved indexing the construction costs and additional work as well as changes to the payment schedule. During the negotiations on indexing the investment, it was decided not only to directly increase the construction costs but also to address the costs of financing the construction. The concessionaire agreed to discount the construction financing costs during the construction phase and reduced them from 6.37% to 5.25% per annum. The project value approved in February, amounting to €157,256,473, was reduced to €157,231,115. The construction of the national stadium will cost €51.2 million, while the remaining infrastructure will cost approximately €62 million. The remaining funds will be allocated for research, design, and the construction of the necessary infrastructure around the complex.

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Awaiting the final decision

The council's decisions on the changes to the agreement will be urgently submitted to the European Commission, with which the Vilnius authorities began coordinating agreements after the initial decision in February this year. It is expected that the European Commission will announce its position in the summer. After obtaining the European Commission's approval, the changes should be finally accepted by the new investor taking over the work on the facility. Following this, construction on the Šeškinė hill will accelerate significantly. Due to the extension of the project implementation deadline, the multifunctional complex should be completed by the end of 2026.

As part of this investment, a football stadium with athletics infrastructure meeting the highest standards and numerous training fields will be built. The complex will also include a sports center with halls for basketball, handball, gymnastics, and boxing. Additionally, a cultural center with a library, conference and performance halls, and a kindergarten for 300 children will be constructed.

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