PE stadium 'most successful'

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bwana

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Johannesburg - Initial fears that the Nelson Mandela Bay Stadium would become a white elephant have been allayed, with the stadium generating R11 million in revenue since the Fifa World Cup, The Herald Online has reported.

Despite the fact that the city had no PSL soccer team or top-level rugby franchise, officials said the stadium had become the most economically successful of the six stadiums built for the World Cup.

The facility - which cost R2.4 billion to build - costs ratepayers R21m to operate each year.

However, an investigation into the feasibility of the world-class stadium revealed that Access Management, appointed as the official operator in 2009, had helped generate R11m in revenue since then, more than halving the running costs for the municipality.
…
Siswana said it was estimated the stadium would break even in the 2012/13 financial year.
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Encouraging news. There's no denying that PE needed a new stadium.

EDIT - forgot the link :o http://www.fin24.com/Economy/PE-stadium-most-successful-20110819
 
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Thats for sure..

Has the area around the new stadium improved? The last time I was there it looked very run down and miserable.
 
Yeah...Went down to PE and watched a few games with my family. Had an awesome time. Stadium is brilliant.

Well done to the Nelson Mandela Metro.
 
SinghDude said:
Yeah...Went down to PE and watched a few games with my family. Had an awesome time. Stadium is brilliant.

Well done to the Nelson Mandela Metro.
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Pleease don't confuse the NMB Metro with the successful running of the stadium! It is managed by Access Management ... a private enterprise.
 
Um, read the article, friends. So it turned over R11 million, big whoop. The thing cost R2.4 billion to build. But these initial costs have been shipped off to the taxpayer and no matter what happens the municipality pays for shortfalls. How does this make it "successful", and if it's the "most successful" out of all the stadiums I shudder to think about the others...
 
I only wish they'd sort out some parking! Looks like I'll be arriving late tomorrow for the tri nations and I know there's going to be nothing. :o
 
I must say I find this report very hard to believe. Not so long ago I read that they will be paying Maritzburg United and Jomo Cosmos R1 million per game (plus a share of the gate takings) to play some of their home matches there because the stadium is not being used enough.
This when compared to the FNB stadium that has a team that is based there playing every other week?
 
JungleBoy said:
I must say I find this report very hard to believe. Not so long ago I read that they will be paying Maritzburg United and Jomo Cosmos R1 million per game (plus a share of the gate takings) to play some of their home matches there because the stadium is not being used enough.
This when compared to the FNB stadium that has a team that is based there playing every other week?
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Are you sure that it is the PE stadium? Neither of those teams have any support base in PE so I cannot believe that they will pay them "appearance" fees.
 
MickeyD said:
Are you sure that it is the PE stadium? Neither of those teams have any support base in PE so I cannot believe that they will pay them "appearance" fees.
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They will be bringing their high profile home games (Category A games) i.e. vs Chiefs, Bloem Celtic, Sundowns etc. All those teams have massive support around the country.

Maritzburg brand manager Younis Kadodia revealed that they have entered in a three-match deal with the Nelson Mandela Bay Municipality who offered them R1 million to play at the World Cup stadium.
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Hard Rain said:
Um, read the article, friends. So it turned over R11 million, big whoop. The thing cost R2.4 billion to build. But these initial costs have been shipped off to the taxpayer and no matter what happens the municipality pays for shortfalls. How does this make it "successful", and if it's the "most successful" out of all the stadiums I shudder to think about the others...
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Exactly! Even if the whole R11m was profit and there were zero operating costs, it would take more than 218 years to pay off.. Then the actual operating costs are R21mil so in fact they made a 10 million rand loss even before taking capital costs into consideration. If anyone thinks that's "successful", I have an excellent investment proposal for you :D
 
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