Outrage over City proposal to lease Cape Town Stadium for R100 | Cape Argus

Cape Town - Residents and ratepayers in the city are alarmed at a proposal by the City to lease the Cape Town Stadium for a mere R100 a year to a municipal entity created to operate and manage the stadium. The Stadium Company will also receive a subsidy from the City to do its job. The City said it intended to enter into a lease agreement with the newly-created municipal entity that is responsible for the operation and management of the Cape Town Stadium Precinct.

The municipal entity will be responsible for the day-to-day operational costs and maintenance. But there will be no transfer of ownership. The proposed lease duration is for 50 years with an option to renew for a further 49. The period is to bring it in line with the service delivery agreement already entered into between the City and the municipal entity.

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