The City of Cape Town has proposed the establishment of a municipal entity to manage the Cape Town Stadium. Interested and affected parties are invited to submit comments, recommendations and input on this proposed management model for the Stadium.
The establishment of a municipal entity is the proposed preferred management model for the Cape Town Stadium.
The proposed municipal entity will operate as a State-owned company with an independent board. The City will be the sole shareholder.
The municipal entity will be tasked with appointing a specialized service provider whose primary function will be the commercialization of the Stadium to increase its use and financial viability. This will ultimately reduce financial dependence on the City’s fiscus.
In terms of the Municipal Finance Management Act, an assessment of the financial implications that this would hold for the City had to be completed before a final decision to establish a municipal entity could be taken.
The assessment considered the impact that the creation of a municipal entity would have on City staff employed at the Stadium and on the assets and liabilities of the Stadium.
The information statement and assessment are now available for public comment and input during a month-long public participation period. These documents can be accessed on the City of Cape Town website: www.capetown.gov.za/haveyoursay or at the City’s libraries and sub council offices.
Residents and interested and affected parties may submit their comments and recommendations from the 12th of November 2016 until 12 December 2016, using one of the following platforms:
Via e-mail to Richard.Wootton@capetown.gov.za
Via fax to 086 202 8751
Via a written submission posted to the Office of the Chief Financial Officer, for attention: Richard Wootton, City of Cape Town, Private Bag X9181, Cape Town, 8000
“Our goal is to minimize the financial losses currently being experienced by the Cape Town Stadium and to maximize the potential income streams. We are committed to enhancing the financial sustainability of this key strategic asset, which will in turn reduce the cost burden on the City’s rates book, while maximizing the benefit of the Stadium to the city community and economy. Members of the public are urged to make use of this public comment period to submit their recommendations and input on the establishment of a municipal entity as the preferred management model for the Cape Town Stadium,” said the City’s Executive Deputy Mayor, Alderman Ian Neilson.