Lydon
September 11th, 2009, 03:22 PM
Couldn't find another thread here, hence the creation of this one :) Please merge with the actual one if there is one.
Posted: Today at 2:05pm
Chiefs` stadium back on track
Kaizer Chiefs' controversial stadium project is set to resume after the club's football manager Bobby Motaung revealed investment has been secured.
In 2006, the Soweto giants unveiled ambitious plans to build a new multi-purpose venue in Mogale City in Krugersdorp. But Lefika Emerging Equity, the company that won the tender to construct the 55 000-seater Amakhosi Stadium, failed to raise the R1,2-billion required to start the project.
Motaung told Football365.co.za that the stadium is back on track although there is no chance it will be completed by April 2010, as the club had initially announced.
"We were to get funding ourselves and we had challenges there," explained Motaung.
"We had two models; one to get a bond and another was a listing model, to go public.
"It was going to be a straight in terms of the loan funding and the public listing route was the best option at the time, because we could get public participation from our supporters. But obviously things in the economy went bad and we had to put the project on hold - with the building of the 2010 World Cup stadiums, prices were escalating.
"But we've got funding at the moment from some overseas investors and we are still finalising the deal. We will make an announcement when the stadium starts construction. We are on track and it won't be long," Motaung added.
Lefika is co-owned by Motaung, who also sits on the board of the company that has been mired in scandal since the Mail & Guardian revealed 'an improper relationship' existed between Lefika, contractor Basil Read and Mbombela council's 2010 coordinator, Differ Mogale, who allegedly paid 'Lefika R43-million in an irregular transaction' in connection with Nelspruit's World Cup stadium.
According to the weekly newspaper, Lefika's chief executive officer Chris Grib also fled South Africa after it emerged that the company had acquired a fraudulent tax clearance certificate that allowed them to bid for Mbombela Stadium tender
Original renders:
http://www.kaizerchiefs.com/amakhosi/aerial.jpg
http://www.kaizerchiefs.com/amakhosi/b_stadium_color.jpg
http://www.kaizerchiefs.com/amakhosi/b_stadium_night.jpg
http://www.kaizerchiefs.com/amakhosi/b_stadium_01.jpg
http://www.kaizerchiefs.com/amakhosi/b_stadium_02.jpg
http://www.kaizerchiefs.com/amakhosi/b_stadium_03.jpg
Posted: Today at 2:05pm
Chiefs` stadium back on track
Kaizer Chiefs' controversial stadium project is set to resume after the club's football manager Bobby Motaung revealed investment has been secured.
In 2006, the Soweto giants unveiled ambitious plans to build a new multi-purpose venue in Mogale City in Krugersdorp. But Lefika Emerging Equity, the company that won the tender to construct the 55 000-seater Amakhosi Stadium, failed to raise the R1,2-billion required to start the project.
Motaung told Football365.co.za that the stadium is back on track although there is no chance it will be completed by April 2010, as the club had initially announced.
"We were to get funding ourselves and we had challenges there," explained Motaung.
"We had two models; one to get a bond and another was a listing model, to go public.
"It was going to be a straight in terms of the loan funding and the public listing route was the best option at the time, because we could get public participation from our supporters. But obviously things in the economy went bad and we had to put the project on hold - with the building of the 2010 World Cup stadiums, prices were escalating.
"But we've got funding at the moment from some overseas investors and we are still finalising the deal. We will make an announcement when the stadium starts construction. We are on track and it won't be long," Motaung added.
Lefika is co-owned by Motaung, who also sits on the board of the company that has been mired in scandal since the Mail & Guardian revealed 'an improper relationship' existed between Lefika, contractor Basil Read and Mbombela council's 2010 coordinator, Differ Mogale, who allegedly paid 'Lefika R43-million in an irregular transaction' in connection with Nelspruit's World Cup stadium.
According to the weekly newspaper, Lefika's chief executive officer Chris Grib also fled South Africa after it emerged that the company had acquired a fraudulent tax clearance certificate that allowed them to bid for Mbombela Stadium tender
Original renders:
http://www.kaizerchiefs.com/amakhosi/aerial.jpg
http://www.kaizerchiefs.com/amakhosi/b_stadium_color.jpg
http://www.kaizerchiefs.com/amakhosi/b_stadium_night.jpg
http://www.kaizerchiefs.com/amakhosi/b_stadium_01.jpg
http://www.kaizerchiefs.com/amakhosi/b_stadium_02.jpg
http://www.kaizerchiefs.com/amakhosi/b_stadium_03.jpg