On the eve of the opening ceremony, Vnesheconombank's Chairman Sergey Gorkov visited a new CSKA football stadium for which the Bank provided financial support.
The decision to invest in this infrastructure project was approved by the Bank's Supervisory Board in 2012. The first drawdown was in March 2013. The total project value amounted to USD 350mn with Vnesheconombank’s commitment standing at USD 241mn.
“The stadium should not shine like a luxurious five-star hotel, the focus should instead be on functionality and efficiency,” said Sergey Gorkov. “And this is exactly what was achieved helping to save USD 40mn. Initially, the required funding was estimated at USD 280mn, but the club managed to significantly cut the budget. Another reason to be proud is that everything was done in a timely manner. The facility is multi-purpose, pragmatic and innovative, as a good stadium should be. This is a big highlight for the CSKA club, for Moscow and for VEB.”
In his turn, the club's President thanked the Bank for support.
The first official match at the stadium is scheduled for 10 September 2016.
Mass media
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Vnesheconombank invested USD 240mn in CSKA stadium (RIA Novosti)
Moscow, 5 September - R-Sport, Veronika Stolbunova. “Vnesheconombank provided USD 240mn for the construction of the CSKA Moscow football stadium,” said Vnesheconombank's Chairman Sergey Gorkov during the meeting with journalists.
On 17 August, the club obtained a commissioning permit for its new football stadium, later the facility was registered with the Cadastre. PFC CSKA's ownership in the Arena CSKA Stadium was registered in September.
“Vnesheconombank invested USD 240mn in CSKA stadium,” Gorkov told the journalists.
“Initially, we planned to fund USD 280mn, but managed to cut this to USD 240mn,” added PFC CSKA Moscow's President Yevgeni Giner.
The new arena with a capacity of 30,000 seats is located at 3rd Peschanaya street where the previous club's stadium (Grigory Fedotov Stadium) once stood. The old stadium was closed in 2000 to be demolished soon after. On Sunday, the new arena saw a warm-up test match between CSKA and Torpedo which ended 3-0 to the hosts. The game was played behind closed doors. The first official match on the new stadium is scheduled for 10 September, when CSKA will meet Terek from Grozny during the sixth tour of the Russian Football Championship.
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VEB saves nearly USD 40mn by clamping down on lavish expenses during the construction of CSKA Stadium. (Banki.ru)
“Vnesheconombank saved almost USD 40mn during the construction of a stadium for CSKA football club,” the Bank's Chairman Sergey Gorkov told journalists on Monday.
“We provided the funds, the project was completed on time. The overall saving is around USD 40mn,” pointed out Mr Gorkov. The total [investment - editor's note] is USD 240mn as compared to the planned USD 280mn, therefore the saving is USD 40mn ... The facility is multi-purpose, rather minimalist in style and pragmatic, not at all lavish or exuberant.”
The total project cost is USD 350mn.
Sergey Gorkov also stressed that the Bank provided funding not only for the stadium, but also for the neighbouring hotel complex. He also added that Vnesheconombank's strategy does not provide for financing sport facilities.
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