Local bank consortium shows interest in financing GFA’s new stadium
The Gibraltar FA have this Friday revealed that the proposed new stadium will be developed by a wholly owned subsidiary of the GFA, Stadium Development Limited, potentially financed by a consortium of local banks.
The Gibraltar FA said this would see 100% of the profits of the sale of the commercial and real estate elements of the development used to fund the build of the stadium.
The project, which has gone out to tender, should see a building contract awarded in due course Gibraltar FA officials said.
In a statement the Association said that “significant progress” has been made on the development of the stadium.
“The GFA is thrilled to share that we have made significant progress on the development of this innovative new football stadium, complete with separate residential and commercial spaces, which will redefine Gibraltar’s footballing future, as well as its skyline,” the GFA said.
“In a first for Gibraltar, a consortium of local commercial banks have come together to confirm there is an appetite to agree terms for a facility which they would enter into with a subsidiary of the GFA, Stadium Development Limited, for the purposes of financing the project. Stadium Development Limited would act as the Developer of the project and the sale of the residential and commercial elements would cover the cost of the stadium.”
“Consultants with experience in development and finance, spearheaded by Nigel Pardo, Nicholas Culatto and Albert Mena, have carefully reviewed, and further developed the project, ultimately ensuring the feasibility of this iconic landmark venture. A team of professionals has been engaged to undertake the development going forward.”
“Gibraltar’s football stadium is poised for a transformative upgrade that promises state-of-the-art footballing facilities tailored for both our local pride and global prowess. A beacon of unity and achievement, this project will stand as a testament to Gibraltar’s spirited and united community.”
Michael Llamas, President of the GFA, added that the GFA eagerly looks forward to the completion of this facility so that it can finally host major UEFA and FIFA matches in a top-tier, compliant, UEFA Category 4 stadium in Gibraltar.
“This dream, a decade in the making since our full UEFA membership, is becoming a reality,” Mr Llamas said.
“This project will cement our status as a footballing nation.”
Chief Minister Fabian Picardo added he looks forward to the project.
“We are pleased to have supported the GFA in developing the stadium and are excited about the opportunities this brings to Gibraltar – in terms of the continuity of our footballing journey and in terms of the enhancement to Gibraltar’s tourism product,” Mr Picardo said.
“This Government is happy to Stand Up With the GFA.”
The stadium has been designed to fit 8,000 seats, in line with UEFA’s requirements for capacity needed for international matches.
The GFA said the difference in cost between a 4,000-seat stadium and an 8,000-seat stadium is minimal.
“If we wish to host international matches in the stadium, the stadium has to be a UEFA Category 4 stadium,” the GFA said.
“It is a requirement of a UEFA Category 4 stadium that it has a capacity of 8,000 seats save in certain instances where UEFA grant an exemption, but the exemption is not indefinite and therefore not guaranteed.”
“The view has therefore been taken, that it is worth building a stadium with 8,000 seats.”