Linz – Bundesliga soccer team LASK received confirmation of its stadium project on Monday. With a unanimous resolution of the funding agreement, the Upper Austrian provincial government set the course further, with a maximum of 30 million euros from the state. The remaining sum, which is needed for the construction of the 20,000-seat arena, will be financed by a model with private investors, which the Raiffeisenlandesbank Oberösterreich is handling.
The funding depends on the “implementation of an open and transparent tendering process as well as the support of the project by a professional project and construction management”, said state councilor Markus Achleitner (ÖVP).
After rumors of a cost explosion, the cost estimate submitted by the LASK project team with construction costs of around EUR 65 million has now been confirmed by an external expert opinion. On the part of the Raiffeisenlandesbank it was said that they had “arranged the financing of the stadium project for private investors” on the basis of the reports and funding commitments.
Groundbreaking in summer
The stadium concept on the Linzer Gugl is based on internationally recognized examples in terms of structure and financing, announced the bank, which is also the name sponsor of the “Raiffeisen Arena”. “Renting the sky lounges will generate corresponding income and thus make a significant contribution to the financial viability of the Raiffeisen Arena.”
With the model, the club saves traditional loan financing, the investors – to be found among the “Friends of LASK” – should have the prospect of interest gains. According to LASK, the groundbreaking will take place in summer. The builder tender was published on May 20th, and the developer should be known in a month at the latest. The old stadium has already been torn down. The start of gaming operations was once planned for July 2022.
In February media reports about the stadium project caused a stir. The trigger was a letter in which the former LASK Vice President Manfred Zauner put the project costs at 117 million euros instead of the originally estimated 65 million euros. LASK has always rejected this information and dismissed Zauner from the project.
Shortly after his dismissal, however, the association admitted that delays in construction were “unavoidable”, since the tendering to builders had to be revoked and put out to tender again. Inadequacies in the award process made this necessary. (APA; 7.6.2021)
