Public financing of new Limassol football stadium greenlighted
The European Commission has approved two Cypriot measures concerning the public financing of the new Limassol football stadium.
The first measure concerned the construction of the stadium, owned and managed by the Cyprus Sports Organisation (CSO). The construction was completed in 2022 and the public financing amounted to EUR 44.5 million . The new facility replaces an outdated stadium and is intended to host professional football matches as well as events of public interest.
As a second measure, the CSO concluded a 20-year user licence agreement granting football clubs Apollon Limassol, AEL Limassol and Aris Limassol the right to use the stadium for their home matches. The clubs will pay a fixed annual rent set below market level to allow for the effective and continuous use of the stadium, subject to certain obligations relating to its operation, maintenance, safety and public access.The Commission found the measures (i) appropriate to achieve the objective of provision and effective use of modern sports infrastructure serving social, educational and cultural purposes, (ii) necessary given the absence of private financing and (iii) proportionate, as limited to what is required to achieve the project’s objectives with limited effects on competition and trade.
For more information, see the Commission´s PR.