EU – Baltic States, Financial Services, Legislation, Lithuania, Real Estate

Transparency International Lietuva (TILS), an organisation investigating corruption, says that LTL 116 million (EUR 34 million) has already been spent for the construction of the 25,000 seat National Stadium. However, to complete the project it will be necessary to invest another 270-569 million (EUR 78-165 million).

The Government's report to TILS stated that projections are only preliminary and could change depending on the technical project. The minimum amount needed additionally is LTL 270 million (EUR 78 million), although it could rise to as much as LTL 450 million (EUR 130 million) with extra LTL 119 million (EUR 35 million) for stadium's access infrastructure.

TILS says that the Government expects to receive 85 percent of the needed funds from the European Union structural funds but this is the maximum funding amount which in reality most probably would be lower.

According to TILS if construction cost grows to LTL 569 million then cost per seat would be LTL 27,406 (EUR 7,937). Transparency International Lithuania compares the cost with other stadiums. For example, Coface stadium in Germany which opened in 2011. The 33,500 capacity stadium's cost per seat was LTL 4,533 (1,313). Cost per seat of Juventus Arena in Italy which also launched in 2011 and can house 41,000 spectators constituted LTL 10,106 (EUR 2,927). And the 50,000 seat newly built Grande Stade Lille Metropole stadium in France cost per seat was LTL 22,305 (EUR 6,460).

The construction of the National Stadium has dragged on for 30 years. The project commenced in 1985 and ground was broken in 1987. The stadium was recognised as the object of national significance. The facility is projected to be completed by 2016 under a partnership of the public and private sectors.