Limassol: The European Commission has approved public funding of £44.5 million by the Republic of Cyprus for constructing a new football stadium in Limassol. The stadium will also be used by three professional football clubs under preferential conditions, as per an official announcement.
According to Cyprus News Agency, the public financing of £44.5 million was allocated for the stadium's construction, which concluded in 2022. The new stadium replaces the city's former facility, which was outdated and unable to host international competitions due to failing modern safety and technical standards.
The funding was directed to the Cyprus Sports Organisation, responsible for owning and managing the stadium. The Commission's decision highlights that the new stadium offers a modern and secure facility for professional football. It also has the capacity to host educational and cultural events, enhancing the region's sports infrastructure and the city's cultural landscape.
Additionally, the Commission approved a 20-year user license agreement between the Cyprus Sports Organisation and the clubs Apollon Limassol, AEL Limassol, and Aris Limassol. This agreement allows the clubs to use the stadium for home matches at a fixed annual rent below market rates. The preferential pricing comes with obligations for the clubs concerning the operation, maintenance, and safety of the facilities, as well as ensuring public access to the stadium.
The Commission concluded that these measures are suitable for providing and ensuring the effective use of modern sports infrastructure that serves social, educational, and cultural purposes. It also determined that the measures are necessary due to the lack of private financing and are proportionate, limited to what is strictly required for the project's implementation, while having minimal effects on competition and trade between Member States.