“We are adjusting EUR 94 million by 27%, which makes up EUR 122 million, including VAT. This is how much Arvydas Avulis [the owner of Hanner – ELTA] will receive from the municipality after he builds and develops the entire complex,” the city mayor told TV3 television broadcast on Monday evening.
The company would have to cover another EUR 10 million of the project’s costs, he added.
The funding coming from the city and the Ministry of Education, Science and Sport will rise by EUR 2.3 million, according to the mayor.
“The total amount of our liabilities is EUR 156 million, which has never been changed, including the management fee. (&) We will submit an amendment to the City Council, which will be recorded by a contract amendment, and the total cost of our liabilities, including those of the municipality and the ministry, will increase by EUR 2.3 million to EUR 158.3 million,” he explained.
The Vilnius mayor earlier said that the actual cost of construction alone had risen by 40% over the two and a half years from January 2020, when the bid took effect, to July 2022.
CEO of Hanner Avulis said his company could complete the works in 2026.
The previous concessionaire, the Baltcap private investment fund, withdrew from the major national stadium project last week due to “reputational reasons”, after its former partner was found to have embezzled and gambled away around EUR 30 million from the fund.