Current estimates show that the multifunctional complex with the stadium could cost around 44 million euros, of which 12 million or a little more than a quarter would be covered by the Association of European Football Federations (UEFA). Additional financing from other sources is needed in the amount of less than 32 million euros. Current estimates are based on the fact that additional funds will not be needed for the purchase of the necessary plot of land in cooperation with the Riga City Council.
About a third of this amount, or less than 16 million euros, is needed for additional functionality to create together working spaces, offices, conference halls, a hotel and restaurants.
After the implementation of the project, the facility could generate five million euros of income annually, thus covering all maintenance costs, Lashenko said. LFF vice-president and board member Olafs Pulks (JV), who is also a member of the Riga City Council, noted that the stadium will not require additional investments after the start of operation.
After evaluating nine potential stadium locations, it was concluded that the most appropriate place to build a 16,000-seat stadium is Lucavsala.
Riga Mayor Mārtiņš Staķis (PP) stated that the municipality has not yet made any decision regarding its involvement in the implementation of the project, at the same time noting that the allocation of the plot of land would have the support of the current coalition if there was clarity about the implementation of the project. Staķis also said that currently the municipality does not have the means to support the financing of the project, but various public-private partnership options have been studied.
The visualization created by the German architectural office “Fiebiger GMBH”, recommended by UEFA and the International Association of Football Federations (FIFA), predicts that the total area of the multifunctional sports complex project could be less than 119,000 square meters, of which the stadium would occupy a little more than 66,000 square meters.
According to LFF’s calculations, by implementing such a project, Latvia would be visited by at least 40,000 more tourists every year, which would bring an additional 35 million euros to the Latvian economy every year. The stadium could host more than 35 international level football matches annually, as well as ten concerts or other events.
It is true – both the head of the sub-commission Dāvis Mārtiņš Daugavietis (JV) and Oļegs Burovs (LPV) stated that holding ten large concerts every year is very unlikely.
The project is currently in the first of three development stages, and its conclusion, which also includes putting the project into operation, is planned no earlier than 2027.
Latvia currently does not have a stadium of the fourth category, due to which a situation may arise that the national team has to play games in another country, for example in Lithuania or Estonia.
