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CSKA Moscow FC president says club invested $120 mln in home stadium

September 14, 2016, 20:46 UTC+3 MOSCOW

The CSKA president hopes the newly-built football arena in Moscow will be yielding an annual profit of $20 million

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MOSCOW, September 14. /TASS/. Russia’s titled CSKA Moscow football club invested some $120 million in the construction of the club’s home stadium, while the overall cost of the sports facility totaled about $350 million, Yevgeny Giner, the CSKA president told TASS on Wednesday.

The 30,000-seat home arena for CSKA club was officially opened in the Russian capital on September 10 with the inaugural match of the hosting club against Terek as part of Round 6 of the Russian Football Premier League’s (RFPL) 2016/2017 season. The game ended 3-0 in favor of the hosts.

"We have managed to spare up to $40 million," Giner said in an interview with TASS commenting on the stadium’s construction. "The club invested about $120 million from its own funds and there was also a loan of $280 million on the offer, which we refused."

According to earlier media reports, Russian bank Vnesheconombank invested a total of $240 million in the construction of the stadium for CSKA.

Giner also said he hoped that the newly-built football arena in Moscow would be yielding an annual profit of $20 million.

"According to our estimations, we will be gaining an annual profit of $20 million," Giner said. "I am talking here about the stadium apart from the accompanying offices and a hotel."

The president of the titled Russian football club said CSKA’s budget remained stable in recent years accounting for an annual figure of $75-78 million.

"The budget is stable," Giner said. "The usual annual do not exceed $75-78 million. The income is stable and it is the money which we earn and have the right to spend."

Founded in 1911, CSKA Moscow FC won a total of seven titles of the former-Soviet top league tournaments, clinched six RFPL titles and won the 2004/2005 UEFA Cup.

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