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SBD Global/October 30, 2012/Finance

Costs For New St. Petersburg Football Stadium Surge To $1.4B

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During a September visit to St. Petersburg's new stadium, Russian PM Dmitri Medvedev called the lack of progress "disgraceful."
A project to build a state-of-the-art football arena on the Neva River in St. Petersburg "stands to be scrutinized by auditors as part of a high-level inquiry into why it has repeatedly and drastically exceeded its budget," according to Anna Kordunsky of the N.Y. TIMES. The stadium was "envisioned as a jewel of Russia's stadiums when the nation holds the World Cup in '18." The government ordered the audit after football fans "displayed their frustration by heckling St. Petersburg's Governor Georgy Poltavchenko," before a football match. The "public anger is a danger signal for Russia's government, which has earmarked billions of dollars for construction ahead of the World Cup and the 2014 Winter Olympic Games in Sochi." Federal accounts chamber Chair Sergei Stepashin said Friday that "auditors would analyze construction expenses and any new budget increases." The outburst against Poltavchenko "was triggered by a local TV interview in which he said that "football fans were welcome to offer their help in completing construction." The "costs of the tax-financed project have soared since it started in '07." St. Petersburg authorities recently "asked for a further budget increase, pushing the cost to an estimated $1.4B, up from the initial estimate $210M" (N.Y. TIMES, 10/28). Poltavchenko said, "We want to uncover, where 16B ruble ($508M) have already disappeared" (FAZ.net, 10/26).
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