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SBD Global/May 28, 2014/Facilities

Moscow City Sells Majority Stake In Olimpiisky Sports Complex For $137M

Moscow City Hall has sold a 64% stake in the threadbare Olimpiisky Sports Complex on Prospekt Mira, "a landmark of central Moscow," for a total of 4.67B rubles ($137M), according to the MOSCOW TIMES. In an open auction on Friday, a company called Neftegazprod purchased the entire 64% share "that previously belonged to the city." The financial prospects of the purchase "are somewhat dubious." Olimpiisky General Dir Mikhail Moskalyov said in April that "the aging sports complex will require an overhaul" to the tune of 5B rubles ($146M). Meanwhile, Olimpiisky Financial Dir Alexei Saldikovi said that it made net profit in '13 of 27M rubles on total revenue of 1.26B rubles. The new owner, Neftegazprod, "bears links to the wealthy Bazhayev family." The family "also owns oil company Alliance Oil and platinum producer Russian Platinum" (MOSCOW TIMES, 5/26).
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