| Namboole For Sale |
![]() |
|
NOT PROFITABLE: The front view of the ultra-modern 40200-capacity Namboole stadium |
BY NORMAN KATENDE
INITIAL measures to privatise Namboole National Stadium have started.
State minister for sports Henry Okello revealed yesterday that government has handed over the ultra-modern facility to the finance ministry�s Privatisation Unit.
He said advertisement for a co-investor would be done in the media early next year.
�It is currently making no profits and the government is spending more than it is using in maintaining it. We need a co-investor who will own 49% of the shares to put the stadium into full use,� said Oryem. The government will stay with the majority shares after the privatisation is completed.
According to Oryem, the stadium, which was officially opened by former South African president Nelson Mandela on January 26, 1999, is in dire need of a co-investor to maximise its profits.
�Government can not afford running all its institution. We want to put this (Namboole) in full use so that we can get maximum revenue from it (the stadium).�
The minister was reacting to a question on whether he was going to appoint a new board for the stadium.
The 40200-capacity stadium, which was constructed under the Chinese grant, has become a myth to the local sports due to the exorbitant fees charged in using it.
Despite having most of the discipline equipment, it has only ended at hosting football matches and, once in a while, concerts.
Many of the facilities are in a sorry state because of lack of maintenance. Ends
Published on: Sunday, 22nd December, 2002 |
|
Email this article to a friend. |
Do you Yahoo!?
Yahoo! Mail Plus - Powerful. Affordable.
Sign up now
