Lithuania National Stadium alterations nod

Image: Municipality of Vilnius

The Vilnius City Municipal Council in Lithuania recently approved the changes to the National Stadium and approved the proposed price indexation and the purchase of additional materials.

‘vilnius.lt’ stated that the proposal to streamline the payment schedule in order to reduce the loan interest amount was also approved.

The Vilnius City Municipal Council is located in the Southeast of Lithuania. The Vilnius City Municipality is one of 60 Municipalities in Lithuania. The Vilnius District Municipality is one of these Municipalities and surrounds the capital City of Vilnius on three sides.

The 18,000-capacity Lithuania National Stadium is a multiuse stadium in Vilnius, Lithuania. The project is to build a new stadium for Lithuania, about 100 meters West of the one that was never completed. The stadium is primarily planned for football matches and will host the home matches of the Lithuania national football team.

The project was interrupted in 2015 after the Public Procurement Office declared its tender illegal. The unfinished stadium was demolished in 2022. In May 2023, the professional assessment company Vilniaus Daugiasunkcis Kompleksas was issued a permit to construct the new stadium. However, in late 2023, the private equity firm BaltCap halted construction works due to costs that turned out to be higher than planned.

Vilnius (Lithuania)-based the Vilniaus Daugiafunkcis Kompleksas is a professional assessment company that provides information on a company’s performance, potential and risks. The company was founded in 2020.

Tallinn (Estonia)-based BaltCap is the largest private equity firm in the Baltic States focusing on small and mid-market buyout, expansion capital and infrastructure investments. BaltCap has strong presence in all the three Baltic countries (Estonia, Latvia and Lithuania), Finland and Poland.

‘vilnius.lt’ further stated that Arvydas Avulis, head honcho of Hanner, stated that the stadium would open in 2026, a year later than originally planned.

Vilnius (Lithuania)-based Hanner is one of the largest real estate development companies in Lithuania, which also operates in Italy, Spain, the Czech Republic, Poland, and Ukraine.

Remarked Valdas Benkunskas, Vilnius City Mayor, “The Council decided that the City needs both the National Stadium and the entire social infrastructure planned around it for sports, culture and education. The above decision allows us to move forward and move to the next stage – coordination of changes with the European Commission (the executive branch of the European Union [EU – a political and economic partnership between 27 European countries]) and the national institutions and coordinating the construction works schedule with a new investor.”

The price tag of the project has increased by 1.2 million euros.

The Vilnius City Municipality and the Ministry of Education, Science and Sports will allocate a total of 157.2 million euros for the multifunctional complex project.

The various institutions will allocate 27.1 million for the construction part of the project – a rise of 121.7 million euros then was originally projected. Euro 13 million will also be added to this amount. Additional funds will also be earmarked for installing seats in the National Stadium. The deadline for work completion will be extended by 18 months.
 

Shared Responsibilities

The Ministry of Education, Science and Sports will allocate 10 million for the indexing of construction works. The Vilnius City Municipality will pay 17.1 million euros.
 

Not just a Stadium

The above complex will not just comprise a stadium. The multifunctional complex at Šeškinė in Vilnius (Lithuania) will boast a sports museum within the stadium precincts and additional infrastructure is also being built: An international category athletics stadium with a football field, an athletics warm-up area with throwing sectors, a football training ground with an athletics warm-up area, two football training fields. A sports center will come up armed with basketball, handball and gymnastics facilities, boxing halls, a cultural center with a library, event and conference halls, and a kindergarten.

The final price tag of the National Stadium has been pegged at 52.4 million euros. The sports museum being designed on the plinth floor of the stadium will cost EUR six million.

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