Plans for the new Victoria Stadium were unveiled at the half time interval of the Gibraltar Andorra match on Saturday evening.
The new stadium will be a UEFA-approved, category 4 football stadium complex with the highest level of sporting infrastructure, and will cater for new retail, residential and commercial areas for the benefit of economic activity and investment for Gibraltar as a whole, says the GFA.
The financing for the development will be sponsored by the Gibraltar Savings Bank as “an investment … in the economic plan for Gibraltar”, said Minsiter for Economic Development, Sir Joe Bossano in a half time video announcement. He described it as “a shop window for post Brexit Gibraltar”.
In a statement, the GFA said the construction and development of the new stadium was being announced following an agreement with ‘Community Supplies & Services Limited’, the Chinese sub-state owned construction company which is building the pre-fabricated homes at the Rooke site.
In April 2017 the GFA announced it would be purchasing the Victoria stadium from the Government for £16.5 million in order to develop it as the national stadium. The funding for the purchase, as well as a further £15m for the development of the site into a category 4 stadium, was provided by FIFA and UEFA. The money from the sale was to be reinvested by the Government in the two major sporting developments at Lathbury Barracks and Europa Point.