The City said it intends to enter into a lease agreement with the newly- created municipal entity responsible for the operation and management of the Cape Town Stadium Precinct.
The lease agreement falls within the definition of “right to use, control or manage” a capital asset.
The City will still be responsible for major capital infrastructure maintenance and upgrades.
The municipal entity is set to be responsible for the day-to-day operational costs and maintenance. But there will be no transfer of ownership.