Turkey cancels tender for Galatasaray's stadium

Head of TOKI Erdogan Bayraktar said the offer was good but not enough, adding that it did not meet the costs of the construction of the new home arena of Galatasray in Seyrantepe.

Turkey cancels tender for Galatasaray's stadium

Turkey's Housing Administration (TOKI) said it cancelled the tender for the lot of the Turkish soccer team Galatasaray's home arena, Ali Sami Yen stadium, as it found the winning bidder's offer of 416.5 million TL.

Head of TOKI Erdogan Bayraktar said the offer was good but not enough, adding that it did not meet the costs of the construction of the new home arena of Galatasray in Seyrantepe.

"In fact the offer was good compared to the actual value of the lot. But the Seyrantepe Arena is going to cost a lot more then they initially estimated, therefore we cancelled it in order to raise more funds for the new arena. We are forced to try the revenue sharing model," said Bayraktar.

Bayraktar said he expected a better offer in the revenue sharing model.Nurol-Ascioglu consortium had made the highest offer in the cancelled tender for the lot of Istanbul's Ali Sami Yen Stadium.

The consortium offered 416.5 million Turkish Liras. (1 USD equals 1.49 TL)

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Last Mod: 29 Nisan 2010, 12:44
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