Kaizer Chiefs are set to bag R4.5 million in payments from the City of Cape Town if plans to play three league games in the Mother City are approved.
It was reported earlier today that Cape Town’s Mayoral Committee had recommended that Council ‘approve the hosting of three Kaizer Chiefs PSL matches at the Cape Town Stadium’, and that the three games could become an annual thing.
Furthermore, the press release from the city’s media office also spoke of the financial model that has been agreed upon should the trio of games go ahead.
Part of the statement read:
The financial model that has been agreed upon is as follows:
· SMSA will pay a negotiated rental of R5 000 per match.
· SMSA will carry the cost for the stadium direct services such as cleaning costs, specialised IT&S services, electrical and security services, among others, that will be required within the stadium.
· The City will carry the cost for all City-related services such as law enforcement, traffic services and cleansing that will be required outside of the stadium.
· The appearance fee of R1.5 million per match, will be split on a 50/50 basis between the City and SMSA. This will amount to R750 000 each, per match, to be paid by the City and SMSA.
· SMSA has guaranteed an amount of R300 000 from secondary income streams such as hospitality suites, beverage sales and concessions.
· After the stadium direct costs and the appearance fee paid by both parties has been recouped from the revenue, the balance of the revenue will be shared equally between the City and SMSA.
Chiefs are set to face Bidvest Wits, Platinum Stars and SuperSport United in Cape Town between December and February, and the club will no doubt be hoping that the can be given confirmation in the near future.