Together Gibraltar have called for clarification following the GFA’s announcement of a new stadium.

A statement from Together Gibraltar follows below:

Back in 2017, the GOG announced with fanfare that the construction of the new Victoria  Stadium would come “at no cost at all to the taxpayer.” The money to develop the  stadium, as did the money to purchase the old Victoria Stadium grounds would be  provided by the GFA, who would also invest further UEFA/FIFA funding “in the region of  £15m in the redevelopment of the (new) Victoria Stadium and the old Sports Hall.” 

This weekend, as new plans for the development of the Victoria Stadium emerged, we  were informed of a new arrangement in which the Gibraltar Savings Bank will “sponsor”  the development as an “investment … in the economic plan for Gibraltar.” Together  Gibraltar would like to remind the general public that the Gibraltar Savings Bank is not a  commercial bank, and that (as per GSB ACT 2019) “the repayment of all moneys deposited  in the Savings Bank together with the interest thereon is guaranteed by the Government.” 

As the general public know full well, by “Government” the Act refers to the Gibraltarian  taxpayer, and by funding “sponsored” by the Gibraltar Savings Bank it refers to funding  “sponsored” by the Gibraltar taxpayer. 

The statement from Government that this development would be funded by the GFA,  and its assurances that at it would come at “no cost to the taxpayer” has therefore  proven to be untrue. If the deal happens to be a commercial failure, the bill will be  footed by the taxpayer. 

While investment in projects that can bring business and necessary sporting  infrastructure to Gibraltar can be a good thing, TG would like to know why the  Government is backtracking on its promises, and why it feels the need to communicate  these changes using deliberately confusing language, as if to obfuscate the reality of the  situation to the general public, especially following the recent revelation by GBC news  that the new stadium is now estimated to cost £100million! 

Is Government trying to hide its inability to deliver on its promises, or is this deal going  to end up being unduly onerous to the taxpayer? 

On what terms is the GSB going to “sponsor” the funding of the new stadium? If there is going to be a loan of money guaranteed by the taxpayer, what are the terms of  this loan? 

The party believes these calls for clarification are majorly in the public interest and urges  Government to answer questions as a matter of urgency.