THE £16million windfall from the Victoria Stadium sale will be reinvested in the development of new facilities for soccer and other sports currently provided there.
In addition to the new Category 4 National Stadium, a state of the art facility for rugby and cricket will be constructed at Europa Point (pictured) where new modern sports halls will be provided for indoor sports.
A new enhanced athletics track and other facilities will be provided at the Lathbury Barracks site (pictured).
It is further envisaged that premises for associations and clubs, offices, lecture theatres and boardrooms will be included in the new facilities with a specific new facility for the Special Olympians.
Chief Minister Fabian Picardo described the plans as a “win-win for everyone” and promises that this, the biggest investment ever related to sport, comes at no cost to the taxpayer.
Mr Picardo said: “This is an incredibly exciting project which resolves so many issues at once and will mean that we will see huge economic activity and investment in the next 24 months or so and that investment will be related to sport without one penny coming from taxpayers.
“This is therefore an excellent result all round and it is the biggest investment ever done in sporting facilities in Gibraltar. It will solve sports infrastructure problems in Gibraltar for generations to come.”