Plovdiv Municipality wants to extend by another year the deadline for drawing down the loan for the reconstruction of Hristo Botev Stadium at Lauta. To this end, the Municipal Council must approve negotiations with UniCredit Bulbank and the signing of an addendum.
The reason is a delay in the implementation of the project. In a report to the local parliament, Deputy Mayor for Construction Hakya Sakybov states that it was caused by “circumstances beyond the administration’s control”. These include the complex public procurement procedures, the design work, the coordination of the documentation with institutions and the execution of the construction and installation works.
The BGN 24 million loan agreement was signed on December 1, 2022. The funds are intended equally for the two Plovdiv stadiums — BGN 12 million each for Hristo Botev and Lokomotiv. Initially, the money was supposed to be drawn down by November 16, 2024.
In 2024, the Municipal Council approved extending the deadline by two years — until November 16, 2026. That deadline is expiring, and the administration is now seeking a further 12-month extension. The principal on the long-term loan must be repaid by October 25, 2037.
According to data presented by the municipality, the funds for Hristo Botev Stadium were drawn down on time, while financing for the Lokomotiv project has fallen behind. The decision on the new deadline still depends on the Municipal Council and subsequent negotiations with the bank.
According to the deputy mayor’s report, around EUR 2.8 million in expenses remain to be incurred on the project. The sum includes new lighting for the football pitch, construction supervision, a pipe and duct network following the redesign of the project, finishing construction works and additional equipment if necessary.
The final stage of the reconstruction is being carried out by the “Home of Lokomotiv” consortium, comprising Stroykolux Ltd. and Bildkom BG. The consortium won the public procurement contract for the construction of the main stand and landscaping of the sports complex, worth BGN 33 million excluding VAT. The contract period is 480 days.
A contractor has also been selected separately for the design and installation of the pitch’s artificial lighting. The new extension of the bank agreement is intended to provide time to finance and complete the remaining works at the stadium.