Come 2012 there is an important sporting event happening in London, but unless the UK government has some major plans laid out for the new facilities being built now once the Olympic Games are over, we could see a lot of demolition taking place.
The reason we say that is because of what is currently happening in Portugal.
Football fans will remember Euro 2004 was held in Portugal and a number of stadiums were built or upgraded to support the tournament at a cost of 600 million euros. Six years on though, and the Portugese government is considering demolishing some of those stadiums. The reason? One of maintenance costs for stadiums that are used a lot less than say shopping malls or business centres in their place.
Apparently just looking after a stadium costs an absolute fortune with Portugese cities such as Leiro wanting to cut those costs by 1.2 million Euros, not a year, but a month!
With the UK in a lot of debt at the moment, and major investment going into preparing for the 2012 Games, lets hope the facilities not only remain used, but also profitable come 2013 and beyond.
Source: Bloomberg, with thanks to Demolition News
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