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31 Jul 11: The state government has decided to rent the Gachibowli stadium for non-sporting events, cultural shows, exhibitions and other commercial activities. This decision was taken to generate more incomes for the stadium, as the loan taken by Sports Authority of Andhra Pradesh (SAAP) to construct the stadium is not yet repaid.
To construct this 13 storeyed sports complex in 2002, SAAP spent Rs.70 crore. Of this amount, loan was taken for Rs. 48 crore from a nationalized bank, for which the SAAP is paying Rs. 40 lakh as interest. Apart from these costs, SAAP also has to bear the maintenance costs of Rs.1.5 crore per annum for maintaining all the stadiums that come under it.
Source: Times of India