MNV sues Esplanade for failing to renovate privatized football stadium

Parliament

The Hungarian National Asset Management Company (MNV) on Thursday said it launched a court case against Esplanade for failing to renovate a sports stadium in the capital, as stipulated in the privatization contract.

Esplanade, a company owned by UK football club Sheffield United's owner Kevin McCabe, bought the home to Hungarian football team Ferencvárosi Torna Club (FTC) in the spring of 2008. Under the purchase contract, the company was to have invested at least HUF 1.2 billion, plus VAT, in improvements at the stadium within two years to bring it up to minimum FIFA and UEFA requirements.

Esplanade failed to even start the renovation by the deadline, MNV said.

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