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It is still unclear when the new football stadium in the Hardturm district will be opened, with the Zurich city derby planned to be held between GC and FCZ. But Blick knows this: UBS, the most important partner of the future, is still in this business. The large bank, owned by CEO and football fan Sergio Ermotti (63), will support Zurich football.
A year of uncertainty is now over. The bank earthquake at Paradeplatz on March 19, 2023 also affected the “Ensemble” project, which, in addition to the football stadium, also includes a new district with cooperative buildings, two residential towers, restaurants and small shops. Because Credit Suisse (CS) is closely linked to it.
CS investment foundation and two CS real estate funds are involved in the project through two residential towers. The bank had also secured the naming rights to the football stadium: for the first ten years after its operation, the Hardturm stadium was to be named “Credit Suisse Arena” for around 30 million francs.
Historical responsibility of Zurich banks
A year after the acquisition of CS, UBS circles said: The big bank will not abandon the project at the Hardturm site. The delicate situation surrounding the prestigious project is known from the inside. After all, attempts have been made to build a new football stadium in Zurich for 21 years. The Pentagon project, approved by Zurich voters, buried CS in 2009. The bank withdrew from the project due to numerous complaints and the global financial crisis.
It won’t get to that point this time. The damage to the image of Switzerland’s financial giant would be enormous. This means that the Hardturm Stadium, home to record champions GC between 1929 and 2007, will likely be called “UBS Arena” in the future. The bank does not want to make a public statement on the anniversary of the CS takeover, but when asked by Blick it made clear: “Fundamentally we see ourselves as a reliable partner.”
The bank points out that, as reported, the agreed sponsorships for all social, sports and cultural activities in Switzerland will be maintained until at least the end of 2025. Public comments on long-term projects, including the football stadium, will be made at a later date.
Schedule: will run from 2029 to 2031
UBS still has some time. The objections, which were rejected by the building appeal court last August, were referred to the administrative court. You can also expect to go to Federal Court after this. Only then is the design plan valid. The construction application can then be objected again by all authorities. Therefore, GC and FCZ expect the opening match at the new football stadium to be held between 2029 and 2031.
Last week it became clear who was behind the objections: In addition to the left green “IG Freiräume” and “IG Wasser”, the Höngger celebrities are also behind the objection. In particular: Felix E. Müller, former editor-in-chief of “NZZ am Sonntag”. And entrepreneur Urs Doubt, member of the board of directors of Doubt Pomy Chips AG. Your delay will likely delay the project even further; but thanks to UBS’s determination, it will probably no longer be able to block the project.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
