Auditor values Prague’s 02 Arena at fraction of cost

Built at a cost of Kč 7.2 billion, Ernst & Young says multifunctional indoor arena in Prague is worth at most Kč 1.57 billion

Society|Real Estate

Tom Jones | 21.11.2011

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Foto: ČTK

The 02 Arena – formerly Sazka Arena – in Prague 9, shortly after completion in 2004

Completed in time for the Ice Hockey World Championships in 2004, the 02 Arena (originally the Sazka Arena) multifunctional indoor sports and entertainment complex in Prague reportedly cost Kč 7.2 billion to build. The project proved to be the financial downfall of the lottery firm Sazka, which until recently was majority owned by the Czech Sports Association (ČSTV). The bankrupt lottery firm’s creditors are now looking to sell the arena, but auditor Ernst & Young has valued it at a maximum of Kč 1.57 billion.

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