Friday, January 8, 2010

Typo Puts Stadium Up for Lease at 1 Rand Per Year

Two mistakes in the lease agreement for the City of Cape Town's new World Cup stadium have reduced its price from 100,000 Rand to 1 Rand. City officials say the mistake is immaterial.

The error was repeated twice - in digits and words - in the lease agreement.

But the city says the mistake is nothing to worry about, because the lease agreement obliges the operator to pay the greater amount of either the base rental of R1 or 30 percent of the operator's profit before tax.

The R1 stadium bungle
Cape Argus
November 24, 2009