The Moses Mahbida Stadium will not be the Sharks’ new home.
This was confirmed by CEO Brian van Zyl in a press release on Friday. He said that a number of issues were taken into account when making this decision, including:
1. The long lease on the entire property [Kings Park] which only terminates in 2056.
2. The Sharks (Pty) Ltd is debt free and has financed the cost of the stadium, which is currently insured for R500 million.
3. Thus far, the [Durban] Municipality has not been able to provide any incentive or been able to demonstrate that The Sharks (Pty) Ltd will not be worse off, should it relocate to the new stadium.
4. The completion of a five-year naming rights agreement for the stadium [Kings Park], effective 1 January 2011, is at an advanced stage.