Money Market Watch | Sep 22,2024
Ethiopia's ambition to host the 2029 Africa Cup of Nations (AFCON) is seen as a bold bet that contrasts with the struggling state of its domestic football league and inadequate infrastructure. The excitement about the bid is perceptible, but the reality is grim. Clubs are wrestling with financial constraints, and fans are frustrated by the lack of viable stadiums in the capital. The Addis Abeba Stadium, the central venue built in the 1940s, has been under renovation since 2020, forcing six premier league clubs into a costly nomadic existence. Matches that once drew massive crowds and substantial revenues have seen dramatic declines. The rivalry between the Ethiopian Coffee S.C. and St. George S.C. used to fill Addis Abeba Stadium, generating entrance revenues of up to one million Birr a match. Now, with home games played in distant regional stadiums like Adama, Dire Dewa, and Hawassa, revenues rarely cross a quarter of it.
The national team, the Walias, faces a similar affliction. With no certified stadium in the capital, the Ethiopian Football Federation (EFF) has been compelled to host international fixtures abroad, spending 630,000 dollars over two years on stadium rentals and travel expenses. Sponsorship has also dwindled due to poor attendance and low visibility.
Hopes were pinned on the completion of Adey Abeba Stadium, on Djibouti St., near Bole Secondary School, to respond to these anxieties. However, the project, projected to be completed nine years ago with a budget of four billion Birr, has been beset by delays due to foreign currency shortages, labour issues, and the pandemic. Despite consuming 64 million dollars (7.65 billion Br in last week's Central Bank exchange rate for buying) so far and receiving a 50 million dollar infusion from the United Arab Emirates (UAE), the stadium remains a slow work in progress.
Officials, however, remain optimistic. The recent visit by Prime Minister Abiy Ahmed (PhD) and CAF President Patrice Motsepe to Adey Abeba Stadium offered a glimpse of hope, demonstrating the federal government's commitment. Yet, the country's grand vision may remain out of reach without decisive action to address the financial strains and management inefficiencies plaguing Ethiopian football.
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PUBLISHED ON
Oct 27,2024 [ VOL
25 , NO
1278]
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