Russia: Vinci's 2013 contract to build VTP Arena has been cancelled

The French construction firm Vinci will not build the VTB Arena in Moscow, announced the company running the project, which belongs to the semi-public Russian bank VTB, on 02/06/2014.

"A dialogue took place with our client wherein Vinci Construction Grands Projets made proposals which did not satisfy them, and the customer broke the contract a few days ago," Vinci stated to AFP, the French wire service. The company VTB Arena criticised the French group for work delays. VTB Arena obtained building permits in March 2014, but construction has not yet begun. The Vinci group had been chosen to build the stadium on 26/06/2013.

The project involves the reconstruction of Dynamo Moscow's stadium for an estimated €210m. Delivery of VTB Arena (capacity 27,000) is scheduled for the end of 2017. An indoor arena with a capacity of 12,000 dedicated to basketball and ice hockey is to be incorporated into the structure. This major renovation is part of a larger project that includes the restoration of a historic park, and the construction of a sports centre, housing, shops, offices and a Hyatt…