An international consortium has announced plans to build a new Olympic and Paralympic stadium, the world’s largest and one of the largest in the world, at the mouth of the Yarra River in Sydney’s northern suburbs.
The International Olympic Committee (IOC) announced the construction of the stadium in a statement on Monday.
The $2 billion stadium is expected to cost about $300 million and will feature a “super-fast” concourse with a capacity of 2,500 people, which will house the opening and closing ceremonies.
It is expected that the stadium will be able to accommodate the 2022 Winter Games in the same venue, although the IOC has yet to decide whether to go ahead with that.
Australia will use the stadium for the 2018 and 2022 Winter Olympics, with the first Games in 2022 to take place in Melbourne.
The first Games at the venue in 2024 will be hosted in Adelaide, and the 2020 Summer Games will be held in Melbourne in 2022.
The stadium will house a training and event complex, with events like the world cup and the women’s 400m freestyle relay being played there.
The construction of a new stadium is likely to take several years, as the city is already facing serious funding problems.
The NSW Government is currently seeking $1.2 billion in federal funding to help with the construction, which is expected take place over a period of several years.
The Sydney Olympic and Country Club Association, which has been the lead developer on the project, said the construction would be funded by private investors and the state Government.
The AFL has been a strong supporter of the project and has invested $100 million in a sports and entertainment development near the site.
The announcement came after the NSW Government said it would be investing $50 million into the project.
“I have no doubt that the state and federal governments will step up to the plate to ensure that the future of Sydney’s Olympic and Commonwealth Games is built on a foundation of good economic stewardship,” Minister for Sport Michael McCormack said in a release.
The state Government has also announced a $40 million grant to the local government to create a new training centre for athletes, including rugby union players.
The Australian Sports Foundation has also donated $100,000 to the project through the Government’s Sport and Community Investment Fund.
“The funding is a great boost for the NSW Olympic and country club community,” the foundation said in its statement.
“Our members and supporters have made a huge contribution to building a strong, prosperous sport and we’re grateful for the support.”
The $100m grant is expected over three years, and will be used for training, equipment, marketing, community outreach, and other sports infrastructure needs.