Published On: Wed, Oct 1st, 2014

Putin’s Tycoon Friend Gennady Timchenko to Build World Cup Stadiums

Russian billionaire Gennady Timchenko,   whose oil firm Gunvor has been targeted by US sanctions

An ally of Vladimir Putin, Gennady Timchenko will go ahead and build stadiums for the 2018 FIFA World Cup after there were fears that the project would be delayed indefinitely, the Moscow Times reported.

In August, the Volga group, representing Timchenko, said that stadiums would not be built in Nizhny Novgorod and in Volgograd unless building estimates were raised from 15 billion rubles ($380 million) to 17 billion rubles ($430 million). The budget agreed upon for Volgograd was 16.4 billion rubles, while Nizhny Novgorod’s budget is 17 billion.

This isn’t Timchenko’s first foray into sports investment. Timchenko, with both Finnish and Russian citizenship, purchased Finland’s largest hockey stadium in a partnership with Arakady and Boris Rotenberg. Timchenko sits on the Continental Hockey League board of directors.

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