ITI delays Legia's IPO until at least 2010

"The duration of achieving financial success will be much longer than one could have expected in 2003-2004, when we made a decision about the project. Legia is our investment with the longest period of return. In sport terms we are in line with the plan, but in terms of infrastructure we have substantial delays," said Wojciech Kostrzewa, president of ITI. Following three quarters of the year, Legia's EBITDA was negative and amounted to zl.1.82 million, slightly less than last year. "It is hard to estimate when the company would be continuously profitable, but for sure it will not take place before the conclusion of stadium's expansion planned for 2009," said Kostrzewa. Works on modernization of the stadium valued at zl.180 million, will commence in June 2007 (Puls Biznesu, p. 10)