Factor TV: AMD 442 million for stadium designs, €52 million for organizing construction — the government chose the same company in both cases
As part of the program to host the FIFA U-20 World Cup in Armenia and Georgia in 2029, the Armenian government has entrusted the design and organization of the construction of stadiums in Vanadzor and in the Getahovit settlement of Ijevan community to the Slovak company “VenueEra Holding.” The total value of the contracts for designing the two stadiums is AMD 442 million 193 thousand, while the company has submitted a preliminary price proposal of more than €52 million for organizing the procurement of the construction works.
According to Factor TV’s investigation, the government classified the procurements for the design and organization of the construction of the stadiums as urgent, applying the “urgent single-source” procedure in both cases. Meanwhile, the need to build the stadiums had officially been announced back in June 2024, when Armenia and Georgia presented their initiative to jointly host the 2029 championship.
Under the government’s decision of October 1, 2026, the same “VenueEra Holding” was also entrusted with organizing the procurement process for the construction works of the two stadiums. The company’s preliminary proposal amounts to €52 million 205 thousand 606, excluding VAT, import taxes, and duties. Of this amount, €22 million 550 thousand is allocated for the Vanadzor stadium, €27 million 169 thousand 625 for the Getahovit stadium, and another €2 million 485 thousand 981 for a reserve against possible increases in the price of construction materials.
According to the government decision, the company’s agency fee may amount to up to 12% of the cost of the construction works. There is also a possibility of providing an advance payment of up to €7 million 457 thousand 944. The aforementioned €52 million is the company’s preliminary proposal and does not yet mean that this amount has been allocated or paid from the state budget.
The construction of the stadiums had been known about since 2024
As early as December 7, 2023, the government had approved the 2024–2030 development strategy for the physical culture and sports sectors. It envisaged the construction of three stadiums meeting international standards in Armenia by 2030, one of them being a national stadium. The other two stadiums were to be built in the regions.
On June 6, 2024, following the announcement of Armenia and Georgia’s bid to jointly host the 2029 championship, Prime Minister Nikol Pashinyan stated that three stadiums meeting international standards should be built in Armenia before the championship. Zhanna Andreasyan, Minister of Education, Science, Culture and Sports, also said that the possibility of reconstructing the existing stadium in Vanadzor and building a new stadium in Ijevan was being discussed.
In other words, the need for the construction of the stadiums and the planned deadlines had been known at the state level more than two years earlier. However, the contract for designing the Vanadzor stadium was signed only on November 24, 2025, while the contract for designing the Getahovit stadium was signed on July 23, 2026.
Moreover, there is still no clarity regarding the construction timeline of the national stadium. Under the development concept of the “Academic City,” the construction of a 35,000-seat national stadium is planned for the 2030–2034 period. The Ministry of Education, Science, Culture and Sports told Factor TV that construction work on it has not yet begun.
Vanadzor stadium: from previous renovation to a new project
On August 7, 2025, the government had classified the procurement of services for developing the design and cost-estimate documentation for the Vanadzor stadium as urgent. The contract was signed on November 24 of the same year with “VenueEra Holding.” The company’s proposal amounted to €593 thousand 40, while the dram value of the contract was AMD 264 million 365 thousand 371, including VAT.
A period of 270 calendar days had been set for the design work. It was supposed to be completed in August 2026, but the deadline was not met. According to the Ministry of Education, Science, Culture and Sports, the design deadline was extended until September 30, and the project is now at the handover stage.
The payment procedure was also amended in the contract. Under the agreement of August 20, 2026, it was stipulated that after accepting the results of the “Working Documentation” stage, the company could be paid an additional 38% of the contract value, before the examinations had been fully completed.
Notably, the Vanadzor stadium had already undergone major renovations. According to the municipality’s sports department, the work, funded by the Football Federation of Armenia (FFA), began in 2018 and was completed in 2022. However, the FFA’s official 2018 report states that the work had begun as early as 2017. In August 2023, when Nikol Pashinyan visited the stadium, he was presented with the completed renovation work. At the time, the possibility of constructing additional stands was also discussed.
Nevertheless, in the justification for the government’s August 2025 decision, the stadium was already described as an “old, unused stadium.”
The new project envisages increasing the number of seats from 3,000 to 11,000, bringing the stadium into compliance with UEFA Category 4 requirements. This is the highest category established by UEFA for stadiums.
23 plots of land acquired for the Getahovit stadium
To build a new stadium in Getahovit, the state first acquired the necessary land. Under a decision of December 18, 2025, AMD 329 million 855 thousand was allocated from the reserve fund to purchase 20 privately owned plots of land. Their total area was 6.5971 hectares.
A decision of July 16, 2026 provided for the acquisition of another three plots, with a combined area of 1.155 hectares. The owners had agreed to sell the land for AMD 5,000 per square meter. Another AMD 57 million 750 thousand was planned for this purpose.
Overall, the state acquired 23 plots of land with a total area of 7.7521 hectares, for which the allocated funds amounted to AMD 387 million 605 thousand.
The contract for designing the Getahovit stadium was signed with “VenueEra Holding” on July 23, 2026, at a value of AMD 177 million 828 thousand, including VAT. A period of 180 calendar days was set for the design.
Why did the government choose a single-source procurement?
According to Factor TV’s investigation, the procurements for designing both stadiums were organized through the “urgent single-source” procedure. The same approach was also chosen for organizing the procurement process for the construction works.
The Law on Procurement allows single-source procurement in emergency or unforeseen situations when an urgent need has arisen and the use of other procedures is impossible in terms of time. At the same time, under certain conditions, the law also allows for an abbreviated open tender with a minimum period of 10 days.
According to the assessment of public procurement expert Artak Kyurumyan, in this case there was sufficient time to organize a tender. According to him, single-source procurement deprives the contracting authority of the opportunity to compare the price proposals of several companies.
“When you organize a tender, you have different price proposals and you have an idea of what you are dealing with. In this case, you do not have different price proposals. At best, you can negotiate over one price,” Kyurumyan said.
The government’s October 1, 2026 decision also stipulates that invitations for certain stadium procurements should state that the process is being organized for the purpose of ensuring the public interest. This makes it possible for appeals concerning the procurement process not to suspend its progress.
What experience does the selected company have?
“VenueEra Holding” was presented in the justification for the government decision as a company whose projects include Budapest’s “Puskás Arena,” Saudi Arabia’s “King Abdullah Sports City,” and St. Petersburg’s “Gazprom Arena.”
However, the open sources examined by Factor TV do not confirm that the company fully designed or constructed any of these stadiums. Other companies were responsible for their design and construction. “VenueEra Holding” also does not disclose exactly what work it carried out at these stadiums.
Jan Jentsa, the former CEO of ColosseoEAS, which carried out the installation of LED screens at “Gazprom Arena,” is now the executive director of “VenueEra Holding.” However, this fact in itself does not establish the Slovak company’s involvement in the design or construction of the stadium.
The company was registered in Slovakia on August 28, 2014. Its three shareholders are Marek Strempek, with 33.36%, Norbert Zatko, with 33.32%, and Peter Strempek, with 33.32% stakes.
Norbert Zatko is also connected to the Slovak company ENGO, which is engaged in the construction and maintenance of sports infrastructure. “ENGO ARM” operates in Armenia and is presented as a subsidiary of the international ENGO Group. Its owner is Norbert Zatko, while its executive director is Heghine Simonyan.
Simonyan told Factor TV that she holds no position or authority at “VenueEra Holding,” but, when necessary, assists the company with communication and coordination with local stakeholders in Armenia. According to her, the participation of “ENGO ARM” in the construction of the stadiums has not yet been discussed, and the company is not currently involved in the project.
Factor TV sent a written inquiry to “VenueEra Holding” to clarify the company’s specific involvement in international stadium projects. No response had been received by the time of publication.
Thus, as part of preparations for the 2029 championship, contracts worth more than AMD 442 million have already been signed for the design of two stadiums, while the same company has submitted a preliminary proposal of more than €52 million for organizing their construction. In all major stages of the procurement, the government chose the urgent single-source procedure, despite the stadium construction program having been announced in advance. It remains to be clarified why state institutions did not use the more than two years available to organize competitive procurements, and on what basis the same company was entrusted with the process from design through the organization of construction.