Managing a stadium of Sami Ofer's size is several orders of magnitude greater than the city's leadership since its inception. And there is no reason that failed management for over a decade, which has cost the residents of Haifa tens of millions of shekels in losses, should continue to exist as if everything is fine. Sami Ofer Stadium, which is in my opinion one of the most brilliant but destructive projects the city of Haifa has ever known, must pass to owners who know how to manage such an asset in general and profitably in particular. By the way, this is what is happening in the modern world around us.
💰 The full financial report is presented for your reference later in the article…
A huge burden without economic justification
The data presented below is the result of over a decade of my monitoring of numerous failures, including financial failures and including a state auditor's report. The huge sums poured into the stadium by the city's leadership came at the expense of education, recreation, infrastructure, community, and what not. All of this leads to the obvious conclusion that Sammy Ofer Stadium has ended its historic role as a city-owned stadium. It constitutes a huge and economically unjustifiable burden, and it is time for the city to get rid of it and start licking the wounds caused by the way it was managed.
The latest balance sheet report for 2025 published by the "Haifa Sports and Entertainment Center Company Ltd.", which manages the stadium, is simply the embodiment of the disease in all its symptoms. The purpose of these lines is actually one, to reveal to the public in an orderly manner what has somehow been hidden from its eyes over the years.
The net loss: the numbers don't lie
When you peel back the golden veneer of "the modern stadium in Israel," a grim accounting reality is revealed. The stadium recorded a net loss of NIS 11.1 million in 2025. The management of the Kiryat Hasport Company is quick to explain that this is depreciation, and that the stadium is operationally self-sustaining, but this is an argument that if it were a business company, its management would have gone home long ago. This is a loss. Period.
It's good that operationally they manage to pay salaries, but the actual loss is not a "mistake" and certainly not a one-time mistake. This is evidence of management's failure to produce growth engines that would even cover the "wear and tear of the concrete." And what about all the years in which there was no minimum operating balance? Even then, depreciation was a regular occurrence.
The result: Instead of the property generating a return for the city, Haifa residents are forced to subsidize every seat in the stands from their basic services budgets every year.In the business world, a company with such performance would have undergone a reorganization long ago; in the Haifa municipality, they simply ask the public to continue pouring money into it.
The unpaid loan and the "going concern" warning
The most alarming figure on the balance sheet is the state of the loans, which testifies to the company's existential danger. The company is not repaying one of the large loans it received from the Haifa Economic Company, amounting to approximately 72 million NIS. The Economic Company is effectively "waiving" the repayment for the time being, but the bottom line is that this is a company managing an asset of enormous value that is unable to service its debts.
In addition, when its accountant claims that it is essentially "breathing" and cannot exist on its own but at the mercy of the parent company, then the warning lights should really turn to sirens. In light of this, a possible "going concern" warning means a real risk to the organization's continued existence as a stable entity. The failure to repay the loans is, in my opinion, a thousand witnesses to fundamentally flawed financial planning and an inability to cope with the expensive financing and maintenance costs.
Long-term delay in the construction of commercial areas
Sami Ofer's big promise was His commercial complex that has not yet been builtThis is a center of entertainment, shopping and leisure that was supposed to revitalize the area seven days a week and mainly to attract resources to the Thirst Stadium.
Reality?
A decade of dragging our feet, areas lying idle, and millions of shekels in lost revenue every year. Although a company was recently selected to build the center, it will be several more years before the public pays for the failure.
why is it happening?
Because those who trust the policies of the municipality probably feel less discomfort from the public coffers being breached. A private entrepreneur would fight for every square meter to generate revenue, while the municipal bureaucracy and subsidiaries simply fell asleep on guard. The commercial failure is the final proof that public management is unable to compete with the efficiency of the free market.
Summary – Commentary: It's time for privatization
It's time to stop being afraid of the word "sales."
In the wider world, leading stadiums are managed by private investment groups or the clubs themselves, as a business for all intents and purposes that generates profits and property taxes for the city. The Haifa municipality should be concerned with education and infrastructure, not with managing huge and failed sports complexes. Selling the stadium to private owners will stop the bleeding from the municipal budget, inject capital into the city's coffers, and most importantly, remove a huge millstone from the necks of the residents. Sammy Ofer needs to be transformed from a public burden into a prosperous private asset. And preferably one hour earlier.
No commercial company will buy the stadium.
Because no commercial company will be a machine to lose millions of shekels without a business plan for profit.
Because there are no major performances at all in the stadium and it is also not used by teams from abroad that come for training camps, the stadium doesn't really have a serious business model if it's just soccer.
The number of games where the stadium is full is also very low, most of the time it's half or a quarter. Who would buy an empty stadium?
Maccabi Haifa Football Club.
And Hapoel Haifa should receive the stadium in Kiryat Haim.
How true!! Only for incomprehensible reasons is Yona Yahav holding the stadium at our expense, even so, there is zero activity in the city compared to Teherat Carmel, which is developing so beautifully.
I don't understand how this is, the "stadium" is safe & open for "football" and not for ✨️ "performances"?????
* Every "business" must generate "income" in order to finance its activities in a profitable "accounting-economic" way, otherwise it cannot exist over time...; to this end, its managers, such as "Sammy Ofer Stadium", must be
I am a child…!!!!!@@@@@😭😭😭
* Ready to help with "smart advice"😂
Net loss of 11 million
Does this include the reports as income for the municipality??
Because if this doesn't include the reports, then the situation is that the stadium is making money for the municipality.
Close this damn stadium to the alter!
Not only is it a terrible nuisance to all residents of the area, we also have to pay for this constant disturbance with our own money!
And where exactly will Maccabi and Hapoel Haifa play football?
Immediately. Primitivsky
They worked on Yona in a big way, the Ofer family, with tens of millions while it was still being built. They also worked on the Magetz-Dina in the Dead Sea mines, with hundreds of millions. And they are celebrating in London with money from Israeli citizens.
Anyone who thinks that a stadium of this size can make a profit is dreaming. Even a private entity will go bankrupt.
Another one who brings up the issue of privatization like many others and they are wrong. The private sector does not have the same things and considerations that the public sector has. A stadium should be a service provided by the public sector!
Wrong. The privatization tool is not a failure for all public sector activists. But there are things in which the business sector is better, period. A stadium is no longer a public service, it is a huge economic venture that serves private companies. What does the municipality have to do with this? There are things that should not be privatized under any circumstances, a huge stadium with commercial space is not one of them. In my opinion.
"The Shakshuka Method" 2 ???
And it always happens on the dove's watch.
A bit of a shift….
This is the last thing that bothers me about the failed Haifa municipality. I would replace the municipality and its head before owning the stadium.
Can't you have both at the same time?
Privatization of control of Matam – open questions that must be investigated
Following the publication of the responses to the article regarding Matam, it is important to set the record straight and reveal the full picture behind the deal that changed the face of the municipal economy:
1. The rule of the 0.1%: The "Gav-Yam" company holds 50.1% of the ownership of the Matam Park. This seemingly "modest" figure - that one tenth of a percent - is what gives it complete control of the park. In practice, this leaves the Haifa Economic Company, which holds 49.9%, without any real "right to speak" over what happens on the 400 dunams of one of Israel's strategic real estate assets.
2. Prior knowledge and connections: It is impossible to ignore the fact that the CEO of Gav-Yam at the time of the acquisition came to his position after previously serving as CEO of the economic company itself. His in-depth familiarity with Matam's "golden advantages" raises serious questions about the information gaps between the buyer and other potential companies to acquire Matam.
3. Tender by a single company: Gav-Yam was the only bidder in the tender. While other companies were wary of a managerial adventure of this magnitude or did not recognize the potential inherent in the property, Gav-Yam marched alone to victory. A fundamental question arises here: How does a municipal corporation, subject to the Tenders Law, conduct a sales process with a single entity? Is this a pattern of action by the Haifa Municipality, which raises legal doubts in other cases as well?
4. Worst of all is the fog surrounding the motive for the sale. To this day, the real reason for the urgent need to sell control of Haifa's "Diamond in the Crown" has not been made public.
This is the main issue that requires a thorough examination and investigation. The Haifa public deserves transparent answers about how its assets were managed.
Absolutely right. This sale is very reminiscent of the depopulation of other key areas in the city, such as the seafront, which was not sold but was in fact depopulated by the municipal government. The same goes for areas in the bay area that were transferred to the National Treasury for no reason in huge quantities, and more. The city of Haifa is losing its assets one by one.
Just as the prosecution is exploiting Bibi for the purposes of concealing the system's investigations into the Fisher and Ruth David case, so the war and chaos in the country are concealing the questionable deals.
But I'll tell you the truth - we are to blame for everything that happens to us.
We will go to the squares because of 1% in the cottage, but we will not go to the squares because an apartment once cost 700 thousand and people would think, "Wow, you're a millionaire," and today the cheapest apartment is 2 million without anyone at all compensating here and only buyers and buyers, thereby justifying devices that run.
By the way, the huge failure in the sale of Matam and Gav-Yam's evasion of various obligations, including the construction of a hotel in Matam, and more... and of course the loss of control of Matam to the municipality was examined in a report by the Accountant General of the Treasury, who found that the conduct of the economic company was very bad and that it was a bad deal for Haifa. It would have been better to raise money in the capital market to develop Matam and leave 100 percent of the revenues in the hands of the Haifa municipality. And even if they wanted to bring in an entrepreneurial company that would build it itself, it would have been possible to bring Gav-Yam into the project with 40 percent ownership and leave control in the hands of the economic company, which is what most municipalities in Israel have done with a technology park.
Since the current mayor is a key factor in the sale of the then-current capital, and he has been mayor of our city for too long and is causing enormous damage, the obvious conclusion is that the public is satisfied.
Maccabi Haifa will not "acquire" Sami Ofer. Neither directly nor indirectly. Forget it!
This was absolutely not my intention, I think it would be a mistake to abandon the stadium to the hands of some Israeli soccer team. These are financially fragile teams at best. A serious entrepreneurial group that understands this field is needed here. It is important to emphasize that this solution is not suitable for every stadium, for example it is not relevant for Bloomfield or Turner due to the potential lack of income from commercial space, but in Haifa it is simply necessary.
What's upsetting them is that not only does it charge money from the public, it also causes huge incidents and road closures because of the game that day, and there are no organized parking lots, and all of western Haifa is lined with cars everywhere because there is no parking. And the most outrageous thing is that if you live near Sammy Ofer, you still have to wait until the guards agree to open their gate so we can enter our homes... Not only must ownership be transferred, but it must also be closed immediately and turned into a profitable business place and not a burden in any way on the public.
I agree with every word. The Neot Peres neighborhood was built with all the mistakes that were in Kiryat Eliezer and even added more mistakes. A huge oversight. This is what happens when you build a new neighborhood without any understanding.
The idea to finance part of the stadium was conceived by CPA Jackie Wakem, who was the city treasurer, and claimed that the commercial center would cover a third of the stadium's costs, which were estimated at 450 million shekels, meaning it would bring in 150 million shekels. It is not clear on what basis this was based, as there were already 5 malls operating in the area! (Haifa Mall, Castra, Shaar HaCarmel, Congress Center Outlet and Hof HaCarmel Central). The proliferation of malls has led to a large oversupply. It is true that large neighborhoods are being added around, but their purchasing power is also spread over many existing malls and does not require another one in the stadium area.
Then we learned about other serious mistakes: The stadium was built in a way that made it impossible to host large concerts that bring in a lot of money. The sports hotel that was supposed to be built next to it was also canceled. The cinema complex that they began building (the foundations are still in place today) was also canceled. The problems with public transportation to the stadium also make it difficult to establish a commercial center. A pedestrian bridge was supposed to be built to connect it to Matam employees - it was canceled. Its opaque facade without exterior windows made it impossible to rent the empty mall space for offices or clinics.
Failure and another failure. Privatization? What company would want to take over the management of a sports facility, especially in the current situation where there is no chance that teams from Europe will come to it as a training facility during the summer breaks. And there is no chance of hosting international games there. And there is no chance of hosting international artists there and it only hosts a few performances due to the inability to cover the grass and a plan that makes it difficult to set up a large stage.
This stadium must be profitable and stop the burden on Haifa residents. Commercial space for a collector to build another cheap mall there is not what will bring it to profitability, only the closure of the huge stadiums and the cancellation of financing expenses. And then no private company will take on the financing to end this loan must cover the Haifa municipality.
What you are saying is even more serious and outrageous. We could still have the "Selling of a Cooperative in Lentil Stew - 2" affair... a huge tragedy...
What is this? Does the municipality have another choice? The stadium ended up costing 650 million instead of 450 million. All the projects that were tried for 10 years failed. Unlike its French twin in Le Havre in France, the Stade Oceane, hardly any concerts are hosted at the stadium in Haifa, which is the biggest cash generator in stadiums. For example, Bloomfield will host 4 concerts by Eyal Golan in June. Their plan to host national teams from Europe in the summer for training camps at the stadium is something that never materialized. They are building commercial buildings in the large neighborhoods around the fortress, so as mentioned, they already have 5 malls, and when you move from there to Tirat Carmel, Neot Navon will also have additional malls waiting for them, such as Shatit, which is building SoMa on the border with Haifa with 10,000 square meters of commercial space, and Ami Group, which is building a 7500 square meter commercial mall in the southern Hatitari neighborhood, and there are 2 more malls in the planning next to Haifa at the exit to Highway 4. The stadium's problems are mainly the financing loans, which are also a major part of the deficit, and it is clear that only the municipality will be able to cover this. Here and there, they managed to market space as if it were for Medix medical clinics. In general, this is a terrible failure in concept. Because the commercial space they added will also increase the cost of construction by tens of millions of shekels.
Have you even read the balance sheet?
After all, it refers only to the commercial spaces that the Haifa Municipality leased to the stadium company.
The stadium itself remains owned by the municipality, and its depreciation is not charged to the balance sheet, as are the large loans the municipality took out to build it. Even so, a capital deficit of 100 million shekels has been created in the meantime…
I read it from cover to cover, but you probably certainly didn't. The stadium is fully owned by the Sports Center Company, including the commercial spaces in it. Their lack of development leads to loss of income and postponement of loan repayments. That is, at the expense of the public, of course. Furthermore, the Sports Center Company is owned by the economic company owned by the Haifa Municipality, which is owned by the residents. So any blunder down this chain will be paid for by the residents... and there are so many...
We need to double the property tax for Haifa residents and drive them out of the city. This will lower rent and drive away the sharks of Tama38, and thus the city will be saved from all the megalomania of urban renewal and the real estate frenzy that is turning the city into one big traffic jam…
I find it hard to deal with ignorance. I thought to myself, "Whoever pretends to visit also knows how to read..."
Amazing. Must come up with a solution. Thanks for the enlightenment and the comment.
Jacob Rob
Honestly, this is our only city.
Systemic failure in Haifa: The city is on the road to moral and economic bankruptcy!
It's time to stop embellishing reality: the current Haifa municipality administration is a resounding failure on every possible front. It's long been more than just "poor management" - it's a total collapse. From the engineering administration that is run far from the provisions of the law, through a faltering education system and collapsing welfare, to city maintenance that makes Haifa look like an abandoned and ruined city.
The stadium is just the tip of the iceberg. The economic failure at "Sammy Ofer" is a direct continuation of a flawed mentality that has taken root in the corridors of the municipality. A municipality that has lost control of a strategic asset like Matam – the goose that laid golden eggs for us for decades – should not be surprised today that it is unable to run a municipal business without losing capital.
The writing on the wall:
Planning decay: Planning and construction procedures that are allegedly tainted by violations of the law and a lack of transparency.
Amateur mentality: Failed business management that turns every public asset into a burden on the resident's pocket.
Lack of integrity: A huge gap between statements and performance on the ground.
The mayor and his deputies – home!
Don't wait for a miracle, and don't wait for the city to reach final insolvency. If you have any shred of public responsibility left, advance your departure now. Make way for people with skills, vision, and most importantly, integrity – before Haifa reaches a point of no return from which it will never recover.
We will not agree to pay the price for your failure!
You're 100 percent right, and I haven't even expanded on the failure of the port campus... Hundreds of millions were invested and everything is slowly crumbling back to zero because people barely hang out there except on the weekends.
right!!
There is no more faithful description than the words of the faithful reader.
His words seemed to come from my throat.
In every area over which the municipality is responsible, there is incompetence, corruption, embedded immorality, and the promotion of personal interests at the expense of the residents. And an obsessive guarding of the chair at the expense of the residents. How long will this audacity continue?????
I need to work in the municipality. I have no interest outside of Haifa. I just need a personal guarantee from bodyguards. If you haven't noticed, the youth today are really violent, and in Haifa there are a lot of Arabs and youth, a lot of criminals and Arab drug dealers, and Jewish arms dealers who stole from the army.
If it's only a matter of a few years until the profits from the commercial spaces are realized, why privatize now? Don't the residents of Haifa deserve to receive the return on their investment in the stadium? It would be better if it went to a private developer? (Maybe a friend of Dr. Sagi's?)
Where do you get this incorrect information? This company hasn't moved a nail yet, the municipal company hasn't even started paying back huge loans, the losses continue and the stadium is already more than a decade old. What future profit are you talking about??? And to make up for everything we lost
Do you know by now?
How, when, and who will replace the leadership in the municipality? It is impossible to justify continued failed management.
😍Suggestion & personal recommendation: Hold in the huge "Sammy Ofer Stadium" ✨️many-seated, ✨️big "music shows"...; as they do in other places in Israel and around the world..., as they do in our area in "beautiful Caesarea" where the seats are not really comfortable for the "butt" and yet, enjoy!😂
And why do you think they haven't done it by now? The failure is deeper than you think...
If only they had built the stadium with performances in mind... It turned out that there were construction flaws that made it impossible to hold performances because there weren't enough emergency exits and the VIP stand wasn't adapted to set up a large stage.
I know of the following in Haifa: the Gural cable car, the cable car to the university, and of course the Sammy Ofer Stadium, which impose an unnecessary financial burden on the citizens of Haifa.
And there are certainly a few more deficit projects.
Isn't it time to cancel them?
NO! NO! NO!
= And let's say 🙏"Thank you" for every "urban project", which distinguishes & unites ✨️"Beautiful Haifa"!!!!!
* It is always worth trying to look at our country in general… our city in particular: "with a good eye"😂
Yona Yahav was the first to sell municipal properties – the super profitable Matam company. The problem is that he sold the wrong property for reasons that are apparently still unclear to anyone…. He embraces and increases the loss-making properties….
It's not that he sold Matam, but that he sold it without any profit to Haifa!!!
He sold 51 percent of his shares, but the municipality committed in advance to invest the proceeds from the sale to Gav-Yam in the development of more buildings in the Matam area, meaning Gav-Yam actually paid the municipality nothing. Because they didn't want to raise money through loans.