Budapest City Hall will merge 14 properties owned by the capital into a holding company called Budapest Sport Non-profit from January 1, 2010.
The properties are worth about Ft 10.5 billion and include the athletics centre on Margaret Island and the ice rink in City Park. The head of the company will be appointed for five years with a monthly salary of Ft 930,000 and a potential bonus of 60% of his annual salary.
Fidesz city council sports sub-committee deputy chairman Imre Pesti told Magyar Hírlap that the new company should only operate with the full supervision of the opposition, and his party will have to assent to the privatisation of sports grounds and dismissals of personnel.