Softbank to pay $1.05 bln for Japan stadium

Japanese mobile phone giant Softbank said on Monday it would pay an affiliate of a Singapore sovereign wealth fund more than $1.0 billion for its dome stadium in the country's south. Softbank, the country's third-biggest mobile phone operator, said the move was aimed at cutting costs tied to the Fukuoka Yahoo! Japan Dome, home ground for its professional baseball team the Fukuoka SoftBank Hawks. The Japanese firm said it pays 5.0 billion yen a year to an arm of the Singapore Investment Corporation (GIC) for use of the stadium. The sale price is 87.0 billion yen ($1.05 billion), it said. "The purchase will allow us to use (the stadium) more expeditiously, and... enable us to slash maintenance costs significantly," a Softbank spokesman told AFP, adding that the purchase would mean the company did not have to consult the current owner on events held at the ground. The 38,000-capacity stadium opened in 1993, hosting sporting events as well as concerts and exhibitions. About 2.2 million fans visited the stadium last year to see the Hawks, who are the reigning champions.