The Greenpoint Ratepayers Association on Wednesday labelled the Cape Town Stadium's lease agreement "an embarrassing bungle".

Errors in the document's text and figures may result in the venue being rented for R1 a year by stadium operators SAIL-Stadefrance instead of R100 000.

The association argued even the R100 000 was too little to cover the stadium's maintenance and related costs.

"When one looks at the stadium's cost in the region of R7-billion, the difference between one rand and a R100 000 is actually negligible. Both amounts are pitiful amounts in terms of an annual rent on such a structure," said the association's James Loock.