Today’s cabinet meeting has seen Salford Council agree to wholly acquire the Salford Community Stadium
The home of the Salford Red Devils and Sale Sharks will now be owned by the City of Salford in what the Mayor Paul Dennett has described as a momentous day for the City
The council has decided to acquire the remaining 50 per cent of shares in the stadium
The decision, not without controversy will also allow the council to control the land around the stadium,currently considered by some to be a wasteland
The council insists that the move will enable regeneration of a significant part of the city as well as offer more social, cultural, sports & employment opportunities for its residents.
A £65m development plan aims to create around 790 new jobs, delivering £28 million worth of social value according to the council
The deal will now see the council buy the remaining 50 per cent of The Peel Group’s shares in the Salford Community Stadium Limited – which is currently jointly owned by Salford City Council and The Peel Group.
Reports say that the council will take on a £29.7m debt as well as a £1.7m share equity
The Mayor however says the debt was already in the council’s accounts.
Mayor of Greater Manchester Andy Burnham said: “This is fantastic news for Salford and for rugby fans across Greater Manchester. Mayor Dennett and Salford City Council have taken an important step to protect our city-region’s great sporting heritage and unlock new opportunities for growth and regeneration.
“The Salford Community Stadium is not just a sports venue – it’s a community asset, and a symbol of our passion and ambition for both codes of the game. Together with the other iconic grounds in Greater Manchester, it is proof that this is the sporting capital of the country.
“This is a proud moment for Salford, for rugby, and for all of us who love this great sport.”
