After concerns raised by rugby fans Salford City Council have confirmed that the deal for the Salford Community Stadium is now complete.
The announcement that was made in early September that the stadium had been acquired by the council, actually wasn’t fully completed.
The time to complete formal legal sale between Salford City Council and Peel Group sparked fear amongst fans that the stadium was taking longer expected.
However, the Salford City Mayor Paul Dennett confirmed the deal was complete today (December 13), as he said: “I can confirm that, following recent democratic decision-making process, negotiations and financial due diligence.
“Salford City Council’s acquisition of Peel’s 50% shareholding in the City of Salford Community Stadium Limited (COSCOS) is now complete.”
Dennett continued: “CosCos was initially a 50:50 joint venture company between Salford City Council and Peel Land established in 2010.
“This deal means that the council is now the sole shareholder of CosCos, the company which owns Salford Community Stadium.”
The council will acquire two training pitches, a surfaced car park, with around 500 spaces, as well as a number of developable land assets with a footprint of 24.76 acres, adjacent to the stadium, and retains the residual land value of the stadium.
The approval to purchase the shareholding from the Peel Group has been continued since February, a decision that has cost £7.7million, which includes assignment of debt and shares.
The Salford City Mayor added: “This is great news for the city as it will safeguard jobs, ensure the continued community use of the facility and support the delivery of the council’s Rugby Strategy in 2025.
“It will enable the council to deliver its aims and aspirations by controlling future redevelopment of the area, a key regeneration site known as the western gateway.
“The deal brings to fruition the commitment to deliver the initial vision of a community stadium for the city and its people.”
The Salford Mayor continued to share that the 24.76 acres has potential to create hundreds of jobs in the area, as well as promoting new sports and leisure and rugby strategies in the future.
The deal will also be positive news for Salford Red Devils as it will help protect the Super League status of the club – and allow both the rugby league team and the Sale Sharks remain at the stadium.
The Salford Community Stadium will aim to provide a significant amount to the local community, with plans already underway to help with sports.
Dennett continued: “Work will now kick off with exciting plans to engage fans, community groups and grass-roots rugby clubs, schools, education providers and residents with the city’s Community Stadium and the sport of rugby.
“The stadium will be at the heart of the city’s Rugby Strategy, with huge potential to increase participation rates in sport and contribute to improving the health and wellbeing of local people of all ages through all forms of the game and the wider activities.”
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