Sports stadium buyout moves a step closer

Salford city mayor Paul Dennett, pictured at Salford Community Stadium, said the buy out was "about jobs and regenerating that part of the city"

A council's plans to take ownership of Salford Community Stadium have moved a step closer.

Salford City Council owns 50 per cent of the site, home to the Salford Red Devils and Sale Sharks, but took the decision to take full ownership in February.

Now town hall bosses look set to complete the buyout from their equal partner Peel, pending an official decision from the council cabinet on 3 September.

Salford city mayor, Paul Dennett said: "We think it’s in our best interest to acquire the company so the city council is solely responsible for the stadium as well as the regeneration of that land around the stadium.

Investment hopes

"It’s about jobs and regenerating that part of the city, something we committed to all those years ago."

He said the council wanted to keep Salford Red Devils in the city and in the Super League, and to generate revenue from the stadium, formerly known as the AJ Bell Stadium.

The council said it hoped the available land around the Stadium Way site would spark millions of pounds worth of investment, as well as bringing hundreds of new jobs to the area.

Mr Dennett said the council thought the buyout was in their best interest so they were solely responsible for the stadium and the regeneration of the land around it.

He said the council was carrying the financial burden of the stadium and believed "it is right and proper" that it pursued this.

The buyout would see the council take on a £29.7m debt as well as £1.7m share equity in CosCos, but Mr Dennett said this was a debt already in the council’s accounts.

He said the money could be recouped through the sale of development land around the stadium.

Conservative group leader Robin Garrido, has repeatedly opposed the plans.

At a full council meeting in July, Mr Garrido suggested the council would face legal barriers and wanted more due diligence on the matter.