Cambridge United: League One club to buy back Abbey Stadium home
- Published
Abbey Stadium first staged league football when Cambridge United were elected into the Football League in 1970 in place of Bradford Park Avenue
Cambridge United are to become owners of their stadium again after 18 years as tenants, having agreed to buy back the Abbey Stadium freehold.
The U's, then in League Two, sold the freehold in December 2004 initially to raise funds to help them stay in existence, in the season they were relegated from the Football League.
Cambridge have had Grosvenor Property UK as their landlords since 2010.
But club owner Paul Barry has now agreed a deal to buy back the ground.
US-based Barry, majority shareholder at the club who are now mid-table in League One, announced on Twitter that a deal is due to be completed at the end of this season.
"We have agreement in principle with Grosvenor for the club to buy back the freehold of the Abbey Stadium," he said. "We have agreed a very fair and reasonable price.
"The funding plan is in place and we hope to conclude the purchase by the summer."
This would appear to end the plan announced by the club three months before the Covid-19 pandemic to move to a new 12,000-capacity greenbelt stadium on the east of the city.
Abbey Stadium timeline
Dec 2004: Abbey Stadium sold to director John Howard for £1.92m in order to stave off administration.
April 2005: Cambridge United enter administration.
April 2010: Grosvenor Property UK buy Abbey Stadium from Howard for £3.5m and reduce the club's rent to a token level.
April 2012: Grosvenor unveil plans for a community stadium and sports village at Trumpington Meadows.
May 2013: Grosvenor plans fail to be included in Cambridge City's Council updated local plan.
January 2015: Plans for a new ground are shelved, as the club opt to remain at a redeveloped Abbey Stadium.
June 2017: Grosvenor withdraw plans for a redeveloped Abbey Stadium and combined residential development because of a lack of support.
Dec 2019: Cambridge reveal plans to move to a new 12,000-capacity greenbelt stadium to the east of the city.
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