Leeds City Council has agreed to back a £35m deal with a private investor to redevelop Headingley Carnegie Stadium.
Under the deal, the council would enter into an agreement with a third-party investor to lease the new facilities from the investor. Leeds Rhinos has also pledged £5m towards the total cost of the redevelopment.
Leader of Leeds City Council, cllr Judith Blake, said: ‘I am pleased that executive board has backed the deal which we have arranged with a private third-party investor to fund the redevelopment of Headingley Carnegie Stadium.
‘It’s vital for both the city and the region that Headingley continues to host high-class international and domestic sport. With the tight timescales which are involved for this work to begin, this route offers the best and most viable option moving forward. As part of this agreement, the cost of financing the development will be met by both the rugby and cricket clubs at no cost to the tax-payer.’
In 2019, Headingley Cricket Ground will be hosting matches from the 2019 World Cup, with associated economic benefits estimated at £20.5m.
The council estimates that once complete, the new stands will generate additional expenditure of £107.3m by 2023.