Dan Peters 16 August 2017

Salford set to approve stadium loan

Salford set to approve stadium loan image

Salford City Council is poised to approve a £630,000 loan to the home stadium of its main rugby league and union clubs.

The loan to the City of Salford Community Stadium (COSCOS), where Salford Red Devils and Sale Sharks Play, will be matched by Peel Holdings, which built the venue under a joint venture partnership arrangement with the council.

A report to a council meeting today said ongoing financial support was ‘necessary to enable the stadium company to fully discharge its liabilities during the current financial year’.

The report read: ‘Without this additional support from both shareholders the stadium company would default on the existing council loan with serious implications for the city council’s investment and accounts.

‘It is also currently anticipated that over at least the next three years further loan finance will be required from the two COSCOS shareholders to support the company.’

The council believes the existence of a community stadium ‘provides a wide range of benefits for many residents, businesses and visitors’.

COSCOS is also used as an event and conference space, with around 35,000 delegates attending in the last year.

Its ability to repay loans in the long-term is conditional upon land sales, which are estimated to raise up to £16.7m.

Time for a council tax precept to fund CCTV image

Time for a council tax precept to fund CCTV

The crisis in funding for CCTV systems is not being addressed by the government or the police and is leading to the curtailment of this vital service in local authorities across the country. How can we ensure that communities that want this service continue to receive it, asks Tom Reeve.
SIGN UP
For your free daily news bulletin
Highways jobs

Senior Commissioning Officer - Community Catalyst

Essex County Council
Up to £35026 per annum
Senior Commissioning Officer - Community CatalystFixed Term, Full TimeUp to £35,026 per annumLocation
Recuriter: Essex County Council

Resource Centre Worker

North Yorkshire County Council
£20,493 - £24,982 per annum, pro rata
We work closely with families and other professionals to ensure that we have sound knowledge of the children we are caring for and are able to... Harrogate, North Yorkshire
Recuriter: North Yorkshire County Council

Relationship Manager

iChoosr
Competitive
We are looking for an engaging and amiable professional with experience working for, or with, local authorities and an eye for detail. United Kingdom
Recuriter: iChoosr

Adults Service Manager - South

Essex County Council
£58727 - £66963 per annum
Adults Service Manager - SouthFixed Term, Full Time£58,727 - £66,963 per annumLocation
Recuriter: Essex County Council

Pension Officer

Essex County Council
Negotiable
Pension Officer Temporary, Full Time £10.42 - £12.26 per hour Location
Recuriter: Essex County Council

Public Property

Latest issue - Public Property News

This issue of Public Property examines how how flexible workspaces can lead the way in regeneration for local authorities, Why local authority intervention is key to successful urban regeneration schemes and if the Government’s challenge of embracing beauty is an opportunity for communities.

The March issue also takes a closer look at Blackburn with Darwen Council's first digital health hub to help people gain control over health and care services.

Register for your free digital issue