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.

For your free daily news bulletin
Highways jobs

Senior Social Worker - LD & Autism

Essex County Council
£30906 - £42254 per annum
Senior Social Worker / Senior Occupational Therapist/ Senior Practitioner With us, you can achieve more - for yourself as well as those you work to s England, Essex, Harlow
Recuriter: Essex County Council

Social Worker - Assessment and Intervention

Essex County Council
£30906 - £42254 per annum + + Free On-Site Parking & Benefits Package
Social Worker - Assessment and InterventionPermanentFull Time£30,906 to £42,254 per annumLocation
Recuriter: Essex County Council

Social Worker - Children with Disabilities

Essex County Council
Social Worker - Children with DisabilitiesPermanent, Full Time£30,906 to £42,254 per annumLocation
Recuriter: Essex County Council

Duty Manager (South Woodham Ferrers Leisure Centre)

Chelmsford City Council
Grade 5 - Starting at £22,944 per annum, rising to £25,284
South Woodham Ferrers Leisure Centre is one of Chelmsford City Council's excellent leisure facilities which offers a variety of sporting activities... Chelmsford, Essex
Recuriter: Chelmsford City Council

Assistant Director - Inclusion

Suffolk County Council
£75,745 - £93,245 pa
We are seeking a highly skilled Assistant Director Ipswich, Suffolk
Recuriter: Suffolk 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