SALFORD COUNCIL’S deal for the Salford Community Stadium has been completed in a major boost for the Salford Red Devils.
That’s according to Salford Now, which has reported that the formal legal sale between Salford City Council and Peel Group has now been done, despite concerns about the length of time it had been taking.
That length of time had pushed the Red Devils into financial difficulty, with the Super League club having to ask for an advance of their central distribution funding from the RL Council to the tune of £500,000.
It is now hoped that the completed stadium deal will help Salford with financial benefits.
Salford City Mayor Paul Dennett confirmed the deal was complete today (December 13), as he said: “I can confirm that, following recent democratic decision-making process, negotiations and financial due diligence.
“Salford City Council’s acquisition of Peel’s 50% shareholding in the City of Salford Community Stadium Limited (COSCOS) is now complete.
“CosCos was initially a 50:50 joint venture company between Salford City Council and Peel Land established in 2010.
“This deal means that the council is now the sole shareholder of CosCos, the company which owns Salford Community Stadium.”
Dennett continued: “Work will now kick off with exciting plans to engage fans, community groups and grass-roots rugby clubs, schools, education providers and residents with the city’s Community Stadium and the sport of rugby.
“The stadium will be at the heart of the city’s Rugby Strategy, with huge potential to increase participation rates in sport and contribute to improving the health and wellbeing of local people of all ages through all forms of the game and the wider activities.”
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