SALFORD RED DEVILS have been given a major boost with the Salford Community Stadium set to be taken over by the Salford City Council.
A deal has been agreed to buyout Peel, The Business Desk has revealed, with the value of the stadium approximately £12 million and the Council agreeing to spend £6 million to purchase Peel’s share.
The Business Desk has also revealed that Salford City Council will take on a £29.7m debt as well as £1.7m share equity in the company that runs the venue, with an official decision expected at a scheduled meeting on 3 September.
Salford city mayor, Paul Dennett said: “We think it’s in our best interest to acquire the company so the city council is solely responsible for the stadium as well as the regeneration of that land around the stadium.
“It’s about jobs and regenerating that part of the city, something we committed to all those years ago.”
In buying Peel’s share of the stadium, the Council will secure a permanent, future home for the Salford Red Devils as well as the Sale Sharks, with neither club previously being happy about their original tenancy agreement.
With full ownership, Salford City Council would have 100 per cent control of the stadium, car parks, training pitches and hold the right to potentially develop the land.
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