Its all systems GO!
After much negotiation the final piece of the jigsaw has finally been agreed between the Football Club and the City Council on the development of London Road.
At an extraordinary meeting of the full council on 31 July, Councilors unanimously voted and approved a budget of £1million to retrofit the London Rd end with seats, following the completion of the new Moys End stand and educational centre project. With this approval, both the Club and the Council leaders have agreed a new 25 year lease and the option for the football club to purchase the stadium anytime in the first 10 years of the new lease.
The football club had challenged the amount of rent payable under the present lease as the rent they collect from other commercial ventures around the stadium, was much less than the Council had projected. Therefore an independent rent review was conducted to negotiate a more realistic figure.
Rent for the year ending Sept 2013 has been reduced from £500k to £300k and the Club are actively making payment previously withheld, whilst negotiations took place. For the next 12 months or so, during the demolition and construction of the Moys End project, an abatement of £280k has been agreed to compensate for loss of revenue and extra security required during the construction. When the Moys End project is completed, the rent will rise to £380k per year and rise again to £430k after the retrofit of the London Road terrace.
As for the London Road End, the statement is that PCC & PUFC will still work together on achieving a major redevelopment of the LRE as the preferred option, however this can only be achieved if a developer to fund the project is found. If a developer cannot be found then the retrofit will ensure the club will have an all seated stadium, which is required when we get back to the Premiership.