Re: Stadium Developments : Fri Jun 08, 2012 12:18 pm
The major blocker to Wakefield's proposed new stadium has been gaining planning permission for the whole of the proposed Newmarket site, the outcome of which will of course be shortly know (latest 19th June). A outline funding package has been put together for the stadium and community sports complex, which includes funding from the developers of the site under a proposed section 106 agreement; Wakefield MDC in the form of asset loan land security funding not direct funding (value circa £2m) (BTW - the same level of security value has been made available to Cas when required); Wakefield College, who propose to move their sports, leisure & tourism students to the site; and finally other grant funding packages, such as Sports England, which is being lead by Sir Rodney Walker on behalf of the Community Trust that will run the stadium. Once planning is agreed this funding can be released and put in place over the next 6 months (or hopefully sooner), with the new stadium finished latest for start of 2015 season, but target now mid-way through 2014 season.The major blocker to Castleford's move to Glasshoughton is not planning (which they have), but the funding package to build the new stadium. Castleford do have an asset in WR worth somewhere between £4m & £6m but then of course they also require additional funding to make up the build cost shortfall. This is were another developer comes in and has offered options to Cas to bridge the funding gap by way of planning gain for this and possibly adjoining/other sites close to WR. The option is conditional on securing end user clients for both this and now other sites, and gaining planning for these options. At which stage we understand Opus will release the sale value for WR (as they are buying it as part of the deal) and some top up funding to bridge that was originally envisaged to be the whole funding gap, but is understood to be falling short (although not prohibitively short) of the build value. It is unclear if that can be made up by borrowing £2m, as the Wakefield Community Trust plan to do, against the asset land given to both clubs by WMDC or still requires some more investment, which they might be able to come by once they have the bulk of the funding as they are close to a major leisure venue in Xscape/J32. The site also needs a new access road and it is unclear at the moment who is paying the circa £1m for that, but again that might be easier to find once they have the bulk of the funding sorted.
