University bosses strike sports gold
Council land deal to contain huge sell-on
University chiefs are to insert a massive sell-on clause in a multi-million land deal with the council.
South Ayrshire bosses will swoop for a plot at Craigie, owned by the University of the West of Scotland, in a £2.6m buy-out.
But the sell-on clause could see the uni rake in a massive 75 per cent of any net profit.
As revealed by the Post in February, the land beside the new Ayr Academy will be turned into a hi-tech sports hub.
It’s hoped the base, crossbranded between the council and UWS, will provide athletes with 21st century facilities.
But terms of the deal being negotiated by officials have sparked anger among top councillors.
Should the land be resold by the council in years one to three, UWS will earn the majority of any net profit.
And they would reclaim 55 per cent if the land was sold in years four to ten.
A paper confirming the talks has been nodded through the council’s Leadership Panel without questions.
Labour councillor, Ian Cavana, who represents Craigie, said: “I would have liked to see some questioning around the conditions.
“It would be fair to say I’m disappointed by the size of the sell-on fee.”
Opposition leader, Tory Martin Dowey, added: “This deal does not represent good value for money for South Ayrshire Council.
“Whoever negotiated it on behalf of UWS should be working for us.”
A UWS spokesman said: “The university can confirm that it is currently in discussion with South Ayrshire Council regarding the sale of the land that its former campus was located on.
“Under standard contractual practice it would be expected that an agreement would contain conditions related to the re-sale of the land.”