Owner’s frustration over stadium delay

DUNDEE: Keyes still confident project will come together, however

Dundee owner Tim Keyes admits he has been left frustrated by the continuing delays over a proposed new stadium for the club – but is confident the project will ultimately come to fruition.

The Dark Blues are looking to move from Dens to a site off the Kingsway close to Camperdown Park.

Keyes and fellow American, managing director John Nelms, have plans to include a crematorium, hotel and housing at the site.

However, finding financial backing for the project and in particular the stadium aspect of it has proved troublesome. Keyes said: “It is frustrating. It has been two steps forward, one step back or sideways.

“What we have found is that the project as a whole makes sense. Everybody is a little skittish about funding a stadium.

“We met with a group in London (last week) about the project so we will see how that goes.

“We are still talking with about three or four different sources who have all said they are interested, let’s talk about specifics.

“To me, everything takes longer than it should but I guess that’s what comes with big projects like this that are not quite common here or anywhere else in the world. It just takes time.”

The Dundee owner also explained why his family investment firm, Keyes Capital, would not consider taking on the entire financial funding burden themselves.

“I think from our perspective, we don’t want to be the sole funder of the stadium,” he said. “We are willing to put money into it and in our discussions with various parties we have said, ‘Here’s what we will put into it’.

“But we are not really in a position to fund a $40 million project on our own so we need financing help, we need assistance as it’s not what we would do on our own. That’s not the way we do business.

“To be honest, our typical investment is a couple of million dollars in one project – we already have that and more into the club as of now. We have a couple of $5 million investments which is the high end of what we do.”

The $64,000 question, if you like, is whether Keyes is still convinced the stadium will be built and he added: “Yes, I am. Like I said, it has been two steps forward, one step back at times.

“We have to make all the pieces come together but I have confidence that it will get up and running.”

Picture: SNS. Dundee owner Tim Keyes is still trying to negotiate over aspects of the building of a new stadium.