The Peterborough Evening Telegraph
Posh complete stadium deal
Affordable homes plan for London Road car park area as club announces purchase from council
Peterborough United have formally completed the purchase of their stadium from the city council.
The protracted deal was signed by Posh chief executive Bob Symns and council leader John Holdich yesterday, Wednesday March 31.
Under the arrangement London Road Peterborough Properties Ltd – which is owned by club co-owners Darragh MacAnthony, Jason Neale and Stewart Thompson – will pay £5.265 million for the Weston Homes Stadium, Allia Future Business Centre and 12 car parking spaces, with the council holding onto much of the surrounding land it bought as part of the original deal, including the London Road car park.
The council bought the stadium and land for £8.4 million from a property developer back in 2010. It said including the sale it will have netted taxpayers £12.3 million with more to follow from council tax collections at the Vista carbon zero homes.
Under the terms of the contract agreed by the council and the Posh co-owners, the first £4.1 million instalment will be paid by the end of the month to make sure the authority meets its budget commitments.
The outstanding balance will then be paid out over the following five years,
The contract also includes a clause which means if the value of the land increases from a future development the council will share the uplift.
The council also agreed a £4.7 million grant to Posh to “fund the enhancement of the facilities” at its training ground at Nene Park Academy in Oundle Road and to “increase community use”.
According to a council report the commercial value of the stadium and associated properties have been valued by the authority’s property advisors NPS Peterborough Ltd at £6 million.
The council has previously stated that it believes it has made a profit of £1.7 million from owning the ground.
Posh are currently planning to re-locate to a new stadium at the Embankment.
The club received a £830,000 (20 per cent) discount from the council in its deal to buy back the ground, but the money will need to be repaid if Posh have not moved out by March 2029.
Posh are searching for a “massive stadium sponsorship partner” who could have naming rights for the club’s planned new home on the Embankment.
It was revealed recently that plans are being developed to build affordable homes at the London Road car park.
City council finance chief Peter Carpenter made the announcement at a scrutiny meeting. Mr Carpenter was being questioned about the sale of the ground and nearby land to Posh’s three co-owners which it was claimed will have generated the council an overall profit of £1.7 million.
The corporate director for resources told members of the Growth, Environment and Resources Scrutiny Committee
that the authority will be “building on the gravel car park through Medesham Homes over the next couple of years, providing more affordable homes”.
Medesham is a joint housing venture between the council and Cross Keys Homes.