The transfer of the County Ground from the Council to a joint venture of Swindon Town Football Club and the Trust STFC is a step closer to being completed.
Next Wednesday 16th March the Council’s Cabinet will meet and is recommended to approve plan for the the sale of the Council’s freehold ownership of the County Ground to the County Ground Stadium Custodians Trust Ltd Joint Venture (JV) for £2.3million.
The Cabinet had previously approved the sale back in 2019 to a join venture company made up 50% by the Club and 50% by Swindon Town Community Mutual Ltd, however, the sale did not proceed because the then chairman, Lee Power, became involved in a legal dispute regarding ownership of the Club.
According to the Council’s recommendation the funds for the purchase will be supplied by the Trustees of the late Nigel Eady, who was a lifelong supporter of STFC and left a substantial trust fund to benefit the Club.
Should there be any issue with the funds being released by the Nigel Eady Trust it is understood that the club will pay the fee with current chairman, Clem Morfuni acting as guarantor.
The Council will retain the option to buy back the freehold should the joint venture
not commence the Stadium Development Plan in place which includes a £1million redevelopment of the Stratton Bank set to start by 2024 and is part of wider plans which include a new Town End, conference facilities and hotel with building work set to start between 2026 -27 at a cost of £20million.
not commence the Stadium Development Plan in place which includes a £1million redevelopment of the Stratton Bank set to start by 2024 and is part of wider plans which include a new Town End, conference facilities and hotel with building work set to start between 2026 -27 at a cost of £20million.
The Council will also retain the first opportunity to buy back the freehold if the JV wanted to dispose of its interest at a future date.
