Peterborough United co-owners confirm purchase of London Road stadium from city council

Peterborough United’s co-owners have confirmed their purchase of Weston Homes Stadium from Peterborough City Council.

The stadium, previously often called London Road, has been owned by the council since 2010, who bought it for £8.4 million to save lots of the membership from being purchased by property traders.

Since then, Posh have paid over £4 million in hire to the council to proceed utilizing the 15,314 capability stadium which has been their dwelling since 1934.

Now, the Weston Homes Stadium and the land surrounding it – together with the Allia Business Centre and ancillary land – has been offered to London Road Peterborough Properties Ltd, an organization managed by Posh’s co-owners Jason Neale and Stewart Thompson and chairman Darragh MacAnthony, bringing the stadium below the membership’s management.

It was reported earlier this month that the bottom can be offered again for £6,095,000, minus a £1.25 million low cost given to the membership in recognition of its financial and social profit to the city and £2.8 million funding within the Allia Business Centre, which affords versatile working house and help for start-up companies.

As half of the sale, the council will even retain the London Road automobile park, valued at £700,000, which it plans to promote to builders to be used as reasonably priced city centre carbon zero housing.

This implies that, mixed with the £4.08 million hire paid by the membership over the previous ten years, ongoing council tax funds of £2 million, and ongoing enterprise charges of £491,291, the overall revenue made by Peterborough City Council on the deal stands at simply over £1.7 million.

Despite being again below the membership’s management, the Weston Homes Stadium will not be the house of Peterborough United for for much longer.

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The membership plans to construct a brand new stadium on the Embankment in Peterborough within the coming years.

With an idea primarily based on Ferencváros’ stadium in Budapest, the brand new Embankment Stadium would have a capability of 19,500 and has a projected completion date of 2023.

Despite the truth that the formal planning course of for the stadium has not begun but, Posh co-owner Stewart Thompson needed to defend the proposed location in opposition to backlash from a Facebook group named ‘Save Peterborough Embankment’.

In an open letter, Thompson wrote: “Not solely is the placement best for entry by dwelling and away supporters alike, however our proposal would additionally see what’s presently a dramatically under-utilised piece of land grow to be an enhanced city-centre focus for the individuals of Peterborough and the encompassing space.”

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