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Football club in ground deal - property development finance

Published: 8.5.2008

Grimsby Town Football Club has struck a deal with a commercial property developer for work on its new stadium.

The club has announced that it has reached a deal with Castlemore Securities for the project, which will involve £81 million of property Development Finance and include retail, community and business premises.

Grimsby Town chairman John Fenty said: "The appointment of Castlemore to work in partnership with us will enable the project to be moved forward through the planning process."

Mr Fenty said the plan would create new jobs as well as providing a new venue for the club to play at, replacing its existing Blundell Park ground in Cleethorpes.

It is the latest in a number of cases of sporting clubs looking to develop their facilities to generate extra commercial revenue.

Earlier this week Liverpool Football Club''s £350 million plans for a new stadium were approved by the city council.


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