Loan deal for iconic stadium

Swansea Council Webiste
31 March 2005

Swansea Council’s Cabinet has agreed a £2m loan to help fitting-out costs at the city’s new stadium that’s on course for a summer opening.

The prestige home of Swansea Football Club and the Ospreys Rugby team will be one of the best venues for sport and culture in Wales.

Cabinet Member for Culture, Recreation and Tourism Gerald Clement said that the main contractor at the stadium would be handing over the building this month to Stadco, the company set up to manage it.

But in order to provide a fully complete stadium ready for use, Cabinet agreed that the council should loan Stadco £2m it needed for fit-out items including furniture, lockers, kitchen and other equipment.

Cllr Clement said, “In the original plan for the stadium there never was provision for the kitchen fit-out. It was envisiaged that an outside contractor would be given the catering contract and they would pay the cost of the kitchen.

“But by doing it this way Stadco will be able to maximise its returns on the operation of the kitchen which will be in the best interests of the long-term future of the stadium.”

Cllr Clement stressed that the loan was not interest-free, nor would there be a cost to the authority or council taxpayers. Income generated through sponsorship and other sources would be used to pay the loan and interest.

Cllr Clement said, “The stadium is going to give a massive boost to the sporting and cultural profile of Swansea. It’s being delivered on time and I’ve no doubt that it will deliver also on its rich promise as an landmark for our city.”