STADIUM'S HOLY TRINITY

1 September 2005

Stadco was created last year to run the New Stadium. The football club, the rugby club and Swansea Council are all shareholders in the company.

Each of them own third shares in StadCo, although the council retains a 51 per cent voting rights on major issues.

These include the removal of a director and anything that would breach the law or risk the financial position of the new company.

Profits from ticket sales are split between the partners, with a slice going into a central fund held over for repairs and maintenance.

The council has refused to say exactly how the cash from ticket sales is split.

Swansea Council invested £155,000 when StadCo was set up.

Over half of that money went on legal fees and a further £25,000 went on management consultancy fees.

The three partners each stumped up £50,000 to become shareholders in the company.

Swansea City FC, The Ospreys and Swansea Council each have two directors on the board of StadCo.

Councillors Gerald Clement, the cabinet member for culture and recreation, and Gareth Sullivan, the cabinet member for economic and strategic development, are the authority's representatives on the board.

The council is also entitled to put on up to 12 community events a year at the stadium and keep the income from them.