EXCLUSIVE: Peterborough United owners reach a deal to purchase the Weston Homes Stadium from the city council
Peterborough United’s owners have reached agreement on a deal to purchase the Weston Homes Stadium back from Peterborough City Council.
The Peterborough Telegraph can reveal that deal is to be formally completed on March 31.
It was announced last March the two parties had agreed a deal with Posh paying £5.265 million for the stadium, Allia Future Business Centre and 12 car parking spaces, with the council holding onto much of the surrounding land it bought as part of the original deal, including the London Road car park.
But a couple of snagging points had turned up. Those have now been resolved.
Delighted Posh co-owner Stewart Thompson said: “We’ll be making a co-ordinated comment with the city council in a few weeks time, but both sides are pleased to have reached this point.”
The council bought the stadium and land for £8.4 million from a property developer back in 2010. It said including the sale it will have netted taxpayers £12.3 million, with more to follow from council tax collections at the Vista carbon zero homes.
However, the local authority granted a 20 per cent discount (£830,000) to Posh on the sale of the assets in order to ‘recognise the economic benefit provided to the city by the football club’.
The contract also included a clause which means if the value of the land increases from a future development the council will share the uplift.
TThe deal is between the council and Peterborough United Properties Limited which has been set up by Posh co-owners Darragh MacAnthony, Stewart ‘Randy’ Thompson and Dr Jason Neale, who will own the stadium separately to the club.
Meanwhile, Posh’s plans to move into a new 17,500 seater stadium at the Embankment have been delayed due to the coronavirus pandemic.
The club had hoped to move into the new multi-purpose ground in time for the 2022/23 season, but there will be at least a one-year delay.