Stadium Industry Updates - 16 July 2024
Lazio unveils redevelopment plans, Leeds United takes back full ownership of Elland Road, new agreement for the sale of the City Ground land, lease extension secured by KV Kortrijk and much more in our latest stadium industry updates.
Lazio unveils redevelopment plans
Lazio President Claudio Lotito and his team of designers and lawyers presented their new plans to the mayor or Rome for the redevelopment of the Stadio Flaminio and bring the club back to the stadium. He proposed that the stadium will be expanded from 24,973 to a capacity of approximately 50,000 while preserving the historic sites such as the existing Nervi architecture. He added that the technical aspects will be finalised by Oktober.
The stadium is going to be a multi-sport venue and will cost at least €250m. Also, in the last two weeks two other projects were presented, one by Credito Sportivo and one by Roma Nuoto. The old venue was built to host the 1960 Olympic Games and served as a football and rugby ground before it got closed in 2011.
Leeds United takes back full ownership of Elland Road
20 years ago, the ownership of the stadium and training ground was sold when the club faced financial troubles with a debt of approximately £30m, but now they took back full ownership of their Elland Road stadium. It was sold for only £8m in 2004 and the training ground was sold for £4.2m. These financial troubles started when Peter Ridsdale, chairman of the club, took out a large loan expecting to repay it after they qualified for the UEFA Champions League with the extra television rights and sponsorship revenue. However, the club never qualified for the competition and couldn’t repay the loans. As a result, they spent 3 seasons in the third league but have been back in the Premier League since the 2020-21 season. The stadium is the home of the club for over 105 years.
New ‘in principle’ agreement for the sale of the City Ground land
The council leader of Nottingham city Negat Khan announced a new ‘in principle’ deal for the sale of the land on which the stadium of the Premier League club Nottingham Forrest sits on has been signed. The announcement came after it emerged that the club has been offered a deal to buy the land for approximately £10m. The existing 50-year lease was signed in 2011. Nottingham Forrest plans to expand the City Grounds capacity from 29,550 to 40,000. There are also plans to build a brand-new stadium at a different location. The City Ground stadium has been the club’s home since 1898.
Lease extension secured by KV Kortrijk
KV Kortrijk, a Belgian Pro League team, has secured a deal with the City of Kortrijk, allowing them to continue playing at the Guldensporen Stadium and using the youth complex for the next nine seasons. Both facilities are owned by the city. As part of the agreement, KV Kortrijk will also support various social initiatives in the city. After narrowly avoiding relegation last season, owner Vincent Tan has recently injected €10m in capital. With this financial boost and the new agreement, they aim for a more successful 2024-25 season.
Rangers unable to set date for Ibrox return
Chairman of Rangers FC, John Bennett, announced that the delays in the Copland project have prevented the club from setting a return date to the Ibrox Stadium. Last month the club revealed that they will not be able to return to their stadium at the start of the 2024-25 due to the supply chain issues. Consequently, the club is now close to finalising a deal to begin the 2024-25 season at Hampden Park.
Reaction of Stage Front over ending naming rights deal with Espanyol
Recently, RCD Espanyol terminated its 5-year naming right deal with ticketing group Stage Front after only 1 year due to the non-payments and breach of contract and is pursuing legal actions. Stage Front now claims that it was forced to terminate the contract due to an essential breach by the club. The breach involved that the club failed to allow the sale of a minimum number of tickets at a minimum price of around €50, exclusively through Stage Front’s ticket sales technology platform. This condition was a key part of the agreement that led Stage Front to formalise the contract with the RCD Espanyol.
Ascott Limited will manage on-site hotels at Stamford Bridge
As part of a wider sponsorship deal, Chelsea has appointed The Ascott Limited to manage the on-site hotels at Stamford Bridge. The Ascott Limited is a lodging business unit of Singapore-listed CapitaLand Investment Limited. The company has been named the official global hotel partner of the club, replacing Hilton. This partnership aims to offer exclusive experiences for Ascott Star Rewards members that would include access to matches at Stamford Bridge and VIP visits to the training ground of Chelsea. Additionally, the Ascott brand will be featured during the men’s and women’s matches at Standford Bridge and other Chelsea’s social and digital channels.
New unique design released for AFL stadium
New concept designs have been released for a proposed AFL venue in Hobart. It will feature the world’s largest timber-roofed stadium. The new proposed stadium is going to have a capacity of 23,000 and will feature a 1,500-person function room with views of Mount Wellington and a stage pocket in the northern stand to support concerts and events. The stadium will also be able to host top-level cricket matches. The total budget of the project is approximately €650m. The stadium is set to open in 2028.