Salford Red Devils receive huge boost as £7.7m stadium deal finalized
The Super League side received an advance in central funding last month with the club pointing to the protracted situation around the council’s purchase of their ground as one of the major reasons.
In a statement released in November, the Red Devils insisted that until clarity arrives on the stadium, they were in a holding pattern, unable to follow through with commercial and sponsorship opportunities.
The Red Devils’ financial standing remains unclear at this point, with Rugby League Live reporting that the club will be forced to make cuts to their expenditure with player exits likely. However, the completion of the stadium deal will come as a huge boost for the club as they look to move forward and secure their future.
In a statement released by the council, Mayor Paul Dennett claims the deal, which cost £7.7 million, will help to protect Salford’s Super League status.
A statement read: “I can confirm that, following recent democratic decision-making process, negotiations and financial due diligence, Salford City Council’s acquisition of Peel’s 50% shareholding in the City of Salford Community Stadium Limited (COSCOS) is now complete. This includes all developable land assets within the joint venture.
“COSCOS was initially a 50:50 joint venture company between Salford City Council and Peel Land established in 2010. This deal means that the council is now the sole shareholder of COSCOS, the company which owns Salford Community Stadium, along with two training pitches, a surfaced car park, with around 500 spaces, as well as a number of developable land assets with a footprint of 24.76 acres, adjacent to the stadium, and retains the residual land value of the stadium.
“Approval to purchase Peel’s shareholding was agreed In February 2024 at a council cabinet meeting. Since the February decision, a significant amount of legal and financial due diligence has been undertaken and the deal which has cost £7.7million, which includes assignment of debt and shares, is now complete.
This is great news for the city as it will safeguard jobs, ensure the continued community use of the facility and support the delivery of the council’s Rugby Strategy in 2025.
It will enable the council to deliver its aims and aspirations by controlling future redevelopment of the area, a key regeneration site known as the western gateway. With full development, the 24.76 acres site, has the potential to create hundreds of new jobs, with 6.02 acres already under offer and 1.82 acres to be sold imminently, attract further significant private sector investment and deliver millions of pounds worth of social value.
“The deal brings to fruition the commitment to deliver the initial vision of a community stadium for the city and its people.
The future will be grounded in new sports and leisure and rugby strategies, with links to activity, culture and health and wellbeing and fair access and opportunities. It also helps protect the Super League status of Salford Red Devils RLFC and ensure both the Red Devils and Sale Sharks will retain their position playing in Salford.
Work will now kick off with exciting plans to engage fans, community groups and grass-roots rugby clubs, schools, education providers and residents with the city’s Community Stadium and the sport of rugby.
The stadium will be at the heart of the city’s Rugby Strategy, with huge potential to increase participation rates in sport and contribute to improving the health and wellbeing of local people of all ages through all forms of the game and the wider activities.
