York City Football Club has sold its former stadium at Bootham Crescent to Persimmon Homes Ltd for £7m.
The sale has allowed the Club to pay off both the Football Stadia Improvement Fund and the City Council who had assisted by the provision of historical funding which has allowed the Club to contribute significantly to the cost of the building the new LNER Community Stadium.
The balance after payment of project related costs has been used to pay off a capped element of the capital invested by JM Packaging Ltd (JMP). All interest accrued on that capital as well as part of the capital itself being written off by JMP.
JMP have entered into a funding agreement to ensure generous funds will be made available to the Club for the remainder of the season. JMP are prepared to provide further funding beyond this date if so required and if agreed with the Supporters’ Trust.
The Club has entered into a written protocol with the Supporters’ Trust to ensure that they work more closely together in the future. These parties have also put in place a streamlined procedure which could be utilised should any third-party who is interested in moving the Club forward table a suitable offer. Such an offer would only be accepted if both the Club board and Supporters Trust agree that it is in the best long-term interest of the Club.
James Bradley of Knights plc acted as legal advisor to Bootham Crescent Holdings Limited in relation to the sale. Savills and Aspect4 acted on the price negotiations with Persimmon. The Club was represented by Stephen Baylis of Parisi Solicitors Ltd.
