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From Arsenal.com
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Construction work on new stadium has recommenced
Following months of negotiation, Arsenal is today delighted to confirm that funding for its £357million¹ stadium project has been secured² and construction and regenerative work in and around the site has already resumed, thus ensuring the new 60,000 capacity stadium opens as planned for the start of the 2006/2007 season.
To finance this highly complex project, Ashburton Properties³ has obtained a £260million senior loan facility from a stadium facilities banking group which comprises: the Royal Bank of Scotland PLC, Espirito Santo Investment, The Bank of Ireland, Allied Irish Banks PLC, CIT Group Structured Finance (UK) Limited and HSH Nordbank AG. Interest on the senior debt is set at a commercial fixed rate over the 14 year term.
Arsenal is contributing the balance of the stadium project costs through funds from Granada, Nike and the sale of surplus land assets relating to the stadium site. Also once the Club relocates in 2006, Arsenal has planning permission for a residential development of Highbury.
Appropriate backing facilities have also been secured for other members of the Arsenal Group with the Royal Bank of Scotland PLC and Barclays Bank plc, Barclays will continue to act as bankers to Arsenal Football Club.
Commenting on the news Arsenal Director Danny Fiszman said: "We believe we have now effectively concluded the pre construction phase of the project and secured the Stadium for Arsenal with all its benefits. This is a very considerable achievement given the complexity of the project across an enormous range of issues and that, in addition to the stadium, we will also be delivering one of the largest regeneration schemes in the country."
"A lot of people have worked very hard to bring us this far but I would particularly like to thank Islington Council, who have worked alongside us from the outset, the London Development Agency and the Mayor for all their support. We now look forward to working with our banking group and chosen constructor, McAlpine, as we move into the construction phase of the project."
Arsenal Chairman Peter Hill-Wood concurred: "This is excellent news for Arsenal. Over recent years we have established ourselves as one of the leading clubs in Europe and the stadium, which we can now positively look forward to, will provide us with the opportunity to sustain and build on this position. The financing of the Group is now complex, but throughout the financing structure we have retained the twin objectives of continued investment in our outstanding playing squad and separate funding for the building of the Stadium."
Arsenal Manager Arsène Wenger enthused: "This is very exciting news. This Club has such an illustrious past but today is one of the most important dates in our history. It has been a big target of mine to participate in pushing the Club forward and relocating to a new stadium is a necessity as it will enable us to become of one the biggest clubs in the world. Also, I love the fact that the new site is so close to Highbury, it's where our heart is and from a personal point of view, I am hopeful of being the Arsenal manager when we move to the new stadium in 2006. "
The stadium will be built by Sir Robert McAlpine under a £220m fixed price contract which also includes the construction of the new waste and recycling centre.
-----
Construction work on new stadium has recommenced
Following months of negotiation, Arsenal is today delighted to confirm that funding for its £357million¹ stadium project has been secured² and construction and regenerative work in and around the site has already resumed, thus ensuring the new 60,000 capacity stadium opens as planned for the start of the 2006/2007 season.
To finance this highly complex project, Ashburton Properties³ has obtained a £260million senior loan facility from a stadium facilities banking group which comprises: the Royal Bank of Scotland PLC, Espirito Santo Investment, The Bank of Ireland, Allied Irish Banks PLC, CIT Group Structured Finance (UK) Limited and HSH Nordbank AG. Interest on the senior debt is set at a commercial fixed rate over the 14 year term.
Arsenal is contributing the balance of the stadium project costs through funds from Granada, Nike and the sale of surplus land assets relating to the stadium site. Also once the Club relocates in 2006, Arsenal has planning permission for a residential development of Highbury.
Appropriate backing facilities have also been secured for other members of the Arsenal Group with the Royal Bank of Scotland PLC and Barclays Bank plc, Barclays will continue to act as bankers to Arsenal Football Club.
Commenting on the news Arsenal Director Danny Fiszman said: "We believe we have now effectively concluded the pre construction phase of the project and secured the Stadium for Arsenal with all its benefits. This is a very considerable achievement given the complexity of the project across an enormous range of issues and that, in addition to the stadium, we will also be delivering one of the largest regeneration schemes in the country."
"A lot of people have worked very hard to bring us this far but I would particularly like to thank Islington Council, who have worked alongside us from the outset, the London Development Agency and the Mayor for all their support. We now look forward to working with our banking group and chosen constructor, McAlpine, as we move into the construction phase of the project."
Arsenal Chairman Peter Hill-Wood concurred: "This is excellent news for Arsenal. Over recent years we have established ourselves as one of the leading clubs in Europe and the stadium, which we can now positively look forward to, will provide us with the opportunity to sustain and build on this position. The financing of the Group is now complex, but throughout the financing structure we have retained the twin objectives of continued investment in our outstanding playing squad and separate funding for the building of the Stadium."
Arsenal Manager Arsène Wenger enthused: "This is very exciting news. This Club has such an illustrious past but today is one of the most important dates in our history. It has been a big target of mine to participate in pushing the Club forward and relocating to a new stadium is a necessity as it will enable us to become of one the biggest clubs in the world. Also, I love the fact that the new site is so close to Highbury, it's where our heart is and from a personal point of view, I am hopeful of being the Arsenal manager when we move to the new stadium in 2006. "
The stadium will be built by Sir Robert McAlpine under a £220m fixed price contract which also includes the construction of the new waste and recycling centre.
Heard about this on Sky Sports News.
Hurrah!
Hurrah!
Who cares what it looks like?
Wenger'll never see it.....
:P
Wenger'll never see it.....
:P
From Arsenal.com
-----
Construction work on new stadium has recommenced
Following months of negotiation, Arsenal is today delighted to confirm that funding for its £357million¹ stadium project has been secured² and construction and regenerative work in and around the site has already resumed, thus ensuring the new 60,000 capacity stadium opens as planned for the start of the 2006/2007 season.
To finance this highly complex project, Ashburton Properties³ has obtained a £260million senior loan facility from a stadium facilities banking group which comprises: the Royal Bank of Scotland PLC, Espirito Santo Investment, The Bank of Ireland, Allied Irish Banks PLC, CIT Group Structured Finance (UK) Limited and HSH Nordbank AG. Interest on the senior debt is set at a commercial fixed rate over the 14 year term.
Arsenal is contributing the balance of the stadium project costs through funds from Granada, Nike and the sale of surplus land assets relating to the stadium site. Also once the Club relocates in 2006, Arsenal has planning permission for a residential development of Highbury.
Appropriate backing facilities have also been secured for other members of the Arsenal Group with the Royal Bank of Scotland PLC and Barclays Bank plc, Barclays will continue to act as bankers to Arsenal Football Club.
Commenting on the news Arsenal Director Danny Fiszman said: "We believe we have now effectively concluded the pre construction phase of the project and secured the Stadium for Arsenal with all its benefits. This is a very considerable achievement given the complexity of the project across an enormous range of issues and that, in addition to the stadium, we will also be delivering one of the largest regeneration schemes in the country."
"A lot of people have worked very hard to bring us this far but I would particularly like to thank Islington Council, who have worked alongside us from the outset, the London Development Agency and the Mayor for all their support. We now look forward to working with our banking group and chosen constructor, McAlpine, as we move into the construction phase of the project."
Arsenal Chairman Peter Hill-Wood concurred: "This is excellent news for Arsenal. Over recent years we have established ourselves as one of the leading clubs in Europe and the stadium, which we can now positively look forward to, will provide us with the opportunity to sustain and build on this position. The financing of the Group is now complex, but throughout the financing structure we have retained the twin objectives of continued investment in our outstanding playing squad and separate funding for the building of the Stadium."
Arsenal Manager Arsène Wenger enthused: "This is very exciting news. This Club has such an illustrious past but today is one of the most important dates in our history. It has been a big target of mine to participate in pushing the Club forward and relocating to a new stadium is a necessity as it will enable us to become of one the biggest clubs in the world. Also, I love the fact that the new site is so close to Highbury, it's where our heart is and from a personal point of view, I am hopeful of being the Arsenal manager when we move to the new stadium in 2006. "
The stadium will be built by Sir Robert McAlpine under a £220m fixed price contract which also includes the construction of the new waste and recycling centre.
-----
Construction work on new stadium has recommenced
Following months of negotiation, Arsenal is today delighted to confirm that funding for its £357million¹ stadium project has been secured² and construction and regenerative work in and around the site has already resumed, thus ensuring the new 60,000 capacity stadium opens as planned for the start of the 2006/2007 season.
To finance this highly complex project, Ashburton Properties³ has obtained a £260million senior loan facility from a stadium facilities banking group which comprises: the Royal Bank of Scotland PLC, Espirito Santo Investment, The Bank of Ireland, Allied Irish Banks PLC, CIT Group Structured Finance (UK) Limited and HSH Nordbank AG. Interest on the senior debt is set at a commercial fixed rate over the 14 year term.
Arsenal is contributing the balance of the stadium project costs through funds from Granada, Nike and the sale of surplus land assets relating to the stadium site. Also once the Club relocates in 2006, Arsenal has planning permission for a residential development of Highbury.
Appropriate backing facilities have also been secured for other members of the Arsenal Group with the Royal Bank of Scotland PLC and Barclays Bank plc, Barclays will continue to act as bankers to Arsenal Football Club.
Commenting on the news Arsenal Director Danny Fiszman said: "We believe we have now effectively concluded the pre construction phase of the project and secured the Stadium for Arsenal with all its benefits. This is a very considerable achievement given the complexity of the project across an enormous range of issues and that, in addition to the stadium, we will also be delivering one of the largest regeneration schemes in the country."
"A lot of people have worked very hard to bring us this far but I would particularly like to thank Islington Council, who have worked alongside us from the outset, the London Development Agency and the Mayor for all their support. We now look forward to working with our banking group and chosen constructor, McAlpine, as we move into the construction phase of the project."
Arsenal Chairman Peter Hill-Wood concurred: "This is excellent news for Arsenal. Over recent years we have established ourselves as one of the leading clubs in Europe and the stadium, which we can now positively look forward to, will provide us with the opportunity to sustain and build on this position. The financing of the Group is now complex, but throughout the financing structure we have retained the twin objectives of continued investment in our outstanding playing squad and separate funding for the building of the Stadium."
Arsenal Manager Arsène Wenger enthused: "This is very exciting news. This Club has such an illustrious past but today is one of the most important dates in our history. It has been a big target of mine to participate in pushing the Club forward and relocating to a new stadium is a necessity as it will enable us to become of one the biggest clubs in the world. Also, I love the fact that the new site is so close to Highbury, it's where our heart is and from a personal point of view, I am hopeful of being the Arsenal manager when we move to the new stadium in 2006. "
The stadium will be built by Sir Robert McAlpine under a £220m fixed price contract which also includes the construction of the new waste and recycling centre.