Stadium for Cornwall financing agreed

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Financing has been determined for a new 6,000-seat rugby stadium in Cornwall, UK. The new venue, which will be home to the Cornish Pirates rugby union team, has a price tag of £10m (US$14.2m), and will be funded by local retailers, reported Sports Management [LINK: http://www.sportsmanagement.co.uk/Sports-news/latest/Cornwall-Truro-stadium-Cornish-Pirates-Truro-and-Penwith-College/323388].

Finance for the stadium will be derived from proceeds generated by a retail development in nearby West Langarth. Tim Edwards, of West Langarth’s estate agent, Morgan Williams, indicated that a “formal offer” was in place for one retail unit, and that there was “detailed dialog” with several other potential tenants.

“To date we have received sufficient registrations of in-principle interest to pre-let the whole retail terrace, which is at the heart of this exciting scheme.

The Stadium for Cornwall will also act as a permanent base for Truro and Penwith College’s business center, as well as elite sport, hospitality and catering facilities. The new venue will also host a 200-capacity conference center. There are also options to increase the stadium’s capacity to 10,000.

The Stadium for Cornwall development – which is being pushed forward by Truro and Penwith College, the Cornish Pirates rugby club, and property developers Inox Group and Henry Boot Developments – was given the green light by Cornwall Council last July.

When built, the stadium will be home to the Pirates and will be a permanent base for the college’s business center, elite sport, hospitality and catering facilities. It will also hold a 200-capacity conference center for meetings and functions. The facility will have an initial capacity of 6,000, but there is the option to increase that to 10,000.

“The Stadium for Cornwall will provide access for the entire community of Cornwall and will be capable of hosting an array of different organizations and clubs,” added Ian Connell, Cornish Pirates chairman.

The new stadium is also key to plans to bring Premiership and European rugby to the county.

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