Salford stadium buyout depends on legal red tape, city’s mayor admits
SALFORD have been told the stadium deal that would further secure their future is mired in legal red tape.
The Red Devils now have hundreds of new owners after a community share offer saw people raise £363,000.
But the city’s mayor, Paul Dennett, has warned the city council’s buyout of what is now known as Salford Stadium will only go through once lawyers say it can.
The authority wants to take on co-owners Peel’s share after turning down a bid that would have seen Sale RU and Salford City FC share it, with the rugby league side moving to Moor Lane.
It is believed a long-term lease, seeing extra funds kept by the current occupants, will be rubber stamped on completion.
But Dennett admitted that is out of his hands, saying: “Ultimately, we’re in the hands of the lawyers. It takes a lot longer than I’d like it to, put it that way.
“All of this is, in a sense, mired in due diligence, due process, lawyers and advisors as this is a joint venture.
“At the end of the day, we’ve got a joint owner. We’ve got to value the assets then make decisions around due diligence.
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“We’ve got to assure ourselves that we’re buying an asset and that future costs regarding maintenance of its running won’t just fall on the city council. We’ve got to be careful it doesn’t create a financial problem.
“Peel, inevitably, will be looking to maximise their return on investments they’ve made into this part of the city.
“There’s a lot of work to do to actually land, hopefully, in the place I want to be, where the city council owns the stadium.
“And if we acquire it, the world’s our oyster but historically, we took the decision to build the stadium for Salford Red Devils.”