The partners behind the proposed Stadium for Cornwall project have formally approached the Council for £6 million of funding.
Council leader, Adam Paynter, announced to a full Council meeting today (Jan 23) that a request had been received from the stadium partners for funding and that a ‘Yes/No’ vote would be taken by Council in April.
After much heated debate, Cornwall’s councillors voted back in 2012 not to publicly fund the venture, which has planning permission. In the intervening years, stadium backers have looked to raise the estimated £12 million costs themselves and now have £6 million of committed funds.
They had hoped that a neighbouring retail development would fund the balance required, but this has not progressed as had been hoped.
In a joint statement released today by the Cornish Pirates, Truro City FC and Truro and Penwith College, stadium partners have again pressed their case for public funding for the project.
The full statement reads:
The partners in the Stadium for Cornwall project, the Cornish Pirates, Truro City FC and Truro and Penwith College, have been working for a number of years with representatives of the various land interests in the area to develop a stadium project, which could be delivered without the need for any public funding.
During this time, we have developed detailed designs and a business plan in order to be in a position to deliver the stadium in time for the beginning of both the academic year and rugby and football seasons in 2019.
The importance of having a stadium available in August 2019 cannot be overemphasised. The ability to draw upon a larger catchment area will ensure that the Cornish Pirates become financially sustainable, thereby securing the long-term future of the club in Cornwall. Truro City are currently chasing promotion into the National League and has been advised by the National League that they will not be allowed to play any FA affiliated football unless they can demonstrate that they will be moving into a new permanent home in the future.
Following the recent granting of planning permission for the redevelopment of Truro City Football Club’s Treyew Road ground, the partners now have £6 million committed funds and a potential borrowing capability of up to £2 million contingent of the Stadium outcome.
Originally, it was anticipated that the neighbouring development would provide both the infrastructure and the balance of the funding required to allow delivery of the project, without the requirement for any public funding.
However, with the retail development not progressing, the infrastructure and remaining funding required will not become available to allow the stadium to be delivered in 2019. Any further delay not only puts the Stadium project at risk, it also threatens the future of both the Cornish Pirates and Truro City and prevents Truro and Penwith College from establishing a new business centre, hospitality and catering academy, as well as providing new facilities for the college’s highly successful sporting academy.
In order for the partners to deliver the stadium in 2019, independent of any neighbouring development proposals, we require £6 million of public sector investment.
We are confident that, if a way can be found to secure the remaining funding by May 2018, we can still deliver the stadium in August 2019 and, in doing so, create a new sporting, educational, business and cultural hub for the region.