Stand Redevelopment
March 29 2001 - 12:27PM
UK Regulatory
RNS Number:3456B
Charlton Athletic PLC
29 March 2001
Charlton Athletic Plc ("the Company") announces its contract
for the North Stand redevelopment.
The Company announces that it has entered into a contract with
Birse Construction Limited to build the new North Stand at The
Valley, the home of Charlton Athletic football club. Work is
expected to commence shortly and the new stand will increase
the total capacity of The Valley to approximately 26,000.
The expected cost is #9 million. The funding of the project
will come from a mixture of the following sources of capital
that will be available to the Company:
- an issue of long term subscription packages to supporters;
- potential development grants;
- the Company's working capital; and
- a commercial mortgage.
The increased capacity of the new north stand is expected to
serve the demand from supporters of the football club. The
financial benefits to the company are expected to be increased
gate receipts, hospitality income and advertising.
Richard Murray, Chairman commented:
"Charlton are historically and currently the biggest club south
of the Thames. Today's announcement is about securing that
status for the foreseeable future.
We have been locking thousands of our supporters out of The
Valley for the past three seasons and we could not allow that
to continue.
We have no doubt that we can sell out the enlarged stadium and
that the club has a very bright future."
Enquiries
Richard Murray, Chairman
Nigel Capelin, Finance Controller
Charlton Athletic Plc
Tel: 020 8333 4000
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