SEP 01] COVENTRY CITY COUNCIL NEWS
Euro Cash Aids National Stadium Bid
bid to host the national stadium could be boosted by around £40
million of European and British Government funding.
site for the stadium to the north of the city is in a regeneration
area which will allow it to benefit from a minimum of £37 million
and possibly much more.
rival bidders - Birmingham and London – will receive a fraction of
that amount or nothing at all. Birmingham’s proposal is situated
in green belt and would not receive Euro backing.
the Wembley bid already costing £120 million of lottery funding and
with the Government keen to avoid another Millennium Dome scenario,
the news will add strength to Coventry’s case.
Nolan, leader of Coventry City Council, said the city’s proposal
was already the strongest in terms of practicality and cost, and
could be delivered in three years.
know that, because we are using a brownfield site and already have
planning permission, we are ahead of the game and the news of a
high level of European funding strengthens our case.
are in an Objective 2 area for European funding and a Regeneration
Zone for British Government funding which would allow us to apply
for a minimum of £37 million from the EU and Advantage West
whole of London has £162 million of Objective 2 money and the
West Midlands has £437 million. Seventy five per cent of those
totals are available for regeneration zones and we are the only
stadium planned for such a zone.
European Investment Bank would also lend us money at a very
advantageous rate because of the area’s status and again that
gives us an edge.
firmly believe, as do most football supporters, that the national
stadium should come to the heart of the country and there is
absolutely no question that we have a more workable proposal than
Birmingham which intends to use greenbelt land, in the already
congested M42 corridor.
could be in a position to start building work in just over a year
– way ahead of either of our rivals.”
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