Approval given to funding deal for £35m Headingley stadium redevelopment

Leeds City Council has approved a new deal that will see a third-party investor provide up to £35m to fund the redevelopment of Headingley Carnegie Stadium.

Towards the end of last month, it was announced that an agreement has been brokered which would see a private financial services company provide the funding for the project.

In moving forward with the deal brokered by Leeds City Council, this will secure a future for “top-level international sport at Headingley.”

Leeds Rhinos has also pledged £5m towards the total cost of the redevelopment.

The stadium, which comprises two separate grounds, is home to Yorkshire County Cricket Club, Leeds Rhinos rugby league team and Yorkshire Carnegie rugby union team.

The redevelopments plans feature a new south stand on the rugby ground and a new joint stand overlooking both the rugby pitch and cricket ground.

As part of the deal, the council would enter into agreement with a third-party investor to lease the new facilities from the investor.

Yorkshire CCC and Leeds Rhinos would then individually or through a new joint company owned by both the clubs, take sub-leases from the council to cover the cost of the development in full.

In 2019, Headingley Cricket Ground will be hosting matches from the 2019 World Cup, with associated economic benefits estimated at £20.5m.

Once the project is complete, it is estimated that the new stands are forecast to generate additional expenditure of £107.3m over the period between 2017 and 2023.

Cllr Judith Blake, leader of Leeds City Council, said: “I am pleased that executive board has backed the deal which we have arranged with a private third-party investor to fund the redevelopment of Headingley Carnegie Stadium.

“It’s vital for both the city and the region that Headingley continues to host high-class international and domestic sport. With the tight timescales which are involved for this work to begin, this route offers the best and most viable option moving forward. As part of this agreement, the cost of financing the development will be met by both the rugby and cricket clubs at no cost to the tax-payer.

“Headingley is a historic sporting venue recognised around the world. In hosting top-class matches it brings a large international profile and significant economic benefits to Leeds and the wider region.

“The impact of having elite sports men and women playing at Headingley is also in many ways bigger than the sports themselves. The power they have as role models to inspire young people in our communities cannot be underestimated and neither is the ability through their success from a personal and team perspective to instil great pride in our city.”