Exeter Chiefs move step closer to stadium expansion
Exeter Chiefs have moved a step closer to expanding their Sandy Park stadium.
The rugby union side has managed to raise £6.8 million for the redevelopment thanks to a series of investors. Exeter Rugby Group, which includes both the club and the conference centre, secured a bond issue in August to generate £7.5 million to complete the second phase of the expansion. Sources close to the deal told the Exeter Express and Echo that this could be realised before the November deadline.
Exeter Chiefs moved into Sandy Park in September 2006 but at a capacity of 10,744 it needs to be expanded to satisfy the needs of the upcoming Rugby World Cup in 2015. It has been selected to host three group games so needs to expand to accommodate the surge of fans that will be interested in watching the world's best players. Following the extensive work, which will double the size of the East Terrace, Sandy Park's capacity will rise to 12,300 capacity.
The news provider reported that this is due to be made a reality thanks to The Exeter Chiefs 2020 Bond, which has been opened to private and corporate investors. There is a minimum subscription of
£1,000 with a maximum of
£4 million. Officials explained that the people which buy into the scheme will receive interest of seven per cent every year until the bond matures in 2020.
Tony Rowe, chairman and chief executive of Exeter Rugby Group, said: “There’s a lot of people who share my passion and ambition for the club and what we are trying to achieve.
“But people should make sure they are fully aware of the terms of the bond by reading the invitation document and make their own mind up whether it’s for them or not.”
Should Exeter Chiefs get the money they require work could be completed by September 2014 in time for a new Aviva Premiership season and moving ahead to the World Cup.
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Date: 15/11/2013 16:07:00
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