sábado, fevereiro 19, 2005

Cardiff’s Millennium Stadium

Cardiff’s Millennium Stadium is set for a multi-million dollar naming rights deal as part of a new debt restructuring package designed to safeguard its future.
The Welsh Rugby Union (WRU) has agreed a new deal with Barclays Bank, BT, the Millennium Commission and special shareholder Cardiff City Council on a new package with immediate effect which will see £45m of its £55m debt repaid over 35-years. But a crucial part of the package includes permission to seek a naming rights’ sponsor – although only on condition the word Millennium remains in the name.

Said Simon Moore, Barclays’ regional corporate director for Wales: “The management of the WRU and Millennium Stadium understood the need for a wide-ranging restructuring. “Barclays recognised the special nature of this situation and the importance of the Millennium Stadium and Welsh rugby to Wales. “We worked together to find a solution that meets the needs of all parties, and remain supportive of David Moffett and his team.”

Said WRU Group chief David Moffett: “Without the support of Barclays, BT, the Millennium Commission and Cardiff City Council, this restructuring would not have been possible. We have all worked extremely hard to deal with the myriad of complexities that inevitably arise in such situations. “This agreement will allow us a level of financial certainty that has not been in place since the Millennium Stadium was opened in 1999.” As part of the refinancing deal with Barclays, the WRU Group has paid off its debt to BT, while the Millennium Commission has agreed a new grant to support the installation of the Short Hall arena which is due to be complete early 2005.

Fonte: SB

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