64 deals £1.780 Billion

Deals

5

DEAL ANNOUNCEMENT

Dow Schofield Watts LLP has advised on the acquisition of Barnsley Holdings Limited

No.

5

4 September 2003

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DESCRIPTION OF THE BUSINESS AND THE DEAL 

Barnsley Council have entered into a joint venture agreement with Mr Cryne to acquire the land and property at Oakwell. The Council and Mr Cryne propose to acquire the land jointly and on a 50:50 basis. The proposition allows the Council to protect the interests of the town by becoming joint owner of the land at Oakwell, currently owned by Barnsley Holdings Limited, but not be involved with the operation of the club.

Barnsley Council recommended this in order to ensure the continuation of professional football in Barnsley, to protect important community facilities, and in order to protect the Oakwell area from re-development which could have followed had the club folded.

Council Chief Executive, Phil Coppard, said: "Securing the League status of Barnsley FC is of incalculable value to the town and the borough. The proposal before the Council provides a sensible and pragmatic means for the Council to help achieve this without becoming involved in Barnsley Football Club."

The football club will pay rent to the joint venture company.

The Council proposes to contribute £ 2 million as its share of the joint venture to acquire the land and property, and to make a further loan of £1 million to the joint venture company, secured on the assets, not on the club, to be repaid from the proceeds of development on the site alongside the football club.

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