Premier League football club Swansea City has agreed a deal with the city council to lease its Liberty Stadium home ground.
The agreement is subject to the approval of cabinet at the council later this month. The deal will grant the club full control of the Swansea Stadium Management Company (SSMC) and the stadium itself.
The stadium was built in 2005 and is owned by the council. The SSMC is a tripartite agreement between the council, Swansea and rugby club Ospreys, which also plays at the ground.
The council will receive direct revenue from the stadium for the first time as part of the agreement. The deal also allows Swansea to pursue sponsorship opportunities for the stadium and allows Ospreys to continue playing at the ground on a long-term basis.
Swansea did not disclose financial terms of the agreement with the council, but the BBC said the club would pay the authority £300,000 a year for 37 years and grant it a cut of any revenue generated through a sponsorship deal.
As part of the agreement, Swansea has also committed to fund the construction of a number of new 3G pitches throughout the city over the coming years.
Swansea’s chief operating officer Chris Pearlman said: “We’ve always looked at the big picture. Under the old agreement, Swansea City did not see any direct revenue from the Liberty Stadium’s operations. The new agreement would allow us to be more active in exploring the likes of stadium expansion, naming rights, sponsorship, catering revenue and enhancing supporters’ match-day experiences.”
Councillor Rob Stewart, Swansea Council Leader, added: “The new agreement is beneficial to all parties – the council, the Swans and the Ospreys. We believe it strikes the right balance between the needs of the council and gives both sports clubs a platform to further develop, helping build on their fantastic achievements over the last decade or so.
“For the first time ever, the council would receive guaranteed rental income from the stadium, which represents a fair return for taxpayers. The council would get a share of any stadium naming rights revenue in future as well.”
Cabinet at Swansea Council will meet on November 16 to consider approving the deal. A land swap proposal that would allow for the expansion of Liberty Stadium will also be considered at the meeting.
Swansea has played at the 21,000-seat stadium since 2005 and the club’s owners, US businessmen Jason Levien and Steve Kaplan, have been keen on securing a deal for the ground since arriving in Wales in July 2016.
Image: Christopher Elkins
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