Council guarantees £2.2m Cwmbran stadium revamp
Updated 1:06pm Wednesday 26th March 2014 in News
TORFAEN County Borough Council will act as guarantor on a loan for redevelopment works worth £2.2 million at Cwmbran Stadium on behalf of Torfaen Leisure Trust.
Approval was given for the request from the trust, which took over responsibility for delivering leisure facilities in the borough last year, by senior councillors in cabinet yesterday.
The trust – run by a board of nine independent trustees and two Torfaen councillors – will be responsible for making the repayments over 15 years.
The report said: “The trust has approached the council to request that, in the same way it guarantees the Pensions Admissions Agreement, would it also guarantee the underlying financing arrangements for the proposed capital development programme.”
The stadium redevelopment includes a new 3G pitch and an indoor climbing centre, .
Risks were said to include the trust defaulting on the repayments, but this was said to be “minimal”.
Councillor Anthony Hunt said: “The trust is now providing a viable future for leisure services in the borough. I think the council needs to support the trust and help it flourish in its early years.”
Cabinet chair Councillor Bob Wellington added: “This is the first money to be spent on sports facilities in Cwmbran for many years.”
But concern has been raised by some users of the current facilities who fear the changes will force a loss of national competitions at the stadium.
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