[an error occurred while processing this directive]
BBC News
watch One-Minute World News
Last Updated: Friday, 3 October, 2003, 10:35 GMT 11:35 UK
Council set to save stadium project
Graphic of the Arena complex, Coventry
The city council is one of the investors in the project
Coventry City Council is expected to approve 21m funding to rescue plans for a new football stadium.

Coventry City Football Club has lost 2m over plans to build the 32,000-seat Coventry Arena in Foleshill.

Construction company Birse pulled out of the project 18 months ago and the project's financial backer the Portuguese Bank pulled out last week.

All but 21m of the 113m needed has been found.

Coventry City Council is due to make a decision on the project on 16 October.

Former gasworks

A council spokesman said the council was in charge of the construction of the building and Arena Coventry would be running it.

"We are recommending that Laing O'Rourke build the stadium, which is the company responsible for the construction of the new Selfridges in Birmingham and the Millennium Stadium in Cardiff," he said.

"The council is set to decide whether to approve the remaining cash needed for the project which it will fund through a loan.

"This will then be paid back when the site is up and running."

Coventry City are scheduled to move into the stadium on the site of the former Foleshill gasworks in the summer of 2005.




SEE ALSO:
Stadium blow for Sky Blues
07 Mar 03  |  England
Stadium deal creates new jobs
23 Jan 03  |  England


RELATED INTERNET LINKS:
The BBC is not responsible for the content of external internet sites


PRODUCTS AND SERVICES

News Front Page | Africa | Americas | Asia-Pacific | Europe | Middle East | South Asia
UK | Business | Entertainment | Science/Nature | Technology | Health
Have Your Say | In Pictures | Week at a Glance | Country Profiles | In Depth | Programmes
Americas Africa Europe Middle East South Asia Asia Pacific