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Last Updated: Wednesday, 22 August 2007, 14:16 GMT 15:16 UK
Mystery group saves club ground
Excelsior Stadium, Airdrie
Excelsior Stadium in Airdrie has changed to new owners
A mystery consortium has bought Airdrie United's Excelsior Stadium promising to safeguard it for the football club.

The Second Division outfit had been under threat of eviction after Airdrie Stadium Ltd transferred ownership to an offshore bank.

But ownership has now been bought by a group of "Airdrie-friendly" people.

And club chairman Jim Ballantyne said: "The future of the football club has now been protected in such a way that the club has no borrowings."

Airdrie United emerged from the ashes of Airdrieonians, which went into liquidation in 2002.

But the new club have been mere tenants in their stadium.

A full liquidation of the owners, Airdrie Stadium Ltd, would have put our tenancy in great jeopardy

Airdrie United chairman Jim Ballantyne

And they took over the day-to-day running when the previous management company also went into liquidation.

"We were effectively running it on behalf of the owners, Airdrie Stadium Ltd, a company controlled from Jersey," Ballantyne explained on the club website.

"Unfortunately, however, Airdrie Stadium Ltd got into financial difficulties at the turn of the year, which resulted in control of ownership transferring to an offshore bank based in the Caribbean.

"This left the club in an exposed position as a full liquidation of the owners, Airdrie Stadium Ltd, would have put our tenancy in great jeopardy.

MY SPORT: DEBATE

"As a result, we have been working extremely hard to rectify the position and we have been in detailed complicated legal negotiations for over six months to bring the ownership of the stadium back to Scotland.

"We are happy to confirm that this has now been achieved after we put together a consortium of 'Airdrie friendly' individuals to fund such a move.

"We have set up a separate company, Airdrie FC Stadium and Events Ltd, which will operate the stadium on a day-to-day basis and future profits from that company will be used to subsidise the football club operations.

"The individuals of the consortium wish to remain anonymous and this will be respected by all those involved in the club."

SEE ALSO
Airdrie buy Bankies
09 Jul 02 |  Scotland
New hope as Airdrieonians die
21 May 02 |  Airdrieonians


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