Valley Parade sold for £5m

Bradford City have sold Valley Parade in a re-financing scheme to their chairman's company in a £5m deal which they hope will secure their future.

The ground will now be owned by the trustees of the Flamingo Land Pension Fund, a group headed by Bantams theme-park magnate chairman Gordon Gibb.

As part of the agreement, London-based firm Development Securities will buy the offices, shop and a car park for £2.55m.

The proceeds from the £5m sale will allow Bradford to repay the mortgage on the ground to finance company Lombard over the next ten years.

This deal will release the stranglehold on the club's cashflow Bradford managing director Shaun Harvey

Bradford have already paid a lump sum to Lombard, who could have seized the ground and forced City into liquidation.

The Bantams will rent back the offices from Development Securities, and the ground itself from Flamingo Land Pension Fund.

In a statement, City managing director Shaun Harvey said: "The directors felt this was the best option available to the club in the long term.

"The aim is for the properties to return to the club's ownership at the earliest opportunity when the financial strength allows.

"The effect of this deal will be to release the stranglehold on the club's cashflow.

"With the final piece of the jigsaw in place we can concentrate on building a Bradford City for the future rather than concerning ourselves with its pure survival."