Foxes Trust post application to list King Power Stadium as an ACV
Foxes Trust, the Leicester City Supporters’ Trust, announced today that it has submitted a nomination to Leicester City Council for the King Power Stadium, home of Leicester City Football Club, to be registered as an 'Asset of Community Value' under the Assets of Community Value Regulations of the Localism Act (2011).
The listing of the Stadium as a ‘Community Asset’ by the Council would mean that should the stadium’s current (or any future) owner wanted to sell it, the Leicester City fan community would have the opportunity to bid for it.
In its nomination to Leicester City Council, the Trust set out a number of reasons why the Stadium qualifies as an Asset of Community Value, however the Trust feels the main benefits of obtaining the listing are:
• Reducing the chance that, without prior notice to the Council and community, Leicester City Football Club could move to another location.
• Protecting the Stadium’s use as the venue for Leicester City Football Club for current and future generations.
• Ensuring it continues as a site for delivering social benefit and community value, through the continued hosting of Leicester City matches and the associated community activities Leicester City undertakes.
Leicester City Council now have up to eight weeks to make a decision whether to list the Stadium as an Asset of Community Value. A successful listing would mean that, should the owner of the asset wish to sell they will be required to notify the Council and the Foxes Trust, who will then have six weeks to lodge a non-binding expression of interest, in which case a window of opportunity of a further four and half months, (making six months in total), will come into effect to delay the sale. The full moratorium period exists to afford community interest groups sufficient time to prepare and raise money to bid for the property, potentially in competition with other interested parties.
Commenting on the application, Foxes Trust Chairman, Ian Bason said “The fear of any football fan is that the club they have supported all their life is suddenly moved to another location. It happened at Wimbledon many years ago and more recently at Coventry. Such decisions give scant regard to how they affect the lifeblood of the club - its fans.”
“We would like to make it crystal clear that our application would have been submitted regardless of who the current owners of the stadium were, and that the change of stadium ownership from Teachers to K Power Holdings Company Ltd within the last year had no bearing on the decision”
“We have no reason to believe that King Power has plans to sell the stadium or club, however one day that time will come. Having experienced a change of club ownership twice since the Trust was part of the consortium which owned the club, we believe listing the stadium not only protects the stadium, but also opens up a pathway to dialogue with any new potential owners of the club and stadium, so we can seek assurances on their plans.”
“We invite Leicester City fans in the community to contact their local councillor to express their support for the nomination and we will also hope that supporters will recognise the benefit of having a Trust which is able to take these type of actions, and show their support by joining the Foxes Trust.”
Tom Hall, Supporters Direct added “we fully support the Foxes Trust application, the 20th by a supporters’ trust. Any opportunity to increase the transparency on club owners actions is welcome and the this community right recognises the important place a club’s stadium has in the life of communities”.