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08 MARCH 2022
Grosvenor has agreed terms to sell the freehold of the Cambridge United’s football stadium back to the club after almost 12 years of ownership.
The business bought the Abbey Stadium in 2010 following financial difficulties which almost forced the Club to close. As property owner and partner, Grosvenor has helped the Club recover providing a secure base during some difficult times and supporting the development of the Cambridge United Community Trust.
Cambridge United now is very different place, back in League 1 with a thriving Community Trust which now runs an extensive range of charitable, wellbeing, inclusion and education programmes.
As laid out in a letter to fans, the Club’s owners have included a golden share in the sale, which will provide protections for the stadium in the future. In the letter, the Club also announced its intention to investment in its training ground.
Grosvenor has a long association with Cambridge, including the design and delivery of Trumpington Meadows a 1,200 home award-winning development with a 148 country park and nature reserve as well as the development of the Grafton Centre and Cambridge Grand Arcade.
James Cochrane, Grosvenor, commented “We’re delighted to be returning the stadium back to a resurgent Cambridge United. The club is in a much stronger position today than in 2010, on the field, commercially and as a major contributor to the community. Playing a role in this success has been incredibly rewarding.
“We have a long-standing relationship with Cambridge and will continue to champion the future success of the city through Trumpington Meadows and other projects and in supporting the club on and off the pitch.”
In his letter to fans, Paul Barry, the majority owner of Cambridge United Football Club commented: “Since 2010 we have been very fortunate to have Grosvenor as our landlord. It is genuinely hard to put into words just what a great friend, partner and supporter they have been to the Club over this period. From rent reductions and rent write offs at times of need through to positive support of the Trust, they have been a constant support to us.
“As custodians of Cambridge United we have decided to invest strategically in its infrastructure for the long term. It will continue to be the ambition of owners and the Board to run the Club sustainably in the future with a prudent but competitive playing budget.”
The terms of the sale, which is expected to complete in the summer, are not disclosed.
Grosvenor is a property developer, manager and investor – we create great places where communities, business and nature thrive.
In London’s West End, we support nearly 1,000 businesses and thousands of residents and workers each day. We also invest in new neighbourhoods elsewhere in London, Liverpool and across the South of England.
With a track record of over 340 years, we are part of an international property company improving property and places across many of the world’s leading cities, promoting sustainability within the built environment and enhancing the wellbeing of our customers and communities.
We are a values-led organisation which represents the Grosvenor family. Our work in property, alongside Grosvenor’s other activities in food and agtech, rural estate management and support for philanthropic initiatives, shares a common purpose - to deliver lasting commercial, social and environmental benefit - addressing today’s needs while taking responsibility for those of future generations.
Thinking long term allows us to give equal weight to the environmental, social and commercial impact of everything that we do.
Head of Corporate Communications & Stakeholder Engagement Grosvenor
+44 (0)20 7312 2341 ext.6957