National Stadium

– Scottish Parliament written question – answered on 3rd April 2000.

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Photo of Mike Watson Mike Watson Labour

Question S1W-5803

To ask the Scottish Executive whether it will report on progress with the negotiations over Hampden Stadium.

Photo of Sam Galbraith Sam Galbraith Labour

I am delighted to report that the negotiations to secure a rescue package for Hampden Stadium and its owners Queen’s Park Football Club reached a successful conclusion last Friday evening.

All the elements of the restructuring were in place by Friday night. The deal was finalised this morning and the transfer of the co-funders’ financial contribution in accordance with the terms of the settlement has now been made.

The restructuring proposals were formally approved at a meeting of QPFC’s creditors, called by the administrators (originally appointed on an interim basis in January) on 29 March. The administrators will now be applying to the court for the administration order to be discharged.

I described the broad structure of the rescue package in my statement to Parliament on 16 December 1999. Since December, however, the funding gap has increased for a number of reasons including the worsening financial position of QPFC and its subsidiary TNS. Because of this the Scottish Executive agreed in March to contribute an additional £600,000 and Glasgow City Council agreed to increase its contribution by the same amount. The additional £1.2 million was not sufficient to close the funding gap but the administrators have negotiated successfully with other parties to achieve this. The Directors of both QPFC and TNS are also now fully committed to the deal.

I hope that confidence in the project will be quickly restored and that the Scottish public and the corporate sector will recognise the benefits of involvement with a magnificent national asset, as existing sponsors such as BT and Coca Cola have done. When the Museum of Football, the lecture theatre and the sports injury clinic become operational and the football bodies move into office accommodation there, Hampden will enjoy a level of daily activity it has never had before.

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