8:40am Saturday 9th August 2008
By Chris Phillips
SOUTHEND United chairman Ron Martin is fighting to lure American banks into backing his club’s superstadium scheme, now estimated at £80million.
Mr Martin admitted it was “not easy” to find the cash needed for the 22,000-seater stadium development, which will include shops, flats and a hotel.
The property developer flew to New York last week to meet representatives from investment bank Morgan Stanley to discuss funding for the proposals.
He dismissed suggestions the scheme might be threatened by the economic downturn.
He said: “It’s difficult in the construction and financial industry, but that could work to the club’s advantage in terms of tenders. “But we’re having to think outside the box in terms of the financial structure. The banks’ liquidity is shot. There are redundancies throughout the financial and property sector and that does have an impact, but we will overcome that.
“Raising £70million or £80million in this market is not easy. Retail is still buoyant, but banks are on their knees.”
Mr Martin was upbeat about the stadium and said he hopes the Shrimpers will be playing in the new ground within two years.
He said: “The stadium is really good news and means the club is better placed now than it has been in its entire history.
“It’s important we will be playing football in the new stadium by August, 2010”.
He said if work started by the end of this year at Fossetts Farm, then the Blues “will be playing there by that date”.
Mr Martin said the retail and commercial outlets within the scheme would safeguard its future.
He said: “We have a retail park. We’re already contracted with Sainsbury’s to redevelop Roots Hall.
“But we have to pre-let a number of the tenants in the retail park to assist with the funding.
“Those matters are in the hands of the solicitors. Once we are on site it will open up the purse-strings even further and getting into the stadium will put us on a new level.”
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