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Developers of Salford City Stadium falls into administration |
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Friday, 25 July 2008 |
Red City Developments, who are developing the new £35 million stadium for Salford City Reds rugby league club, has been placed into administration.
Red City Developments, a partnership between property organisation Peel Holdings and other private investors, has appointed Manchester insolvency firm Begbies Traynor.
Despite the insolvency the club has insisted that the project will go ahead in time for 2010. The 22,000-seater stadium is the centrepiece to a £130 million regeneration project, which includes a hotel and retail units. The news comes days after the club was awarded a franchise licence for next season’s Super League. |
