Jersey Reds Buy Back St Peter Grounds
14th February 2018
Jersey Reds have secured funding to buy back their grounds at St Peter.
At the end of 2016, the club was struggling financially and had to sell and lease-back the site.
The Stade Santander International is once again owned by the club.
On Friday, a deal was signed for a £1.5 million loan from club benefactors, which will be paid back over the next 10 years.
Club Chairman Mark Morgan says at the time, selling the club’s assets was necessary:
“It wasn’t a difficult decision as it was the only option we had at the time. So for us to be able to buy back the land and buildings within 16 months is probably far above expectations.
“The deal that’s been put in place by the lenders is extremely favourable to the club, so it’s great to say we own our land, but more significantly it’s saved us some quite significant outgoings on an annual basis as well.”