Opal Student Accommodation Abandons Stadium Project

Update

This story has been covered in most of the media this evening. 

Also the "quote" from HorfieldROSE member Toby Lewis in the Evening Post article is a very crude paraphrase and not a direct quote (what is printed in the paper does not even make logical sense). The point being made was that HorfieldROSE has always contended that this is the wrong site for the stadium because of the lack of transport infrastructure such as parking and transport, and that it would have been better for this to be stopped through a logical decision rather than financial difficulties.


The following statement has appeared on the Bristol Rovers web site today:

The directors of Bristol Rovers Football Club have recently been made aware that the preferred student accommodation provider negotiating the stadium regeneration is no longer able to progress the project.

As a result the club has entered into negations with an alternative provider.

A further statement will be made next week.

The preferred student accomodation provider was Opal and it was Opal that was to provide £32 million of the funds for the stadium redevelopment (£8 was to be found).

Opal has been in the frame for a very long time and were involved in the S106 negotiations on the previous planning application that was signed this January. Bringing in a new company at this late stage is unlikely to be easy.

One of the key things about Opal is that they do not currently have any student properties in Bristol and this was their foot in the door. Other companies such as Unite which do operate in Bristol will be less willing to pay such a large sum for the student block at the Memorial Stadium.

The other thing to consider is why Opal, who have been very committed to the project, have pulled out. This surely has to do with their ability to raise this sort of finance in the current economic environment. If Opal are finding it difficult then other companies will too.

On Friday 16 May Bristol Community Radio 93.2FM Rovers director Edward Ware said that tenders from the building contractors were due to be received on "Monday week" (which oddly meant the bank holiday Monday, 26 May 2008). Either Mr Ware got his dates wrong or the Rovers board have decided not to share the value of the tenders yet.

The £40 million cost for the stadium is only the Rovers own estimate. The actual bids that the building contractors may return could be higher than this. Perhaps this is what has brought things to a head with Opal, if they were being pressed for even more to finance the build.

Once again fans are left in the dark by the Rovers board. It will be very interesting to hear the "further announcement" by the Rovers board next week.