Arsenal is still face a range of legal hurdles before its planned move to a new 60,000-seat stadium goes ahead, despite securing funding for the scheme.
According to the Evening Standard, opponents of the £357m regeneration scheme are planning three separate challenges.
The opposition comes in response to Arsenal’s announcement yesterday that its special purpose vehicle for the development, Ashburton Properties, has obtained a £260m senior loan facility from a stadium facilities banking group.
The group comprises Royal Bank of Scotland, Espirito Santo Investment, Bank of Ireland, Allied Irish Banks, CIT Group Structured Finance and HSH Nordban.
The first legal hurdle relates to deputy prime minister John Prescott’s decision next month on whether to confirm Compulsory Purchase Orders which will force businesses on the site to move elsewhere.
A High Court challenge is already being prepared should Prescott give the all clear.
A second challenge by two Islington residents, Ted Bedford and Elizabeth Clare, is to the European Court of Human Rights.
They argue that the Court of Appeal wrongly denied them the right to appeal its 2002 decision, which rejected their claim that the stadium’s impact on the environment would breach their human rights.
The final challenge could come from the European Commission if, after the CPOs are granted, Arsenal is seen to benefit financially when the land is sold to developers.
Opponents argue that this would represent illegal state aid in breach of European law.
References: EGi News 24/02/04
