Caspian Group is investing more than £50m to build a 14,000-seatindoor arena next door to Leeds United’s football ground at Elland Road.The owner of the football club will also redevelop one of the ground’sstands.
The move brings Leeds City Council in as a shareholder of the group.The council is selling Leeds the freehold of Elland Road as well as20.2ha (50 acres) of land around the stadium for £11.6m. The land iscurrently used for car parking.
The group is looking for partners to build a 200-room three starhotel and some restaurants and leisure facilities on the site. Caspianreported results for the 18 months to June 30. It lost £3.37mbefore tax. It lost £6.2m in the year to June 30 on a pro-formabasis, largely because of a £11.8m loss on football playertransfers.
- Financial Times 17/12/97 page 26
- The Times 17/12/97 page 24
- The Independent 17/12/97 page 20
- The Daily Telegraph 17/12/97 page 25
