Fans of Crystal Palace Football Club are set to see their stadium sold as a development opportunity for £12.5m.
According to the Daily Telegraph, the stadium’s owners have instructed property agents Mason & Partners to sell the ground, with advice that 'in the long term this site does offer considerable opportunity for a major mixed-use redevelopment'.
Crystal Palace chairman and owner Simon Jordan claimed to have bought the ground in 2006 for £12m. However, it was done through a complex series of companies which obscured the identity of the final owner.
Last year he was reported to be looking to raise £15m to refinance the property, offering investors access to income from the £1m rent roll from the ground.
The current deal, pitched as a sale-and-leaseback, offers investors a rent roll of £1.2m per year, or a 9% return on the sale price.
Despite the wording of the sales brochure, which repeatedly stresses the development value of the 6.2-acre site, a potential investor would have to find an alternative home for the club before knocking down the stadium building on the site.