The Joint Venture Agreement – TrustSTFC


The Joint Venture Agreement

In addition to owning the freehold of the stadium, the aims of the Joint Venture (JV) include the improvement and development of the wider County Ground site. All JV revenue (after the deduction of operating costs) will be re-invested back into the ground. This includes the annual rent paid by the Club and the County Ground related Trust STFC membership fees.

Three Directors each shall be appointed by the Club and Trust STFC to make up a six person JV Board. For the Club, they will nominate two Directors together with one of the Nigel Eady Trustees. Trust STFC will nominate two Directors from its own Board and will be joined by a further Nigel Eady Trustee.

Board Directors are required by law to act in the best interests of the company and their shareholders, therefore the Nigel Eady Trustees will act on behalf of the Club and Trust STFC respectively rather than on behalf of the Nigel Eady Trust.

Decisions taken by the JV will be made by a simple majority vote with the exception of a list known as Reserved Matters. This list includes items such as changes to ownership, changes to the share structure, securing loans against the ground etc. Reserved Matters require a unanimous vote for them to proceed.

On an annual basis, a Business Plan shall be produced by the JV which sets out the priorities for the forthcoming twelve months. It will detail the improvements proposed and the expected costs of doing so. An external surveyor has already prepared a report as to the condition of the stadium and this will help guide the JV Board as to the key areas requiring attention.

Through the terms of the lease, the Club will be able to act independently of the JV in undertaking stadium improvements but funding for such projects will not be provided by the JV.

Development of the stadium and wider grounds will be led by the JV. Funding of such projects will be considered on a case-by-case basis with detailed plans developed and agreed by the JV. Projects already suggested include:

• development of the Stratton Bank including the addition of a roof;
• addition of corporate boxes/hospitality areas in the Don Rogers stand; and
• development of the Town End as part of a combined stand and hotel/conference facilities

Click here to learn about next steps in the County Ground purchase plan