St. Helens have announced a major strengthening of its balance sheet and shareholders’ funds ahead of the commencement of the build of its new stadium.
£1.75million has been added to shareholders funds by way of a conversion of £1.35million of directors’ loans into new shares and a private placement of £400,000 of new shares.
Saints’ Chairman, Eamonn McManus commented: “This is a necessary step to achieve and evidence financial soundness for the Club before we contribute to the total project financing cost of the stadium.
“It also illustrates the long-term commitment of the directors to the Club as well as our confidence in the continuing progress of the stadium project. It represents a major personal permanent capital investment contribution to the Club and to the stadium.
“The stadium will secure our long-term future and the town as a whole will be a massive beneficiary as it spearheads major and long-term regeneration and growth in the town, which is particularly important and beneficial during a period of serious economic downturn.
“The club is embedded in the history of the town and we are glad to be contributing to its sporting and economic future in such a meaningful way.
“Detailed design plans on the stadium are nearing completion and the tender process for the main contractor will commence shortly.”
The Club have also appointed Andy Bell and Keith McCormack to its board of directors.
Andy is an existing shareholder and owns his own highly successful pensions administration business.
Keith McCormack has extensive experience in property development and planning matters.
Eamonn McManus welcomed the addition of their ample and successful business experience to the board.