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Cambridge City investigate ground sale to Manx company

by isleofman.com 2nd November 2006
The new directors of Cambridge City Football Club have instructed solicitors to investigate the sale of its Milton Road ground (pictured) to an Isle of Man company.There are concerns it was sold to Ross River Ltd - which has its registered office in Skanco Court, Cooil Road, Braddan - for ?10 million less than its true value.Spiralling debts led the club’s previous directors to sell off the ground to Ross River Ltd last year for ?2.2 million.But the new board, mostly made-up of fans, have released a statement saying it has serious concerns about the validity of the sale.According to the new directors, the land was valued by professionals tobe worth more than ?12 million as it had residential planning permission.The 2006 Cambridge Local Plan requires that the club must be relocated before development of the site can take place - but it still has not found somewhere to play when it has to move out at the end of the football season next May.The statement from the directors adds: “This legal process could conceivably result in short-term difficulties in the relationship between Cambridge City Football Club and Ross River Ltd who are also the club's landlords.”
Posted by isleofman.com
Thursday 2nd, November 2006 03:48pm.

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