Leeds City Council has managed to secure funding to redevelop Headingley Carnegie Stadium.
A private investor will provide up to £35 million to fund the phased-scheme, which will see the cricket ground increase capacity from 17,000 to 20,000. Rugby league team Leeds Rhinos have also pledged £5m towards the total cost of the project.
As part of the deal, the council will enter into an agreement with the investor to lease the new facilities. Yorkshire County Cricket Club and Leeds Rhinos would then individually, or through a new joint company owned by both clubs, take sub-leases from the council to cover the cost of the development in full.
In order to reduce the risk to the council, both clubs will have to provide adequate security on both assets and income should there be any default in their rent repayments or further obligations.
In a statement, Leeds City Council Leader Judith Blake said: "I am pleased that the executive board has backed the deal which we have arranged with a private third-party investor to fund the redevelopment of Headingley Carnegie Stadium.
"It's vital for both the city and the region that Headingley continues to host high-class international and domestic sport. With the tight timescales which are involved for this work to begin, this route offers the best and most viable option moving forward.
"As part of this agreement, the cost of financing the development will be met by both the rugby and cricket clubs at no cost to the tax-payer."
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