Source: Team_Talk
Bairns to end stadium venture
The club and the council formed Falkirk Community Stadium Ltd six years ago, providing the Bairns with the funds needed to build their new home.
But the club have decided in the current economic climate the arrangement is "no longer viable".
The council is set to consider the matter at a meeting tomorrow but they are expected to back the split.
That would see FCSL's assets divided between the two parties based on the amount of investment each has put into the venture.
Falkirk managing director George Craig said: "Falkirk Football Club will control and be responsible for what's called the 'Football Auditorium', which is everything you need to play a football match: the pitch, the floodlights, the undersoil heating, the seats.
"The main thing the council will get from this is the rental income from areas in the West Stand.
"For example, there's a nursery in the West Stand at the moment and they pay a rent. In the future, they will pay rent to Falkirk Council.
"The council will also get development rights to the majority of the site."
Today's announcement follows a meeting of the club's board on February 26 to review the agreements for the demerger.
A statement on the Bairns' official website, www.falkirkfc.co.uk read: "The board unanimously supported the agreements reached, which were consistent with the draft proposals presented to both the club and Falkirk Council last October."
Chairman Campbell Christie added: "In the current economic climate, with the credit crunch and the problems in the property market, the FCSL approach is no longer viable to deliver our ambitions.
"The division of the assets between the club and the council allows each party to focus on their strengths and their own businesses.
"Since October, much work has gone into this complex process and I am hopeful that everything can be finally concluded in the near future."
Craig believes both the club and council would benefit from the new arrangement.
He said: "Financially, it's better for everyone in the long-term. That was one of the main driving forces."
He also insisted it would have no effect on plans to complete the stadium, with construction on the South Stand already under way and an East Stand also in the pipeline.
