The Board of Cambridge United wishes to thank CFU for its on-going efforts to try to buy the leasehold of the R Costings Abbey Stadium.

The Stadium was sold to Bideawhile back in 2004 as the Club sought to avoid going into administration. Bideawhile now are in contract to sell the freehold to Grosvenor Developments but, under the terms of the original sale, the Club has the opportunity to match the Grosvenor offer of £3.5 million plus VAT and stamp duty.

Full details of the CFU initiative are due to be published imminently, but it is known to involve the creation of a Community Interest Company (CIC). Fans and other investors will be able to buy shares in the CIC to fund the purchase of the ground through a loan to the club. The CIC would effectively control the ground and then rent it back to the Club providing a competitive return for investors, but at the same time saving the Club a six figure sum in rent payments each year.

Chairman Paul Barry today told cambridgeunited.com, "This football club is blessed with some of the most loyal and imaginative fans in the country.

"Manchester United and its Red Knights may be wealthier but they do not have the monopoly on a resolute and a resourceful fanbase. The Board has supported CFU since it was formed over 10 years ago, and we are appreciate all of the work they are doing to try to raise the funds needed to buy the freehold of the R Costings Abbey Stadium.

"The Club looks forward to working with our new landlords, whomever that may be, but clearly would welcome any development that allows us to focus more funds on the playing side of the business."

Barry said he understands that anyone, including the directors of the Football Club, would be free to invest in the CIC as individuals, but that the Club itself would not look to buy shares. "Whilst in the past the Club has been in a position to discuss with Bideawhile concerning buying back the Stadium, at this present time the funds are simply not available to us. With time being short on the option, I hope for a positive outcome that will put the club on a stronger financial footing."

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