To consider a London Road Sports Partnership grant award.

That agreement be given in principle to provide grant funding to the new London Road Sports Partnership, subject to the outcome of ongoing legal and financial due diligence.

N.B. Councillor Grist left the meeting for this item.

The Assistant Director, Leisure and Culture outlined the background to the report.  Members noted that the London Road Sports Partnership was formed by three stakeholders, supported by the Lincolnshire Football Association and the Football Foundation through the Home Advantage scheme. The Partnership had entered a tenancy at will to be replaced by a lease once finalised with the Football Foundation.  Executive Board approved the site's transfer through a long lease, with a Service Level Agreement being prepared to supplement lease terms.  The Partnership faced sustainability risks without initial financial support from the Council, needing to generate income to cover costs and establish reserves.  Unlike Magna Vitae, the Partnership would have a full repairing lease, resulting in further savings for the Council on repairs and maintenance costs.  This report presented covered the financial support needed to initially sustain the site during Years 1-5.

The report recommended that the Executive Board agreed in principle to the provision of grant funding of the new London Road Sports Partnership over 5 years, as detailed in section 2.9 of the report, noting that this would equate to a grant to the Partnership of up to £95k in year 1, reducing by at least 25% per annum over years 2-5.  The ambition was to taper the grant to zero, working as appropriate with the Sports Partnership to support their journey to sustainability.  Discussions as appropriate regarding progress towards this ultimate ambition would take place over the described five-year period. The agreement to be subject to the outcome of the ongoing legal and financial due diligence.

During discussion Members supported the proposals and the recommendations were duly Proposed and Seconded for approval.

RESOLVED

That agreement be given in principle to provide grant funding to the new London Road Sports Partnership, subject to the outcome of ongoing legal and financial due diligence.

Reasons:

Failure to agree to this support would mean that the London Road Sports Partnership would not be able to financial manage the site and the site would close.

Other options:

None.