Page last updated at 11:54 GMT, Friday, December 16 2011

Council gives go ahead for Rose Bowl scheme

Eastleigh Borough Council last night gave the go ahead to develop The Rose Bowl as part of an exciting scheme that will see the Council purchase the 167 acre Rose Bowl site and buildings for a cost of £6.5M.

Councillors agreed to the purchase of the Rose Bowl site which will now be leased back to the Rose Bowl operators.  Councillors have previously given their approval for the funding of a hotel and conference centre at The Rose Bowl stadium. The amount committed for this totals around £32.2m and this funding will come from a low interest public sector borrowing facility. 

Leader of the Council Keith House said, “This decision is good news for our residents and the local economy.  This proposed purchase of the Rose Bowl complex will give the Council significant new rental income that will help protect our frontline services and help keep our council tax down.”   He added, “This exciting scheme will help to bring around £55 million spending a year to the local economy and create around 500 local jobs and protect and develop a world class sporting venue."

The scheme was approved subject to a number of financial and legal issues being resolved. The Council is continuing to work with its various partners to bring these issues to a conclusion soon as possible in 2012.