Leicester have managed to raise in excess of £4.4million to fund the continued upgrade and expansion of Welford Road.
Welford Road expansion on track after Leicester raise £4.4million
Leicester have managed to raise in excess of £4.4million to fund the continued upgrade and expansion of Welford Road.
The Tigers are set to construct a multi-story car park and upgrade the changing and medical facilities in the next phase of their plans to turn the stadium into a 30,000-capacity arena.
The funds were raised by issuing convertible loan notes listed on the Channel Islands Stock Exchange on Tuesday, and placing ordinary shares with new and existing investors.
"We're delighted that once again investors have shown their confidence in the club by digging deep to raise more than £4.4 million, thereby securing the next important phase of the Tigers' future," chairman Peter Tom said.
"We can now move forward with confidence to a listing of our ordinary shares by the end of the year.
"We've had a good season in the Aviva Premiership so far and remain three points clear, with the play-offs to follow. It's going to be a hugely exciting finish to the season.
"Thanks to this new tranche of funding we can now ensure the continued development of Welford Road, providing additional car parking not only for the club but also for the nearby hospital and university, firmly establishing Welford Road as a multi-functional centre available to everyone, in the heart of the East Midlands.
"Most importantly, this is one more step towards realising our long-term vision for Leicester Tigers as the most successful and best-supported club rugby team in the world."
The capacity of Welford Road was increased to 24,000 with the completion of the Caterpillar Stand in 2009, with the venue already being the biggest dedicated rugby stadium in England.
