Published: 27/02/2010 00:00 - Updated: 04/03/2010 17:08

Fans' plea for help to buy back Abbey

CHANGING HANDS: The Abbey is set to have new owners Cambridge United fans have launched an 18-day campaign to raise £3.5million to buy back the R Costings Abbey.

That is the amount of time they have to find the cash to match the sum set to be paid by Grosvenor Developments to current landlords Bideawhile as part of an agreement to purchase the ground.

Grosvenor, who have been behind major Cambridge projects including the Grand Arcade and The Grafton, have contracted to buy the ground and, if a deal is concluded, they will take control in late April.

But CFU chairman Dave Matthew-Jones said he felt United would not have a better chance to regain the Abbey if they could find a wealthy benefactor to help raise the money.

He said: "As developers go, Grosvenor are probably a very good one and better than some of the alternative options who have looked to buy the ground.

"However, if there's a group of people or an individual who would be willing to soft loan the club that amount of money on easy terms or conditions, or just give the money, the ground would come back to Cambridge United.

"It's not a case that we can go around looking for banks to loan us money, because the chances are there wouldn't be the time to get the due diligence done anyway. It's a tall order, but I think it's now or never if we want to get it back."

United chairman Paul Barry would not comment on plans to buy the Abbey, but felt Grosvenor would be a "friendly landlord" if the deal went through.

He said it would not affect the club's existing lease on the ground, but would not comment on whether the company would reduce United's annual rent of £240,000.

Barry said: "I'd like to assure fans we'll be meeting with our potential new landlord early next week to explore all possibilities, so that we can secure not only the future of Cambridge United, but also make sure that any major development plans would involve shareholders and stakeholders in the club.

"Once we have more news we'll meet as a board and involve CFU, so that we can make this journey together."

Kate Kilborn, Grosvenor spokesman, would not comment on Grosvenor's plans or reasons for buying the Abbey.

She said: "Grosvenor and our joint venture partners Wrenbridge will work with Cambridge United FC on possible future development plans for the stadium."

Bideawhile co-director John Howard was unavailable for comment.

* Anyone who can help raise funds to make an offer should call 07703 274034.
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