Millers loan no cost to council - Stone

Last updated : 29 July 2011 By Bigrich.....

Speaking to todays Tiser, Stone confirmed that cash and borrowing costs will be covered regardless of what happens at the League Two club. Stone also said that other loans would be considered where there are similar guarantees in place and real benefits to Rotherham as a town.

He said: “We used our prudential borrowing facility to allow the football club to have the funding. We have the guarantee that the cost of borrowing is borne by the club and chairman.

 “We’ve got the assurance that officers dealing with it financially have accepted. So if it goes pearshaped we will get our money back.

 “We are not awash with money. We are doing something which is innovative, using a facility available to us. There’s no cost to us. Nothing came out of our balances, we’re not taking from anything that would have gone on our services,” he added.

 “In this day and age, if there’s any way we can actually help anyone, businesses or whatever, in helping people into employment and doing it in a way that the money’s covered by them, then we’ll always consider it.”

Meanwhile Rotherham Titans proposed move to Millmoor is still being finalised by legal officials from both parties. The council will lease the Millers’ former home from the Booth family and sub-let to the ambitious rugby club. 

Stone continued: “We are not subscribing to the community stadium. We are assisting them. We did suggest that at the beginning, but it wasn’t what the football club wanted.

 “One thing that Rotherham wants is a stadium. The club is putting in, at this point, something like £15 million and eventually £20 million. We ought to be patting the chairman on the back for the regeneration it will bring to that area and the better football that will be played there."