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BLUE YONDER: Project update from the AGM

5 December 2014

Project Blue Yonder Update from the AGM

Below is the update on project Blue Yonder, as delivered at the AGM on Thursday evening:

+ As has been confirmed in recent statements to the press, and on radio, Project Blue Yonder is ongoing - and has been since the initial announcement to shareholders at the 2010 AGM.

+ The club is subject to NDA and ‘lock-out’ – this is perfectly normal practice and is in place to provide the confidence for potential occupiers / tenants in the development to have commercial discussions in private and without speculation attached.

+ It has to be remembered that the developer with whom the club have a 'lock-out agreement' is entitled to commercial privacy. What we can say is that they have a local connection and they understand the City and the club's aspirations. They are professional and experienced in city centre re-development.

+ The process is continuing but the club and developer are not in a position to properly engage with the Local Planning Authority at this stage. When the time is right, and a number of factors have to fall in place for this to be the case, the club and developer will approach the Council jointly.

+ One site for the development appears to have merit at this stage – there could be others. We are not yet at the stage of producing finalised stadium or project plans. 

+ This is because the potential development is not just about Carlisle United. It is no secret that stadiums do not fund themselves and can only happen through a wider development plan which is viable and deliverable. 

+ In this case, it is also a potentially significant regeneration opportunity for the City and as such does take time to put all the pieces of the jigsaw in place, not all of which any one person or organisation has control over.

+ Work will continue, with discussions ongoing as we speak, and we intend to keep our shareholders and supporters as up to date as we possibly can within the boundaries of the NDA and ‘lock-out’ agreements.

+ As with any major project, every effort is being made to achieve a positive outcome but nothing can be taken for granted.

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