Management Committee Statement 17/10/17
Cardiff Arms Park
The Cardiff Athletic Club (CAC) Management Committee is disappointed that commercially sensitive discussions with Cardiff Blues have been leaked to media sources. This is not helpful to ongoing discussions with Cardiff Blues regarding the future of Cardiff Arms Park and CAC’s relationship with Cardiff Blues going forward.
For the last three years CAC have held constructive negotiations with Cardiff Blues regarding a new lease to allow the redevelopment of the Arms Park to secure the future of first class and importantly for CAC, semi-professional rugby for Cardiff RFC. It emerged during this summer that Cardiff Blues were holding discussions with the WRU and indeed according to some sources had come to agreement with the WRU over the transfer of Cardiff Blues rugby and business activity, either on a temporary or permanent basis. Clearly this had an impact on lease negotiations that were substantially complete. The rugby section of CAC did not feel it appropriate to conclude the lease citing a lack of trust with the Cardiff Blues management, amongst other concerns. This position was supported unanimously by the CAC Management Committee.
CAC has recently received an outline suggestion for a joint venture from a member of the Cardiff Blues board and through CAC rugby section, which was been discussed at last evenings CAC Management Committee meeting. A joint venture confers a substantial amount of responsibility and financial risk to CAC for professional regional rugby and a significant stadium and commercial development. The Management Committee considers that the CAC is not in a position to take such a risk. Nevertheless we have requested further detail and clarity on the proposal.
Further the CAC Management Committee stand ready to pick up discussions over a new lease for Cardiff Blues as a more appropriate mechanism for securing the future of rugby at Cardiff Arms Park.
For any agreement to be reached, CAC as a large shareholder in Cardiff Blues Ltd will require evidence of financial stability, assurances on the direction of regional rugby in the context of Cardiff Arms Park and a review of corporate governance within Cardiff Blues Ltd.
There will be no further comment from CAC on this matter until the conclusion of any agreement.