Key facts
- Crystal Palace has not secured the full funding for its £200 million stadium redevelopment.
- Club chairman Steve Parish cited rampant inflation and spending on the playing squad as reasons for the delay.
- The project's estimated cost has more than doubled since it was first revealed in 2017.
- Demolition of six houses on Wooderson Close has begun to clear land for the new stand.
- The new stand aims to increase Selhurst Park's capacity to over 34,000.
- A £125 million loan deal was secured from a consortium led by Goldman Sachs Group Inc.
Crystal Palace Football Club has officially commenced demolition work on six residential properties on Wooderson Close as part of its long-delayed stadium redevelopment project, but chairman Steve Parish has admitted that the full funding for the new main stand at Selhurst Park is not yet secured.
Parish cited rampant inflation in building materials and the club's decision to prioritize spending on the playing squad, particularly for its first two seasons of European football, as reasons for the funding shortfall. The project, which aims to increase Selhurst Park's capacity to over 34,000, has seen its estimated costs more than double from £75 million in 2017 to over £200 million.
The club is exploring various funding options and working with banks, while also reviewing materials and design changes to reduce costs. Parish stated that the club is committed to the project, calling it "essential," and that "it will get done."
The redevelopment involves replacing the historic 102-year-old Main Stand, originally designed by Archibald Leitch and opened in 1924, with a modern, three-tier structure that will accommodate 13,500 supporters, expanding the stand's capacity from 5,200. The club intends to keep Selhurst Park operational during matchdays throughout construction by building the new stand around the existing one.
Financial backing for the development includes a £125 million loan deal secured from a consortium led by Goldman Sachs Group Inc. The project has faced numerous delays, including those caused by the global pandemic, the redevelopment of the club's academy, and the complexities of acquiring the six houses on Wooderson Close, which took nearly a decade to resolve.