Stadium MK secures funding lifeline to weather coronavirus stormJun 18, 2020
A SEVEN-FIGURE funding facility has enabled Stadium MK Group to meet its ongoing cashflow issues and become the first UK venue to stage live professional sport on network television during lockdown.
The Coronavirus Business Interruption Loan Scheme facility through Santander UK enabled Stadium MK to stage Championship League snooker at the Marshall Arena last month.
It also means the group can retain the majority of its 700 staff and plan staff and plan for future sporting and hospitality events as restrictions are lifted.
The stadium, home to MK Dons FC, hosted to the highest level in sport including the Rugby World Cup, Women’s FA Cup Final and football internationals. Recent concerts at the stadium have featured Take That, Rod Stewart and Rammstein.
Stadium MK Group chair Pete Winkelman said:“The timely and effective support from Santander has enabled us to get back to work and start delivering events again, helping Stadium MK and Milton Keynes to take the lead in post-Covid19 recovery.
“The tremendous support of Santander has helped us to complement the positive effects of the government’s Coronavirus Job Retention Scheme by allowing us to keep most of our talented and dedicated staff together and minimise the level of redundancies that we have had to undertake.”
Stadium MK Group was established in 2004 to bring League football to Milton Keynes and was tasked with developing a stadium for the city. It hosts top-class business and public events including conferences and exhibitions across a wide range of industries.
Santander UK relationship director Jon Everitt said: “Stadium MK saw its revenues cease overnight as the outbreak of coronavirus hit the UK. We were in touch with the team there to assess their options and we are delighted that the business can start planning future sporting and hospitality events.”
by ANDREW GIBBS e: email@example.com