Northern Rock Sells Falcons’ Ground
Troubled bank Northern Rock has sold the Newcastle Falcons’ ground, though the rugby union club will still continue to lease the site.
Just weeks after the bank had bought the grounds for £14.7m, it suffered from economic hardship, turning to Bank of England for emergency loans in September 2007.
The bank had claimed it had started the process of buying the land at Kingston Park in Newcastle some time before it began experiencing financial problems.
Though Northern Rock no longer owns the ground, it will reportedly continue to be the rugby club’s main sponsor.
After being linked with Newcastle since 2002, Northumbria University has now bought the grounds with aims to join forces with the Falcons to develop the UK’s first-ever rugby-based Centre of Sporting Excellence.
