Football: Pounds 20m Celtic deal

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The Independent Online
CELTIC are moving closer to a new pounds 50m home at Cambuslang. Superstadia, the London-based company charged with bringing the new stadium into being, is on the verge of completing a contract which would underwrite a sum of pounds 20m for the project, writes David McKinney. Such a contract is seen as a key for future investment and one which should allow the stadium to be built.

According to an insider, just one signature has still to be added to those of a consortium of international businesses and that once this happens, the contract will provide a green light for the project.

Yesterday, Michael Kelly, the Celtic director, confirmed the situation and said: 'At the moment, the priority for the club is to appoint a new manager but negotiations regarding the stadium are currently on-going. We are hopeful that the deal will be resolved soon.'

The construction of a stadium at Cambuslang will cost pounds 50m but the first instalment will ensure grants and other money can be secured.

The club had hoped to make an announcement last Thursday but were pre-empted by the resignation of Liam Brady as manager.

Meanwhile, Lou Macari, the Stoke manager, remains the board's preferred choice as the new manager. The situation should become clearer tomorrow when Celtic are hoping to make an announcement.