KMG Capital Markets have issued a statement to BBC Radio Humberside in response to the comments made by Scunthorpe United chairman Peter Swann in a live broadcast last week.
The Iron chairman stated that he would be taking legal action against KMG and announced the club were no longer going ahead with their proposed new stadium plan.
KMG’s statement read as follows: “We are aware of the interview which aired last week on BBC Radio Humberside but disagree with several elements of Peter Swann’s description of events.
To reiterate our clariﬁcation following a previous BBC interview with Peter Swann in May, whilst Scunthorpe United had the beneﬁt of an option to purchase land at the Lincolnshire Lakes development for their new ground and training facilities, at a nominal fee of £1, this expired in 2016.
Even though the option had expired, we remained committed to selling the land to the football club for the sum of £1 so they could build the stadium consistent with the terms of the original option.
However, the club wanted to extend use of the site for retail and other commercial purposes and, when we sought to agree mutually beneﬁcial terms for these additional uses, they chose not to discuss this with us.
We’re pleased to advise that the Lincolnshire Lakes project is proceeding well. Work is progressing on three key elements of the scheme: the £13m flood defence scheme, lake one (the leisure lake) and the northern junction. Crucial work to relocate and lay fibre optic cable has been scheduled with BT and infrastructure, such as roads and power, are also on course for delivery.
Works will commence on Scotter Road in two weeks’ time, which will be the ﬁrst phase of £2m road improvements that will provide access to the development site. Several home builders have expressed interest in purchasing acreage and we are working with these builders to identify the first plots and enable delivery of serviced homes on these plots.
We are positive that Lincolnshire Lakes will be a development that the people of Scunthorpe will be proud of.”