Dear all,
A third of the way through the season, I wanted to update you on a number of important matters.
There has been a lot of change on the football side over recent months. We all started this season with a healthy dose of realism that it would take time - and likely several transfer windows - before we see the full benefits of those changes. That said, we are confident that we can stay competitive this season in what is a tough but very finely balanced league. It has been great to have such a strong home record, matched by brilliant attendances at the Cledara Abbey Stadium, but we all know we need to be better away from home, hopefully starting tomorrow at Barrow. I spent the morning at the training ground last week, so I know just how hard Neil, Bonz, and all the staff and players are working to push us forward. Thank you, as ever, for your brilliant backing. It matters a huge amount to everyone and will continue to be very important over the coming months.
As you all know, three years ago we bought the Cledara Abbey Stadium back. It was arguably the most important development for the club this century, as it placed our future squarely back in our own hands. Investment in our infrastructure has been long overdue and, after the training ground, we have prioritised plans to redevelop the Abbey over the last 18 months, devoting significant time and money to the project. We have looked at multiple plans and options for potential redevelopment, alongside the detailed practicalities of delivery and, of course, the funding and future return on investment that would make any economic model viable.
Last week we concluded that, as things stand, the cost-benefit equation does not currently make it feasible. Put simply, the potential future upside of a partially improved Cledara Abbey would not justify the tens of millions of investment required, and it would end up being a significant cost and long-term financial burden to the club. On the latest model, for example, it would take over 20 years before there would be any return, and even then, the projections are necessarily uncertain. Taking all this into account, we taken the decision to ‘put our foot on the ball’ and take stock.
We all love the Abbey. It is full of memories and is the only place we have ever known as home. We also know that this could be a generational moment for Cambridge as a city, following the important Government announcement last month, and that Cambridge will grow and change significantly over the coming decades. As one of the biggest civic organisations in the city, we want the football club to be an active partner in those discussions and help ensure that sport, culture, and entertainment are at their heart.
I am grateful to the Board for all their hard work over recent months in deepening these networks with civic leaders, and it is great that United for Cambridge will be launched in January, bringing the club and Foundation much closer together and providing a way for new partners to support the great work of the Foundation.
Ownership of the Cledara Abbey Stadium means we are fully in charge of our destiny. The Abbey will remain our home for the foreseeable future, and we can always revisit redevelopment plans at any point should we choose. Equally, as owners and board members who are custodians of the club for current and future generations, we should also be open-minded about potential relocation. There is nothing on the table and nothing imminent, but I wanted to share our current thinking at the earliest possible opportunity.
Rest assured, Mark and I remain as ambitious as ever for Cambridge United, but unsurprisingly the financial landscape is not getting any easier. Our collective losses and investment into infrastructure since Covid total over £20 million, and inflation and cost pressures in the lower leagues remain high as more funding comes into them from ambitious owners.
It is becoming increasingly clear that we need to find another minority owner who can share the financial load and help us drive the club forward. Finding the right person who shares our values and ambitions may take time, but we know there is huge interest in Cambridge. It is a world city, a global brand, the birthplace of football, and a city with an incredible past and exciting future. We want to ensure Cambridge United is an even bigger part of it.
Finally, I would like to pay my respects to our Safety Officer, Andy Pickard, who sadly passed away last week - a great man and a great servant of the Club who embodied everything we stand for. He will be missed by all of us at Cambridge United.
Thank you again for all your support.
United in Endeavour,
Paul
