A NEW stadium for Wycombe Wanderers and Wasps will cost more than £67m, leaving a ‘substantial funding shortfall’, a financial report says.

A document looking into the costs of a new shared ground for up to 20,000 supporters, prepared by financial advisers Grant Thornton, shows the total which, if it includes a sports village as well, could cost beyond £88m.

The calculations exclude land costs.

The Financial Issues Scoping Paper was produced for Wycombe District Council, which is backing the ground move plan, and has pledged £750,000 for a consultation.

A spokesperson for the town’s Wycombe Sports Developments Limited said: “It would be wrong to assume that there is any question mark about the viability or deliverability of the project because of what this report says at this stage.

"It does not consider the enabling development because it is too early to cost exactly what the contribution of that might be.”

Council bosses are told inside the report that investments in “all sports are risky” but says sharing the ground between the two clubs is “a good way to balance and generate revenue and to help secure income”.

Designing the stadium so it supports “a diverse range of uses” will be important, it adds.

The report says: “Our cost estimate for the community stadium facility alone is in excess of £67m, pre land acquisition costs, and therefore it is evident that there is currently a substantial funding shortfall”, the report said.

“The council will need to consider how best to protect their investment in all situations, should they wish to invest directly or indirectly in a new stadium development.

“If the council decide to contribute land to the new development they will need to ensure that they can meet all requirements for demonstrating that best consideration has been achieved for its assets.”

A wide range of funding sources like Sport England and the Lottery should be explored, it said.

“We understand the clubs are of the view that a total cash contribution of circa £25m to £30m may be available from them, excluding the funding of training facilities which they have indicated they will directly fund,” the report said.

“This may come from a combination of sources, such as the clubs’ ability to raise debt or equity finance, further investment from their owner or another investor or from other commercial activities such as sponsorship and naming rights.”

A spokesperson for Wycombe Sports Developments Limited (WSDL) said: “Our vision is to build successful and sustainable clubs and a key part of this involves building a new community stadium and sports village.

“We are at an early stage in that process and are focused on shaping what the scheme could look like and where it might be built. Detailed financial modelling hasn't yet taken place because that will follow further assessments on sites and the potential design of the project.

“Our focus right now is on developing the vision – and we are confident that we can then develop the detailed plans required to deliver it.”

Council spokesperson Catherine Spalton said: “The amount of any council investment – should a decision to proceed with the project be taken – would depend upon the eventual scale and form of any scheme and the extent to which its commercial funding falls short of its actual costs.

“New stadia generally involve public-private funding partnerships, with public sector investment topping-up commercial viability, facilitated by the public sector’s longer term investment criteria – social, economic and financial return for the community.

“In this case, if we were to be involved – and assuming that insufficient grant monies were available – enabling development could generate funds for investment. We would want to ensure that there was no additional council tax burden as a result of the project.

“We’d like to encourage residents to find out more about the Community Stadium and Sports Project by dropping-in to our exhibitions, taking part in our discussion forums and visiting www.wycombe.gov.uk/communitystadium, where all of this information is publically available.”