Recent Developments
The stadium is owned by Manchester City Council and leased by the football club. The 2008 takeover made the football club the wealthiest in the world, prompting suggestions that it could consider buying the stadium outright. Manchester City signed an agreement with Manchester City Council in March 2010 to allow a £1 billion redevelopment led by architect Rafael Viñoly.
During the 2010 closed season the football pitch and hospitality areas were renovated, with a £1 million investment being made in the playing surface so that it is better able to tolerate concerts and other events without damage. In October 2010, Manchester City renegotiated the stadium lease, agreeing to now pay the city council an annual fixed sum of £3 million where previously it had only paid half of the ticket sales revenue from match attendances exceeding 35,000. This new agreement occurred as part of a standard 5-year review of the original lease and it amounts to an approximate £1 million annual increase in council revenues from the stadium.
For the current and previous seasons, the club has sold all 36,000 of its allocated season tickets and is now looking at increasing the stadium's capacity. The club's agreement with Manchester City Council in March 2010 allows redevelopment around the stadium and possible stadium expansion to 60,000. This increase in capacity could be achieved by adding a third tier of seats to the north and south stands so that they match the east and west stands. The stadium expansion is linked to the club's stated commitment to "potential development as part of a contribution to the regeneration of east Manchester".
In July 2011, the stadium was renamed the Etihad Stadium sponsored by Etihad Airways. Development plans for the Etihad Campus adjoining the stadium were revealed in mid-September 2011. The club released images of a cutting-edge youth academy and training facility, including a 7,000-capacity mini stadium on derelict land adjacent to the stadium's SportCity location. It is believed Etihad Airways fought off competition from Ferrostaal and Aabar to gain stadium naming rights.
Read more about this topic: City Of Manchester Stadium
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