Birmingham’s Sports Quarter is today a step closer towards becoming a reality.
This comes after news that the metro extension connecting Birmingham city centre to the site of the world-class sports and events campus, in the east of the city, is to receive £2.4bn of government funding.
Unlocking £3bn in private equity
This investment will, in turn, “unlock £3bn investment from private investors,” said a government spokesperson.
The announcement was part of what the government billed “the biggest ever investment in buses, trams and local train infrastructure in city regions”, aimed at “making all parts of the country better off.”
Chancellor Rachel Reeves said the cash allocated to the West Midlands is part of £15.6bn of nationwide transport improvements set to feature in the government’s Spending Review next week.
‘Huge step forward for the Sports Quarter’ – Tom Wagner
Tom Wagner, Knighthead Capital Co-CEO and Birmingham City chairman, said: “The Chancellor’s undertaking to upgrade transport links in East Birmingham is a huge step forward for the Sports Quarter.
“It gives us the springboard we need to advance this transformative project at pace, bringing huge benefits to the people of East Birmingham and the wider region in the shape of jobs and opportunities, as well as economic growth that will be felt across the whole of the UK.”
Sports Quarter plans include a new 60,000-seater stadium for the Blues, who re-enter the Championship next season after gaining promotion.
‘A trailblazing development for the region’ – Neil Rami
Neil Rami, chief executive of the West Midlands Growth Company, said: “This £ 2.4 billion transport funding package marks a defining next step in transforming Birmingham and the wider West Midlands into an investment and sporting powerhouse.
“We’ve known for a while that the Birmingham Sports Quarter will be a trailblazing development for the region, driving opportunities for growth and wider regeneration, but this funding green light from the Chancellor will now turn our bold ambitions into a game-changing reality.
“This funding will serve as a catalyst to connect the region like never before, unlocking huge potential for private development partners to collaborate on one of the UK’s most exciting projects of recent times.”
