OL GROUPE : "STADE DES LUMIERES" NEW STADIUM PROJECT
Lyon, 27 April 2012
Over the past few months, the Stade des Lumières project has passed a certain number of milestones. In particular, the Greater Lyon Community Council approved the revised land use plan on 12 December 2011, and the town of Décines granted the construction permit on 3 February 2012.
Before earthworks can begin, site access and other preliminary work must be carried out, and this is now underway. Archaeological soundings regarding exit no. 7 have also begun, with the French government as the project sponsor. Greater Lyon has begun moving the rainwater retention basins.
The framework agreement signed on 26 July 2011 with Vinci, OL's future partner in the stadium project, contained a clause under which scheduled dates may be revised, depending on the various appeals filed against the project. Because the Stade des Lumières project is very complex and all of the administrative approvals necessary for it to proceed are not yet definitive, the framework agreement signed by OL Groupe, its subsidiary Foncière du Montout and the Vinci group has been extended, in line with its original terms, to enable the parties to continue negotiating and to sign the definitive agreement.
The full structure of this project (design/build contract, shareholders agreement, etc.), important not only for Olympique Lyonnais but also for the Lyon region, should be finalised soon and will be announced in a press release.
Investors are reminded that the risk factors related to the construction of the new stadium are detailed on page 44 of the 2010/11 registration document. These relate in particular to potential appeals or challenges, disputes, unexpected events, failure of service providers, financing difficulties, etc. and might have a material adverse effect on the strategy, business, financial condition and earnings of OL Groupe.
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