Get involved! Send your photos, video, news & views by texting HT NEWS to 80360 or e-mail us
Leases were negotiated in a 'robust way'
1:46pm Thursday 10th July 2014 in Sport
"I worked on the leases for 12 months in accordance with the heads of terms agreed between Herefordshire council and the club's commercial representatives Savilles International, city solicitors and advisers," he said.
"The leases were negotiated in a robust way with the due diligence expected of two reputable law firms and have been engrossed in this form between the parties for a period of 30 years with the right to extend them to 250 years should development of either end take place."
Pritchard confirmed that there are various restricted covenants in place and that the leases are in the name of Hereford United (1939) Ltd who are the sole party to which the terms are applicable.
"The key covenants are that the club has be an affiliated member of the Football League and that the lease is forfeited should the club be in breach of any covenant," he said.
"The lease is forfeited should the club stop trading and go into liquidation with the leases returning to the landlord with immediate effect,
"There is a requirement to complete one end of the development within seven years and then a further four years respectively."
If this last requirement is not fulfilled, then the leases for the development areas two and three, which are the two ends of the ground, revert back to the council.
"The assignment of the lease to the developer will only take place on completion of the development," said Pritchard.