Under Granada's agreement with Arsenal in September 2000, when it bought a 5% share of the Premier League club for £47m, the media group had the option to acquire a further 4.99% at a cost of £30m if plans for the 60,000-seater stadium went ahead.
Local Islington councillors approved the move to Ashburton Grove in north London last month and the club faces one last potential stumbling block in the form of secretary of state Stephen Byers, who could call a public enquiry given the size of the new stadium.
The new facility is likely to be named Ashburton Grove, unless a naming sponsorship deal is struck before the stadium, designed by HOK Sport -- architects of the Sydney Olympic stadium -- is unveiled for the 2004-2005 Premier League season. The £400m scheme will be financed by City bank loans, sponsorship from Granada and the sale of current home Highbury, which will be developed into luxury homes.
Granada owns a 50% share in Arsenal Broadband, which offers action from Arsenal matches over the internet, as well as a 9.99% stake in Liverpool Football Club, opponents of Arsenal in the fourth round of the FA Cup.
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