A property appraisals company in Melbourne has valued the Hillsborough Stadium site at $1.2 million and it’s estimated the stadium is worth at least $25 million, the Times of London has reported.
The Sydney Morning Herald newspaper said the team’s chairman Peter Stottley and chief executive officer John Hickey also paid a team-based $2 million fee for the appraisal.
The Hillsborough site is in the area of Bancroft and Woodland roads, on the edge of the city’s inner east.
A local group called The Hillsborough Trust is in charge of the reconstruction work, which was undertaken by the city of Brisbane, state and federal governments, and contractors including Melbourne Metro.
The project was approved by the Queensland Government in March 2016, but the project has not been fully finished, with the Hillsbroughs council facing a court challenge over the future of the stadium.
According to the report, the estimated value of the property includes the land it sits on, and the team.
“The value of this property includes an estimated total of approximately $11,973,000, the value of land on which the stadium will be built, and a fair value of any land on the adjacent land, including a portion of the surrounding agricultural land,” the report said.
It added that the property is worth $3 million less than the appraised value.
Hillsborough Trust spokeswoman Linda Molloy said the group was “not able to comment on the details of the appraisal”.
“We will be responding to the media inquiries we received,” she said.
“We will not be commenting further at this time.”
The team, which won four Commonwealth Games titles in 1960, 1962 and 1964, were in the final stages of construction when their match against Liverpool in 1974 was cancelled after a series of concussions.
The Hillsbrolles have also faced a series, including one in 2010 when their players collapsed at the ground after an asthma attack.