City have announced to the stock exchange the details of the plan to buy the ground for the new stadium at a cost of some £37 Million. The announcement is rather complex and is included here for you all to pick over.

Leicester City PLC 27 March 2001 27 March 2001 Leicester City Plc Proposed Acquisition and Development of New Stadium

Leicester City Plc ('LCFC') today announces details of the proposed acquisition and development of a 22 acre site at Freemen's Wharf, Leicester ('the Property') for a total cost of #37 million ('the Acquisition andthe Development').
* Proposal to build a 32,000 all seater capacity stadium
* On 6 February 2001 Leicester City Council resolved to grant planning permission for the development
* Cost of acquisition of Freemen's Wharf property from Powergen UK Plc of #7 million
* Costs of development, construction and fees estimated at not more than #30 million
* Acquisition, development and construction to be funded by planned #28 million bond issue, sale of the Filbert Street stadium and enabling development on new site,upfront commercial payments from new stadium and part of monies received from NTL in relation to strategic media alliance
* Shareholder approval to be sought at EGM on12 April 2001

Sir Rodney Walker, Chairman of Leicester City Plc, said, 'Over the last few years, Leicester City Plc has enjoyed considerable success on the field. To continue competing at the top level, however, we need a stadium with increased capacity and improved facilities for the players and supporters. We believe that Freemen's Wharf is the optimum site for this stadium and that the progress that has already been made puts us on the verge of one of the most exciting periods of our history.'

The Company announced on 2 November 2000 that it had entered
into an agreement to acquire the Property ('the Acquisition Agreement'). The consideration payable is #7,000,000. The consideration for the Acquisition initially comprised a refundable cash deposit of #350,000 which was paid upon exchange of contracts and a further #6,650,000, payable to Powergen on
or before 1 December 2001. However, it was further announced on 26 January and 14 March 2001 that the Company and Powergen had entered into supplemental agreements to extend, from 28 February 2001 to 12 April 2001, the Company's right to unilaterally rescind the Acquisition Agreement in return for #100,000 of the deposit becoming non-refundable in the event of
withdrawal.

This was done in order to ensure that Shareholders would have as much information as possible regarding issues such as planning permission, decontamination of the Property and funding prior to their approval being sought for the Acquisition and the Development. It was also announced on 7 February 2001 that Leicester City Council had resolved to grant planning permission in respect of the Property subject to the completion of a Section
106 Agreement and the Directors believe that now is the appropriate time to seek Shareholders' approval for the Acquisition and the Development.

Accordingly, a circular seeking such approval is being posted to shareholders today. Following completion of the Acquisition, it is proposed to build a 32,000 capacity stadium on the Property. Details of the proposed funding for the Development and decontamination of the Property are set out below.

Background to the Acquisition
At 22,000 seats, the capacity of the Filbert Street Stadium is one of the smallest in the F.A. Premier League and is no longer adequate to fulfill the Group's long term strategic objectives of continuing to compete at the top level of professional football and providing the standard of facilities that the Football Club's supporters deserve.

In addition,the Board believes that further development of the Group's off-field activities, currently principally contained within the Carling Stand at the Filbert Street Stadium, including retailing, conferencing, banqueting and catering, sponsorship and media development, will be enhanced by the acquisition of modern, purpose-built facilities.

The Development and Proposed Funding Arrangements Based upon a tendering process carried out during January 2001 (under which three separate tenders were sought and received), the Directors currently estimate that the costs of developing the Property and constructing the stadium will be no more than #30 million. This excludes the costs of the remediation works of approximately #0.2 million which WSP Environmental Limited (the environmental consultants engaged by the Company) has advised the Company to carry out to bring the Property up to a suitable standard for the Company's purposes.

The Acquisition and the Development, totalling an estimated #37 million, will be funded from a variety of sources. The proposed Bond will raise #28 million with the balance being raised from the sale of the Filbert Street Stadium, the sale of a small part of the Property being acquired ('the Enabling Development'), upfront commercial payments and part of the monies due to the Company pursuant to the Convertible Loan Agreement between the Company and Premium TV Limited dated 8 June 2000.

Interim Results for the six months ended 31 January 2001 The Group's unaudited consolidated results for the six months ended 31 January 2001 were announced separately today. Turnover has increased by 19 per cent to #17.6 million from #14.8 million for the six months ended 31 January 2001. Football turnover increased by 25 per cent to #13.4 million reflecting the benefits of the improved media income from membership of the Premier League. Commercial turnover increased by 5 per cent to #4.2 million. An operating profit before player registrations of #0.2 million is reported for the six months to 31 January 2001 compared to a loss of #0.4 million for the six months ended 31 January 2000. Profit before interest and taxation of # 1.1 million is reported compared to a loss of #3.2 million for the same period last year.

An interim dividend of 0.3 pence per share has been declared, unchanged from that paid in respect of the same period last year. Current Trading and Prospects LCFC currently occupies 7th position in the Premier League having accumulated 45 points from 29 games. The Club's position in the Premier League for 2001/02 is all but secured and the Club reached the 6th round of the FA Cup.

The financial performance of the Company has improved relative
to the first six months of the previous year and the prospects of an improved Premier League finishing position presents a further opportunity to improve on the financial performance reported in the previous year.

The Club's professional playing staff consists in the main of players who have made appearances for their respective countries. The majority of first team players are secured on contracts expiring on or after June 2003. The results of the Company will be materially affectedby the Club's finishing position
in the Premier League with each place worth in excess of #300,000. The Club has finished in the top ten of the Premier League for the last four seasons.

The average crowd for the Club's home league matches in 2000/01 season to date is 20,425, which represents 92.8 per cent. of full capacity, and 13,200 season tickets have been sold. This together with the ease with which the Club sold 35,000 tickets to supporters for the 1999/2000 Worthington League Cup final at Wembley, leads the Board to believe that the facilities at the Filbert Street Stadium are not ableto service the demand from Leicester City supporters.

The Board is confident that an appropriate management team and procedures are in place to maximise the value of the facilities at the proposed new stadium. The Directors are confident that the Acquisition and the Development will enable the enlarged Group to consolidate its position within the Premier League and facilitate the development of all aspects of the operations of the Group including retail and merchandising, corporate sales and conferencing, banqueting and catering.

Extraordinary General Meeting
An Extraordinary General Meeting of the Company will be held at
10.00 a.m. on 12 April 2001 at the registered office of the Company, City Stadium, Filbert Street, Leicester LE2 7FL.