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Islington Tribune - by TOM FOOT
Published: 9 May 2008

Academy sponsors set to be handed £14m school

MILLIONS of pounds of public funds and assets will be transferred to an independent school when Islington Green becomes an academy in September.
The Prebend Street site is valued at £14.8 million, a Freedom of Information request has revealed.
The land is being handed over to academy sponsors City University in return for a £2 million contribution, spread over 10 years.
After agreeing terms with the university, the Department for Children, Schools and Families has released £34.3 million to build a new school on the site – bringing the total contribution towards the new academy to almost £50 million.
The school site cannot be developed for commercial gain but it is believed the land could be used by the university as an asset to borrow money against.
Islington Green teacher Ken Muller, who submitted the FOI request, said the transfer represented bad business. He said: “More than £50 million of public money and assets is being handed over to an independent school. No wonder Gordon Brown wants to abolish the 10p tax rate.”

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