A PATCH of land worth just £45,000 in 1989 is to net its owners £5.5million of public cash - because it's needed for the Commonwealth Games.

A PATCH of land worth just £45,000 in 1989 is to net its owners £5.5million of public cash - because it's needed for the Commonwealth Games.

Taxpayers will foot the bill for the 2.5 acres of wasteland on the site of the Athletes' Village in the East End.

The sale comes after landowner Graham Duffy was accused of "holding Glasgow to ransom" over the purchase.

If it is agreed by councillors this Friday, the deal will mean a massive windfall for the consortium fronted by businessman Mr Duffy, which bought the land at Dalmarnock in 2005 for a sum thought to be less than £1million.

Among those with a stake in the consortium is Northern Ireland and Sheffield United footballer Keith Gillespie, 32.

Companies House documents reveal the ex-Manchester United and Newcastle United winger owns a 12% share of the land, which could net him as much as £660,000 if the deal goes through.

The consortium originally claimed it wanted to build Scotland's tallest skyscraper at the riverside plot in Millerfield Street.

Land Register records show the site, one of few last pieces of the jigsaw needed for the Games Village, was bought in two parts for £20,000 in 1988 and then £25,000 in 1989. The new owning company and the land was then sold on to Mr Duffy's consortium in 2005.

Mr Duffy, of Glasgow developers Grantly Group, offered the wasteland to the council for almost £8m during the Games bid in 2006.

But the 40-year-old businessman, now based in Florida, was accused of trying to take advantage of the Games for profit.

As revealed in the Evening Times last month, the council said that it would not pay the asking price for the land.

Now its final offer is £5.5m and it has warned that it would pursue a Compulsory Purchase Order if a deal wasn't struck.

A senior council source said: "It looks like Mr Duffy has got his deal, but it's not anything like the money he'd asked for.

"This is a good deal for Glasgow as the land is vital for the Games Village.

"Given what they've put the council through I only hope the money is paid in pound coins..."

Others with a stake in the deal are Mr Duffy's relatives John and Susan Duffy, from Bishopbriggs, who have a 30% share in Grantly Developments (Parkhead) Ltd, which controls the land on behalf of the consortium.

The other members of the consortium are two firms from Northern Ireland. One is controlled by Gavin Logan, Graham Duffy's business partner in several firms.

Mr Logan, 49, is from Keith Gillespie's home town of Bangor in County Down and is the link between the player and the land deal.

Gillespie's agent, Phil Munnelly, confirmed the player had a stake in the land and other property across the UK.