Liquid Gold
Well-Known Member
Shame we will never own the stadium we spent £50m to build now a London rugby club owns it
Friday transfer thread (23 Viewers)
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Shame we will never own the stadium we spent £50m to build now a London rugby club owns it
Nick
Administrator
Less than half we got offered the rights to our own match day revenue..
dongonzalos
Well-Known Member
I know they bought it, for nearly 6 million and took on responsibility for a 14 million loan.
20 million.
Pretty good business, however not according to us, a deal we would not have done.
Grendel
Well-Known Member
Wrong it's £6 million and there was no discharge of the loan in the purchase consideration. OSB has already explained this many times.
Why you ignore an expert like him is very odd. Almost like you have an agenda to peddle.
It's also worth noting the only deals the club were offered have been;
£24 million for f and b rights
£6 million for the Higgs share of ACL complete with all associated costs
On the first point though your statement as proved is factually innacurate - the payment was £6 million and that's the shareholder value at the time.
I'm sure you must remember. I'm sure you bragged at the time that the continuation of the loan by the council actually gave rewards to the tax payer in terms of interest income.
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dongonzalos
Well-Known Member
Didn't we have half of ACL agreed for 5.5 million, but then said 2 million if it's a cash up front payment?
Liquid Gold
Well-Known Member
you sounds pleased by their business?
Nick
Administrator
The one the councillors were saying was over priced?
Just goes to show why people will buy other clubs before us
dongonzalos
Well-Known Member
Who is paying the loan off?
dongonzalos
Well-Known Member
Wish it was us
Liquid Gold
Well-Known Member
Never will be us now and you're happy a deal was done at that price to a London club
dongonzalos
Well-Known Member
nah not happy
Wish our owners chose to buy instead of devalue.
Wish our owners chose to buy instead of devalue.
Grendel
Well-Known Member
A bond is paying it off.
The shareholder value was £6 million. You are just wrong and that's it I'm afraid. You may not understand it but that's your problem not mine.
The purchase was £6 million and the council had the loan. If you have a house worth £100,000 and it's got an £80,000 mortgage and you pay it off it's worth £100,000
You confuse costs with value and sorry you are just wrong and anyone with any business knowledge will say that.
dongonzalos
Well-Known Member
You can spin it anyway you want.
To get ACL the price was just under 6 million and take responsibility for the loan.
Taking responsibility for that loan was one of the things SISU said they would not do.
How Wasps raised the cash is irrelevant
The council got paid and the loan was paid off.
Would the council have sol ACL for just under 6 million and wrote the loan off?
chiefdave
Well-Known Member
That's where you're going wrong. Nobody took responsibility for the loan. ACL owed the money when they were owned by CCC and Higgs and ACL still owed the money when they were taken over by Wasps.
The fact that Wasps have chosen to refinance via the bond, and in the process increase the level of debt, doesn't come into it.
dongonzalos
Well-Known Member
They loan getting paid off doesn't come into it?
Ian1779
Well-Known Member
Furthermore the bond issue covered both the loan amount and the amount that ACL was purchased for.
You could easily argue that Wasps investment level is zero pretty much.
Perhaps all the people lauding up their business acumen would also be happy to donate to a crowdfunding project to buy CCFC and build a stadium...
Something tells me the enthusiasm might not be as prevalent.
dongonzalos
Well-Known Member
Apologies I simply asked where are Gillingham getting their cash from fit their dealings.
dongonzalos
Well-Known Member
Great idea, would prefer someone else to run though.
Ian1779
Well-Known Member
Me too - as long as the someone else is not Wasps, Hoffman or Elliott.
Dhinsa is fine by me - does a blinding free breakfast!!
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