Except that isn't the case is it. The shares in ACL sold for £6m not the freehold land and property that cost £110m - two very different things. The leases give ACL rights to be there but the legal ownership of the freehold land & property is still with CCC
the origins of the expression "white elephant" can be found here
White elephant - Wikipedia
A
white elephant is a possession which its owner cannot dispose of and whose cost, particularly that of maintenance, is out of proportion to its usefulness. The term derives from the story that the kings of Siam, now
Thailand, were accustomed to make a present of one of these animals to
courtiers who had rendered themselves obnoxious, in order to ruin the recipient by the cost of its maintenance.
In modern usage, it is an object, building project, scheme, business venture, facility, etc., considered expensive but without use or value. (Oxford English dictionary)
- Clearly CCC were able to dispose of some of its rights and to retain ownership. Have CCC ever wanted to dispose of the freehold?
- The stadium doesn't & didn't cost the owner CCC any maintenance. The cost of maintenance of the stadium is not what drags Wasps figures down or indeed ACL before its sale
- was it expensive to build compared to other stadia?
- is it unused? Usage of the whole site seems to be well above the levels when if first opened even before Wasps came in, and has increased further since
- does it have a value? ( all sorts of things to consider in that one) Depends if you look at what CCC value their rights over the site or what Wasps do. CCC include their ownership at £nil because of the long leases and had spent mainly grant plus ACL lease premium and Tesco land sale monies on the construction. Whilst leases are in place little value but little cost to the owner CCC. Wasps value their long lease interest at £60m largely based on the site activity. Also CCC would argue that the site has value in addition to monetary, eg social and community values etc.
- clearly at least two obvious parties were interested in acquiring some sort of interest in the stadium, we are told there were more than that over the years
Sorry G not sure I agree with your assessment of white elephant, it doesn't seem to fit the definition I have