Oxford United FC New Stadium (2 Viewers)

[Skyblueweeman]

Just seen that Oxford United are likely to move to a new stadium in the next 4-5 years. Despite the Kassam only being 20 odd years old, there's issues with the lease, the owners and development. Dont know the whole story but interesting that they'll be moving to another new stadium in less than 30 years since moving to their last new stadium.

Oxford United Stadium Statement | Oxford United Football Club

Oxford United Football Club are pleased to provide an update on the search for a new home to secure the club’s long-term future.

www.oufc.co.uk

 

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[fernandopartridge]

Just seen that Oxford United are likely to move to a new stadium in the next 4-5 years. Despite the Kassam only being 20 odd years old, there's issues with the lease, the owners and development. Dont know the whole story but interesting that they'll be moving to another new stadium in less than 30 years since moving to their last new stadium.

Oxford United Stadium Statement | Oxford United Football Club

Oxford United Football Club are pleased to provide an update on the search for a new home to secure the club’s long-term future.

www.oufc.co.uk

Hmmm, Oxford doesn't have a rugby union club of any note

 

[Flying Fokker]

City didn’t need Wasps. Sisu forced the issue.

 

[OxfordFan123]

Hi all, thought you might find it amusing to know that your ground situation was brought up as an argument against(!) our new stadium by one councillor.

 

[oscillatewildly]

Now that's show boatin. They never got round to finishing off the current one did they?

 

[napolimp]

So if I've got this right, there's going to be a stadium up for sale, that's cheaper than the CBS, is much closer to London, has hosted Rugby in the past, and has a capacity much closer to Wasps attendances?

 

[jordan210]

Not sure if they still have the same issues at the kassam but a few years ago they only used to be allowed in the ground a few hours before kick off. made little to no money on food and drink.

Im sure the kassam is worth more as houses then it is as a stadium despite location

 

[Grendel]

So if I've got this right, there's going to be a stadium up for sale, that's cheaper than the CBS, is much closer to London, has hosted Rugby in the past, and has a capacity much closer to Wasps attendances?

It’s not cheaper than the CBS?

 

[napolimp]

It’s not cheaper than the CBS?

How much did Wasps pay for the lease, £15 million?

 

[Gynnsthetonic]

How much did Wasps pay for the lease, £15 million?

Nothing did they, thought they issued bonds which paid for it

 

[Grendel]

How much did Wasps pay for the lease, £15 million?

£1 million for the extension and £6 million for shareholder value of ACL

 

[Gynnsthetonic]

£1 million for the extension and £6 million for shareholder value of ACL

Who paid this though, wasn't it the bond holders?

 

[Flying Fokker]

Stuff Wasps.

 

[Grendel]

Who paid this though, wasn't it the bond holders?

No the bond was issued after purchase

 

[oldfiver]

No the bond was issued after purchase

The flotation was prepared before the council meeting

 

[Grendel]

The flotation was prepared before the council meeting

Maybe but the timeline is still correct is it not?

 

[Grendel]

Wasps' £20m Ricoh Arena takeover deal approved unanimously by CCC

Premiership rugby club have been given the green light to complete a 100 per cent takeover of the stadium

www.coventrytelegraph.net

 

[oldfiver]

Wasps' £20m Ricoh Arena takeover deal approved unanimously by CCC

Premiership rugby club have been given the green light to complete a 100 per cent takeover of the stadium

www.coventrytelegraph.net

It was all set up before the bond issue

 

[napolimp]

Wasps' £20m Ricoh Arena takeover deal approved unanimously by CCC

Premiership rugby club have been given the green light to complete a 100 per cent takeover of the stadium

www.coventrytelegraph.net

So it's costing wasps £20 million then? Or are the bonds not worth anything anymore?

 

[Grendel]

So it's costing wasps £20 million then? Or are the bonds not worth anything anymore?

What?

 

[Grendel]

It was all set up before the bond issue

It matters not. I’m not sure the point you are making.

 

[napolimp]

What?

I'm saying it's still money they have to pay unless they default on the bonds, and surely the debt will also have to be repaid at some point. So the stadium will cost them £20 million.

 

[oldfiver]

It matters not. I’m not sure the point you are making.

 

[oldskyblue58]

Wasps' £20m Ricoh Arena takeover deal approved unanimously by CCC

Premiership rugby club have been given the green light to complete a 100 per cent takeover of the stadium

www.coventrytelegraph.net

To add to grendels point

Wasps never paid 20m.

They purchased the acl shares 5.77m. They then purchased the long lease for 1m. Total they paid was 6.77m. The CT article is misleading and inaccurate

The loan 15.1m already existed within the acl accounts. It formed part of the valuation of the shares as did the lease that was valued at 18.3m. Wasps took both on by buying the shares.

 

[napolimp]

To add to grendels point

Wasps never paid 20m.

They purchased the acl shares 5.77m. They then purchased the long lease for 1m. Total they paid was 6.77m. The CT article is misleading and inaccurate

The loan 15.1m already existed within the acl accounts. It formed part of the valuation of the shares as did the lease that was valued at 18.3m. Wasps took both on by buying the shares.

So did they take on any debt when they purchased ACL?

 

[Gynnsthetonic]

To add to grendels point

Wasps never paid 20m.

They purchased the acl shares 5.77m. They then purchased the long lease for 1m. Total they paid was 6.77m. The CT article is misleading and inaccurate

The loan 15.1m already existed within the acl accounts. It formed part of the valuation of the shares as did the lease that was valued at 18.3m. Wasps took both on by buying the shares.

So how did they finance the 6.77m if they were on the edge of bankruptcy at Wycombe or was it paid directly from Richardsons pockets? Genuine question.

 

[chiefdave]

So how did they finance the 6.77m if they were on the edge of bankruptcy at Wycombe or was it paid directly from Richardsons pockets? Genuine question.

I don't think it was ever clarified when the council actually received the funds but you'd assume with Richardsons wealth he could provide bridging finance. The ACL loan wasn't repaid until after the bond was fully subscribed.

Wasps RFC hope to pay off £14.4m Ricoh Arena council loan 20 years early

Premiership rugby club aims to pay off ACL's debt to Coventry City Council in the next few months

www.coventrytelegraph.net

Wasps RFC retail bond hits £35million target

Wasps have succeeded in raising £35million through retail bond to pay off other debts - including the £13.4million loan from Coventry City Council

www.coventrytelegraph.net

Wasps RFC pay off £13.4million Ricoh Arena council loan in full - 20 years early

Coventry City Council confirm full payment, plus interest, arrived in the authority's bank account this morning

www.coventrytelegraph.net

 

[oldskyblue58]

So did they take on any debt when they purchased ACL?

They took on all the debts and all of the assets of acl group at the date of purchase for 5.77m. That is the basic meaning of a share sale.

That includes acl debt to council at date shares sold to wasps.

That part of the bond finance replaced the council loan like for like and in effect changed nothing

 

[oldskyblue58]

So how did they finance the 6.77m if they were on the edge of bankruptcy at Wycombe or was it paid directly from Richardsons pockets? Genuine question.

I assume from Richardson. In year of purchase he put 4.7m in to wasps for starters