Even if it is for work on the stadium, and not paying off debt, why should public money be used? This wouldn't be an option for any other business.To be fair, even if they annoyingly got it, it would surely be tied to development
You're right that it will only kick the can down the road but that is what would make even more unconscionable for the council to spend taxpayers money on it.To be fair, even if they annoyingly got it, it would surely be tied to development You'd think it would be hard to offset existing costs against any grant. Certainly not playing budgets etc, At the very best I can only see it kicking the can down the road for a couple of seasons at best. Not sure how it leaves them re: bondholders (my limited knowledge!)
Even if it is for work on the stadium, and not paying off debt, why should public money be used? This wouldn't be an option for any other business.
The whole thing about them getting millions to put a new frontage on never sat well with me, surely they won't get more money thrown at them.
This thought crossed my mind before todays news. Was there an agreement to lend the money but then when due diligence, and a valuation on the ground, was done issues have come to light. They're trying to borrow right to the limit of the stadium previous valuation, if there's significant work required that would enter the equation when looking at security.Is the stadium in such disrepair that they couldn’t secure lending against the leasehold to pay back the bond?
Exactly this. If the stadium is valued at £35m but needs £20m in repairs then best case scenario someone is paying £15m and the bondholders are screwed. But of course to get that value it needs someone prepared to offer that amount and that is far from guaranteed.Now, correct me if I'm wrong, but isn't that just the paper value? It is highly unlikely anybody would pay £35m for it on the open market, last time it sold it was in a considerably better state and only fetched £6m.
Not just them, but every sports team in the area will spend cash, then demand a loan.This has to be a non-starter. If they allow this doesn't it open the floodgates for any other struggling business to demand money?
They're now blaming Gilbert as he's some sort of SISU plant trying to unsettle Wasps. Yet another shining example of Wasps fans having zero knowledge of recent history.Popped onto the Wasps forum a little while ago - and zilch. Probably somebody (the usual two) may have posted by now. Will have a look!
Can't remember the exact quote, or even who was the council leader at the time and said it, but I can distinctly remember the council saying they wouldn't consider helping CCFC while they were losing millions every year, something about needing to get their own house in order first.Not just them, but every sports team in the area will spend cash, then demand a loan.
It was John Mutton.Can't remember the exact quote, or even who was the council leader at the time and said it, but I can distinctly remember the council saying they wouldn't consider helping CCFC while they were losing millions every year, something about needing to get their own house in order first.
Never mind Grendel…. Will we see the resurfacing of Italia to try some PR moves?More worrying no comment from Grendel has he been silenced by the wasps mafia
This is a good point. St Andrews is fucked and they are broke, if Wasps get given money you can be certain they will want a hand out as well. Isn't there a plan for some fairly major works at Villa as well? Sure they wouldn't mind the taxpayer picking up the bill.Wonder if Birmingham City need £20mil to repair St Andrews...?
They're now blaming Gilbert as he's some sort of SISU plant trying to unsettle Wasps. Yet another shining example of Wasps fans having zero knowledge of recent history.
wowThey're now blaming Gilbert as he's some sort of SISU plant trying to unsettle Wasps. Yet another shining example of Wasps fans having zero knowledge of recent history.
that was to acl and not ccfc though who apart from a rental agreement were separateIncidentally, I assume this is the precedent they'd be pointing to:
Football club secures £14m bailout despite rent arrears
A founding Premier League football club has secured a £14 million loan from a local council in order to secure the future of its stadiumbridgingandcommercial.co.uk
And ACL was 50% owned by the council so they could argue they were protecting their investment. That's not the case now.that was to acl and not ccfc though who apart from a rental agreement were separate
Yeah - it’s referred to as a publicly funded asset, it isn’t anymore. Besides they’ll get it, Boris and his chums are all over protecting rugbythat was to acl and not ccfc though who apart from a rental agreement were separate
No opinion from our dodgy dubai friend yet?
More worrying no comment from Grendel has he been silenced by the wasps mafia
Local MP and head of the Council. Will not do any harmIs it worth emailing my local councillor to object, or is that a waste of time?!
Judicial Review 3 incomingSisu need to be watching developments like a hawk.
Local MP and head of the Council. Will not do any harm
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