Zone Update The £80 million question

[Irate Ian]

And one returns in a different guise after a 3-year absence. I feel all this stuff shows a very healthy scepticism. Well played Ian. Seriously, where will the club (not the property developers who currently own it) - the football club we all care about so much - stand when the dust dies down at FF?

Welcome back then.

Stay a while, things may be about to warm up a few degrees or so.

 

[Irate Ian]

The Echo as always seems to have over exagerated the cost of the stadium. Uncle Ron reckons 44-46m according to http://www.leisureopportunities.co....m?codeID=82843&CFID=37791475&CFTOKEN=58517960
of course this might go up but nowhere near the 80m been banded around recently

An interesting article Mr Farmer and I have copied and pasted below, the quote of RM for SZoners consumpion. Also posted to £80M thread.


Ron Martin, chair of SUFC, said that the club is budgeting for a total build cost of between £44m and £46m, including the hotel and contingency. Martin also moved to dispel claims that the project cost had risen to £80m from an initial estimate of £25m two years ago.

"The suggestion that the cost of the stadium alone had risen from £25m to £50m and now £80m is very misleading, when nothing fundamental had changed," Martin told the club's website. "My development team and I are going to great lengths to ensure this project succeeds and that the appropriate cost/value ratios apply."

Martin did concede, however, that the delay had meant the current economic downturn would have an effect on funding the new stadium.

"This is a complex funding package, and one that now needs to take account of significant yield shift, softer rents, a collapsed housing market and, most crucially, a lack of liquidity in the banks," he said. "Had this project been 'on the chocks' twelve months ago, we would perhaps not need to be so resourceful in the financial engineering."

Martin also revealed that discussions had taken place with the US bank Morgan Stanley over possible funding initiatives through the bank's Stadium Capital Funding subsidiary, although nothing had been confirmed.

 

[TrueBlue]

An interesting article Mr Farmer and I have copied and pasted below, the quote of RM for SZoners consumpion. Also posted to £80M thread.


Ron Martin, chair of SUFC, said that the club is budgeting for a total build cost of between £44m and £46m, including the hotel and contingency. Martin also moved to dispel claims that the project cost had risen to £80m from an initial estimate of £25m two years ago.

"The suggestion that the cost of the stadium alone had risen from £25m to £50m and now £80m is very misleading, when nothing fundamental had changed," Martin told the club's website. "My development team and I are going to great lengths to ensure this project succeeds and that the appropriate cost/value ratios apply."

Martin did concede, however, that the delay had meant the current economic downturn would have an effect on funding the new stadium.

"This is a complex funding package, and one that now needs to take account of significant yield shift, softer rents, a collapsed housing market and, most crucially, a lack of liquidity in the banks," he said. "Had this project been 'on the chocks' twelve months ago, we would perhaps not need to be so resourceful in the financial engineering."

Martin also revealed that discussions had taken place with the US bank Morgan Stanley over possible funding initiatives through the bank's Stadium Capital Funding subsidiary, although nothing had been confirmed.

we already know this though.

 

[Irate Ian]

we already know this though.

What we already know is very little indeed.

The Evening Echo article did not from memory contain any quote from RM to clarify what part of the £80M loan related to the building of the stadium.

An itemisation has not I believe been placed into the public domain, but at least we now know the revised capital cost of the stadium.

 

[The Big Shrimp]

If you are referring to the potentially libellous thread stating the club allegedly haven't paid the players, it was removed as we will not allow anything that may cause our posters problems with the club's legal people.

If people can prove their allegations it is different, however this had been raised by someone prior to Christmas who was unable to back their claim so until we can prove it is true we do not want to put any of our posters into a situation that may cause them legal problems.

Is this a similar thing where somebody mentioned a £14567.00 CCJ that Southend Utd had in December, but was locked due to it being untrue? When I checked with Companies House, it is true.

I'm not really bothered about how the owners run SZ, as they've made their position perfectly clear & as its a only a website, its not real life. I just thought an answer might be nice to make the situation clearer.

Thanks

 

[Irate Ian]

Is this a similar thing where somebody mentioned a £14567.00 CCJ that Southend Utd had in December, but was locked due to it being untrue? When I checked with Companies House, it is true.

I'm not really bothered about how the owners run SZ, as they've made their position perfectly clear & as its a only a website, its not real life. I just thought an answer might be nice to make the situation clearer.

Thanks

Mon Dieu. Mon Dieu. This is really bad news.


And at a time when we're looking to borrow £80 million.


What would a proposed lender think ??


I will double check this out at 07:15 tomorrow on
arrival and access to my business records.

 

[class]

Is this a similar thing where somebody mentioned a £14567.00 CCJ that Southend Utd had in December, but was locked due to it being untrue? When I checked with Companies House, it is true.

I'm not really bothered about how the owners run SZ, as they've made their position perfectly clear & as its a only a website, its not real life. I just thought an answer might be nice to make the situation clearer.

Thanks

Where is this CCJ then because I cannot see it on Companies House anywhere...?

 

[Irate Ian]

Where is this CCJ then because I cannot see it on Companies House anywhere...?

It is not at Companies House.


If anywhere it will be at Registry of Judgments and Orders


or more likely with credit reference agencies.


I will have categorical details tomorrow at 07:15

 

[Hotman]

Ian, why do I get the feeling you won't be able to sleep tonight, like a kid at Christmas?

 

[South Bank Hank]

It is not at Companies House.


If anywhere it will be at Registry of Judgments and Orders


or more likely with credit reference agencies.


I will have categorical details tomorrow at 07:15

Perhaps you'll start a relevant thread in the relevant place Ian?

...save us a bit of over-moderation and all that.

 

[class]

It is not at Companies House.


If anywhere it will be at Registry of Judgments and Orders


or more likely with credit reference agencies.


I will have categorical details tomorrow at 07:15

Exactly my point, CCJ's don't get listed at Companies House which is why i'm questioning the original post.

 

[Irate Ian]

Originally Posted by The Big Shrimp
Is this a similar thing where somebody mentioned a £14567.00 CCJ that Southend Utd had in December, but was locked due to it being untrue? When I checked with Companies House, it is true.

I'm not really bothered about how the owners run SZ, as they've made their position perfectly clear & as its a only a website, its not real life. I just thought an answer might be nice to make the situation clearer.

Thanks



Mon Dieu. Mon Dieu. This is really bad news.


And at a time when we're looking to borrow £80 million.


What would a proposed lender think ??

 

[The Big Shrimp]

Mon Dieu. Mon Dieu. This is really bad news.


And at a time when we're looking to borrow £80 million.


What would a proposed lender think ??


I will double check this out at 07:15 tomorrow on
arrival and access to my business records.

Shoreditch Court, Case number 8EC0938 Ref. 1112896281. The date was in Decemeber, 18th or 19th IIRC, but I could be wrong on the date.

I don't think it would make a lot of difference as the club have had silly little CCJ's & writs & yet their rating is no different to most football clubs!

Before you ask, I'm not stirring, just being nosey!! :sherlock:

 

[Irate Ian]

Ian, why do I get the feeling you won't be able to sleep tonight, like a kid at Christmas?

No, most certainly not. What I do find disturbing is your insinuation that I would take any pleasure at verifying the facts.

 

[The Big Shrimp]

Exactly my point, CCJ's don't get listed at Companies House which is why i'm questioning the original post.

True, I just get all my info from a company who we use to get accounts from CH. I did find this info on another sourse too.

 

[Hotman]

Perhaps you'll start a relevant thread in the relevant place Ian?

...save us a bit of moderation and all that.

or 6 threads in 6 places? :)

 

[South Bank Hank]

We generally kick-in at seven.

 

[Irate Ian]

Shoreditch Court, Case number 8EC0938 Ref. 1112896281. The date was in Decemeber, 18th or 19th IIRC, but I could be wrong on the date.

I don't think it would make a lot of difference as the club have had silly little CCJ's & writs & yet their rating is no different to most football clubs!

Before you ask, I'm not stirring, just being nosey!! :sherlock:

Lenders would not consider this to be a silly little sum. Far from it.

I would say this suggests to me that the proposed new stadium
funding is much further out of reach than many of us might have
suspected.

 

[The Big Shrimp]

Lenders would not consider this to be a silly little sum. Far from it.

I would say this suggests to me that the proposed new stadium
funding is much further out of reach than many of us might have
suspected.

I wouldn't consider this to be a silly sum either, but if you look at their history of silly CCJ amounts, I'm sure this will disappear too. I dealt with Luton Town for a short while & they didn't have a CCJ until after the poo had hit the fan. That is usually the doing of the credit insurers, who are a strange breed at times.

I need to have words with a contact to find out who the CCJ was from!

 

[Irate Ian]

Perhaps you'll start a relevant thread in the relevant place Ian?

...save us a bit of over-moderation and all that.

: Shrimpers Chit-Chat A forum to discuss all football issues about the world's greatest team : Southend United. [End Quote]