Then and now

4 Dec

Then (January 2011):

“Even on the most disastrous figures, even if everything goes wrong, we still make a profit on this.

“The risk is really, really minimal.

“The debt, which costs our residents nothing, will be repaid and then we start to share in the profit.“

Now:

“…as a result of the widely reported difficulties with onerous stadium contracts, stewarding costs and the massively underestimated costs of retractable seating to support non-footballing activity, the council received a business plan from E20 in October 2016 which indicated there was likely to be an ongoing deficit including material risks to the business plan which could make it financially unsustainable in the long term.

“As co-owners of the stadium, the council had exposure to these potential future losses.”

Then (8 September 2017):

“The loan is shown, for accounting purposes, as currently ‘impaired’, or damaged, due to the current financial performance of the Stadium. It is not a write off of the loan.”

Now:

“As part of the deal, the council accepts that its original £40 million investment will not be repaid.”

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One Response to “Then and now”

  1. Sally December 4, 2017 at 12:21 #

    Just wanted to thank you, Martin, for continually having your ear to the ground and keeping us all posted! Sally Grey

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