Lee Power siphoning off funds

[The Artist Formerly Known as Audrey]

Out of interest, who funded the Arkells and the DRS when they got built?

[Reg Smeeton]

Out of interest, who funded the Arkells and the DRS when they got built?

Arkells.....SBC.  DRS government grants post Bradford/Hillsborough.  TE fans subscription.

[RobertT]

Out of interest, who funded the Arkells and the DRS when they got built?

Reg will love this one!
Ultimately, the Council covered the North Stand, which is how we find ourselves tenants these days.
The Shrivvy Rd stand was nearly 100% funded by a Football Trust grant - money was being dished out from the Govt. at the time to push through all seater stadia.  From memory, it was something like £1m out of the total bill of £1.2m ish.

[RobertT]

Damn, was expecting a much bigger response from Reg.

[The Artist Formerly Known as Audrey]

But am I right in thinking the club are responsible for the upkeep of the infrastructure?

In a usual tenant/landlord arrangement the landlord is responsible.

[PetsWinPrizes]

The Shrivvy Rd stand was nearly 100% funded by a Football Trust grant - money was being dished out from the Govt. at the time to push through all seater stadia.  From memory, it was something like £1m out of the total bill of £1.2m ish.

Pretty sure Intel made up the shortfall so it didn't cost the club a penny.

The annoying thing is, such was the unique availability of funding at the time, it would have been the perfect time to do the Bank too, as was the original plan. Sadly it wasn't to be..

[horlock07]

Reg will love this one!
Ultimately, the Council covered the North Stand, which is how we find ourselves tenants these days.
The Shrivvy Rd stand was nearly 100% funded by a Football Trust grant - money was being dished out from the Govt. at the time to push through all seater stadia.  From memory, it was something like £1m out of the total bill of £1.2m ish.

Did we not get into some financial strife with the building of the North Stand, or have I imagined reading that - did the Council have to bale us out?

[The Artist Formerly Known as Audrey]

It's the Town End that wants levelling. It's embarrassing.

[Tails]

Didn't building the Arkells Stand nearly cripple us financially?

[horlock07]

But am I right in thinking the club are responsible for the upkeep of the infrastructure?

In a usual tenant/landlord arrangement the landlord is responsible.

Domestic possibly, commercial property is an entirely different kettle of fish where the tenant normally responsible for maintaining and returning the property, hence why dilapidations is such big business.

[PetsWinPrizes]

The Trust don't have the know how or the money to run the club and we don't get enough fans through the gates to sustain ourselves. Whilst I appreciate the work they do, unless one of them is storing millions in a bank somewhere, it's not going to work.

While that is certainly true if the Trust was running the whole operation with no other income other than Power currently gets, it's possible that the Club would be much more appealing to investment from big business in the Town if it was a transparent and community owned asset.

No guarantees of course, and there is the fact that the Trust wouldn't come with the football expertise of Power to consider.

[garethgillman]

But am I right in thinking the club are responsible for the upkeep of the infrastructure?

In a usual tenant/landlord arrangement the landlord is responsible.

Yep, go back about 2 years ago the council were taking the club to court for non payment of rent because Power wanted to negotiate the rent and upkeep fees as it's costing a pretty penny to keep the ground in a usable condition.

http://www.bbc.co.uk/news/uk-england-wiltshire-30586435

On the accounts, in 2014 our cash was £30k, in 2015 was £780k......... no one on the facebook group has been able to come up with a good excuse how Power was robbing the club when they had so much cash sat in the account.

The 2015-16 accounts are going to be key, they will show the luongo / gladwin / byrne money, then we can make a really good guess at what state the club is in as there will be a sharp increase in funds, did Power take a lot out? Will answer some questions which get asked 24/7.

[Reg Smeeton]

Pretty sure Intel made up the shortfall so it didn't cost the club a penny.

The annoying thing is, such was the unique availability of funding at the time, it would have been the perfect time to do the Bank too, as was the original plan. Sadly it wasn't to be..

TBF, the DRS wasn't wholly government funded, there had to be a small element from the club or other source which is why the SB plan was shelved.

Ray Hardman always claimed he saved money by drawing the plans himself, which apparently was his trade.

[PetsWinPrizes]

Also worth noting that Andrew Black waved his £2 million sell on clause, when the club was transferred from Jed to Power. It's likely that he may be willing to consider doing so again were the Club to pass into the Trusts hands, rather than private investors.

[RobertT]

Pretty sure the Council owns the physical asset of the NS and the club the rest.  The other stands have at various times been  used as security for various loans.
I'm leaving the NS financial issues to Reg, he does a good job on that one, but yes, it crippled the club and has exposed us to the situation we find ourselves in now.
The issue on repairs cropped up recently with Power and the council.