Adver News: Town target long-term County Ground lease

[News Monkey]

Town target long-term County Ground lease
           
           


  SWINDON Town general manager Steve Murrall has suggested that the club is hopeful of securing a 999-year lease from Swindon Borough Council for their residency at the County Ground.

           

http://www.thisisswindontownfc.co.uk/news/headlines/10331547.Town_target_long_term_County_Ground_lease/?ref=rss
           
           
           

[fatbasher]

Clearly no hard cash to buy it.

The covanents issue is a smoke screen and can over turned in the courts and via the trustees of the Goddard estate, so don't bring that up as a reason. This council like very other one has been pissing our money away during the good times. Time to tighten the belt. They are squealing like stuck pigs. They will do a deal the money!

The ultimate threat is to leave SN1, however, as my opening statement says, they have no hard cash to buy it.

They have?, Show me then.

[herthab]

No other board have ever bought the CG, so why is it such a big deal that this board isn't buying it? Securing the club's future at SN1 is a positive,  isn't it?

[Batch]

A 99 and then a 999 year lease would be fine, assuming the council don't fleece us.

[horlock07]

No other board have ever bought the CG, so why is it such a big deal that this board isn't buying it? Securing the club's future at SN1 is a positive,  isn't it?

If they are going for a 999 year lease they are for all intents and purposes buying it as that is freehold in everything but name.

However the approach they are taking is because they don't have the cash to but it/getting a long lease to cash in, asset strip and fleece the club (delete as appropriate depending on what polorised anti-board view you hold).

All makes sense to me, by taking such a long lease they get control and borrowing power to develop, but council also maintain some control via covenant - win win really. Also removes the need to spend time and cash trying to get the Godddard covenants overturned, yes it could be done but all takes money and time.

[donkey]

If they are going for a 999 year lease they are for all intents and purposes buying it as that is freehold in everything but name.

However the approach they are taking is because they don't have the cash to but it/getting a long lease to cash in, asset strip and fleece the club (delete as appropriate depending on what polorised anti-board view you hold).

All makes sense to me, by taking such a long lease they get control and borrowing power to develop, but council also maintain some control via covenant - win win really. Also removes the need to spend time and cash trying to get the Godddard covenants overturned, yes it could be done but all takes money and time.

Totally agree.  I'm sure the covenant has stopped asset strippers in the past.  And yes a 999 year lease means we don't actually own the ground, but it also means we don't need a new lease until 3012...that's probably long enough for most of us (even Reg  ).

[lambourn red]

I notice DoB and some guy called Fredi on thisis are still talking of new owners taking over did he ever comeback on here after his one liner about new owners ?

[Honkytonk]

Taking the CG on a lease is something that has always happened with owners, so there's no point saying 'OH THESE NEW OWNERS, THEY OBVIOUSLY DON'T HAVE ANY CASH OTHERWISE THEY WOULD HAVE BOUGHT IT'.

I doubt Swindon Council will fleece them, as it's in their best interests to have a thriving football club that doesn't go the way of Cov/Portsmouth. Any redevelopment would have to go through the Council anyway, so what's the harm in having a 999 year lease instead of an outright purchase? IF, further down the line in a few years, the current owners sell up or whatever, it means the lease can be transferred without the worry of the current board doing a Portsmouth/Chanrai and holding the stadium to ransom.

Emminently sensible in my opinion.

[Reg Smeeton]

Totally agree.  I'm sure the covenant has stopped asset strippers in the past.  And yes a 999 year lease means we don't actually own the ground, but it also means we don't need a new lease until 3012...that's probably long enough for most of us (even Reg  ).

I don't see why Fatbasher is getting his knickers in knot over this...having the CG as an asset, would be more likely to lead to a Kassam style situation. As long as the rent is pitched at a sensible level, everyone should be happy.

DoB, though is being a bit of a tease though isn't he. He seems to be suggesting we could be in for some good news...scary shit.

[ronnie21]

Our house was built in the 1930's (Colbournes) and when we bought it the land was on a long lease, 999 years from 1936!!!  Every six months we would get an invoice for £1-50 ground rent from the solicitors, I used to delight in paying them by cheque as I knew it was costing them and and the land owners a damn sight more than they were getting.  There were several houses in the road on the same sort of thing, eventually they all got fed up with it and offered us the freeholds for nothing, although we did have to pay solicitors fees!!  My original solicitor reckoned a 999 year lese was safer than the freehold because if anything happened with the land, like a sudden big hole appeared it was not my responsibility!!

[Costanza]

Lose the floodlights and they'll lose me.

Swindon Town Football Club need to ask themselves, 'is it worth that risk?'

[ahounsell]

Clearly no hard cash to buy it.

The covanents issue is a smoke screen and can over turned in the courts and via the trustees of the Goddard estate, so don't bring that up as a reason. This council like very other one has been pissing our money away during the good times. Time to tighten the belt. They are squealing like stuck pigs. They will do a deal the money!

The ultimate threat is to leave SN1, however, as my opening statement says, they have no hard cash to buy it.

They have?, Show me then.

Whatever hard cash the new owners do have, it would probably be a waste using it to buy the freehold if they can get a long term lease on reasonable terms instead.

The covenant is a potential obstacle (though not insurmountable) to future development whether the club owns the freehold or not.

Interesting that Murrall seems to imply they do have some intention to look at a redevelopment although over what time scale remains to be seen.

[fatbasher]

I'm not anti board, far from it. Just renewed three ST's, which I would not if I was so to speak. Just want to see the colour of, what money they have. I realise the fundaments of a 999 year lease. You have more control over your destiny when you own lock, stock and barrel. Of course there is always the possibility to do a "Kassam", however, you can put caveats in place to avoid it.

[TheDukeOfBanbury]

I notice DoB and some guy called Fredi on thisis are still talking of new owners taking over did he ever comeback on here after his one liner about new owners ?

Nothing else to quote mate.........Interesting a few others voicing similarities. Lets wait and see what comes out.

[Batch]

Nothing else to quote mate.........Interesting a few others voicing similarities. Lets wait and see what comes out.

Assuming you aren't their sauce (sic)!