Trust look to buy the CG

[Power to people]

It's the Trust's AGM tonight.  Anyone else going along?

Yep, I will be coming along I expect

[Berniman]

Unless there is any serious update on this tonight with regards to purchasing the ground, I will be cancelling my monthly donation, lack of progress and information is boring me..

[Batch]

ditto

[theakston2k]

Just read the notes from the meeting, still hugely unconvinced by the Trust bid. On one hand they say they have £1 million matched funding (again can’t tell us who from due to non disclosure agreements) then they say they’ll need to spend £1 million to bring the ground up to standard as well. Then on the other hand they went on to say they are in talks with a developer about a new £15 million Townend

All just feels like pie in the sky to me, honestly don’t see supporters raising the million or so to help buy the ground yet alone the further amounts to bring it up to standard and contribute to any redevelopment.

Also they mentioned they would operate like the council/normal landlord if the club didn’t pay the rent, as if they would apply for a winding up order, would be pretty self defeating.

[Sippo]

The £1 million is from James Phipps.

[FreddySTFC!]

Just read the notes from the meeting, still hugely unconvinced by the Trust bid. On one hand they say they have £1 million matched funding (again can’t tell us who from due to non disclosure agreements) then they say they’ll need to spend £1 million to bring the ground up to standard as well. Then on the other hand they went on to say they are in talks with a developer about a new £15 million Townend

All just feels like pie in the sky to me, honestly don’t see supporters raising the million or so to help buy the ground yet alone the further amounts to bring it up to standard and contribute to any redevelopment.

Also they mentioned they would operate like the council/normal landlord if the club didn’t pay the rent, as if they would apply for a winding up order, would be pretty self defeating.

Where can I read the notes/minutes? Couldn't see anything on their website.

[horlock07]

Just read the notes from the meeting, still hugely unconvinced by the Trust bid. On one hand they say they have £1 million matched funding (again can’t tell us who from due to non disclosure agreements) then they say they’ll need to spend £1 million to bring the ground up to standard as well. Then on the other hand they went on to say they are in talks with a developer about a new £15 million Townend

From the figures banded about in the media it suggests that it will take c.£2.2m to buy the ground, plus another £1m immediately on works. So even with the match funding that suggests that the Trust is going to need to raise about £2.2m from somewhere to proceed setting aside the promised match? Add fees onto that as it has been suggested that they have spent £30k on due diligence already which seems a hell of a lot?

I assume that the £15m on the Townend is a hell of a lot more than just a new stand?

[Batch]

Where can I read the notes/minutes? Couldn't see anything on their website.

I know its far from the same thing, but did you follow Ben Wills on twitter - he at least have an outline of the meeting which may be useful before the minutes are available.

[Batch]

From the figures banded about in the media it suggests that it will take c.£2.2m to buy the ground, plus another £1m immediately on works. So even with the match funding that suggests that the Trust is going to need to raise about £2.2m from somewhere to proceed setting aside the promised match? Add fees onto that as it has been suggested that they have spent £30k on due diligence already which seems a hell of a lot?

I assume that the £15m on the Townend is a hell of a lot more than just a new stand?

You are assuming that the extra £1M is needed immediately. What's the current ground rent? Could be re-invested into the repairs. Just my thoughts.

RE:15M. I did note that they had talked to the Goddard re: the covenant. Could of course be unrelated to the proposed development, i.e. a - what if Power buys the Ground...

That's the problem with not being at the AGM - context can be lost!

[FreddySTFC!]

I know its far from the same thing, but did you follow Ben Wills on twitter - he at least have an outline of the meeting which may be useful before the minutes are available.

Cheers Batch. I'll have a look at his account.

[horlock07]

You are assuming that the extra £1M is needed immediately. What's the current ground rent? Could be re-invested into the repairs. Just my thoughts.

Isn't it about £250k a year, but under that who is actually responsible for repairs is it the club or the landlord? If its the landlord then I would be suggesting that the freeholder brings it up to standards before I purchase or the price is dropped accordingly or if its the club the lease be renegotiated possibly at a lower rent/rent free for say 4 years and the club bring it up to standard?

Otherwise its going to take 4 years of rent just to cover the works, which is rather risky in case any unforeseens arise.

One thing that is strangely reassuring is that if the match funding is £1m and the total cost in excess of £2m it at least means that the funder is not going to have provided 50% of the funding which should limit their ability to dictate to the Trust going forward?  

[Tails]

The £1 million is from James Phipps.

You reckon? seems the most obvious

[Don Rogers Sock]

Makes a mockery of the whole thing if it is him.

[Sippo]

It is him.

[horlock07]

Makes a mockery of the whole thing if it is him.

Why (not stirring to be honest one stakeholder having so much in the process concerns me - just as a long distance supporter I don't know the local politics)