Quote aj cougar="aj cougar"The issue I have is of funding. Bradford Bulls were paid £4.6 (?) million to take care of the stadium for the foreseeable future. What happens to that money now? I'm not stirring it here, but surely that's a reasonable question?'"
Quote aj cougar="Adeybull, posting in another place"
Regarding any move from Odsal, unfortunately people are overlooking one very important caveat. If the Bulls do not play at least 90% of their home matches at Odsal between now and 2019, most of the Odsal Settlement money has to be repaid to the Council (and understandably so). The liability runs off with time on a sliding scale, but as of now there will be about £1.8m of exposure.
So the Bulls cannot leave Odsal without having to pay a penalty which is far far more than the club could ever afford. And can you see the Council being allowed to waive that penalty, even if they were minded to?
So there you have it: can't afford to stay at Odsal; can't afford to leave.
So, guys, its either the OSV, or some deal with BCFC which gets the Council's blessing such that "to save both clubs" the penalty gets waived. Which takes us right back to 2002 again, where it was a widely-held view that the Council wanted to settle with the Bulls, Bulls to leave Odsal and move to VP as a very junior partner, and pay the c.£4.7m to BCFC to save them. Ergo, the Council would have bailed out BCFC by the back door AND got out of the Odsal commitment AND got the freehold for development; and the Bulls...well we all have to make sacrifices, don't we...?
As someone who could be seen on TV and in the press holding the long "Try for Odsal" banner at the time, I hope we get some solution to this dilemma which suits all parties.'"
The lump sum had several components. IIRC it went something broadly like this (don't hold me to the details):
Part of it was to pay for urgent capital/maintenance expenditure for which the council was responsible, and that was sunk into the ground up front. Remember the Council still owns the ground. That money never came to the club.
Part of the money was the net present value of the EXISTING council commitment up to 2019 - costs of running the ground. Thats where the contingent liability to repay - see my post - likely comes from. This was not new money at all, and the Council gets it back pro rata if we move out.
Part of the money was compensation for ending the EXISTING annual payment to the club (I think which arose following the 1986 Speedway WC where the club gave the rights to food and drink sales etc to the Council in exchange for an annual sum).
Not of this was new money. None. It was all existing council obligations dating back to 1986. All the settlement was was two single discounted payments and completion of necessary stadium work. Again: not new money as it was all expenditure the council was contractually committed to.
But I guess this just risks raking up the 2002 argument all over again, where each of the different camps simply refused to budge from their entrenched positions regardless of fact or logic
