Quote theredshed="theredshed"Basically Wakefield took out a loan a few years ago of £1m against a future land sale to Sainsbury's. The land was owned by the chairman Ted Richardson but when the land was eventually purchased it only sold for about £80,000. The land deal must have been kind of index linked and when land prices dropped due to the recession it left a huge shortfall. There is currently a legal battle between Ted Richardson and his solicitors on the grounds of wrongful advice.'"
The business of Ted Richardsons personal strife with Sainsburys does not involve the club.
The ground was sold to an Isle of Man based company called Trillion in 2007.(they told us fans last year!!) The price being £2.8 million. Trillion paid around £1 million to Wakefield of which most went in paying the bank overdraft off, we're told. To fund the purchase Trillion borrowed around £2 million from the Bank of Ireland. Before the balance could be paid (end of this season I believe) Trillion defaulted on the loan to the B of I and as such the B of I now have a charge on Belle Vue and we seem to be in the crazy situation of having to pay them rent to play there this year. Keeping up so far....?
A closer look at Trillion seems to reveal that their directers are/were Ted Richardson and some of his family members. (who were up to yesterday employed at Wakefield Trinity).
