Quote Rogues Gallery="Rogues Gallery"llpgport.oltps.sthelens.gov.u...mageName=89917
3rd paragraph.
Copied from the above address, (council stadium site)
The total indebtedness of the Club is likely to increase materially in order to finance St Helens
Rugby League Club’s proposed financial contribution to the construction cost of the new
stadium. Taylor Woodrow’s payment for Knowsley Road would only be received on vacant
possession. Resultantly, an 18 month bridge loan of £8 million would have to be taken out
pending completion. This is likely to produce an incremental interest burden of up to
approximately £750,000, which would be capitalised and added to the current indebtedness
of the Club of £1,750,000 (£750,000 bank debt and £1,000,000 director’s/shareholder’s
loans). The total Club debt at the time of the new stadium is likely to be in the region of
£2,500,000 which the Club would intend to secure against the long lease and the stadium
itself and redeemable in full over a ten year period. It is therefore envisaged that the majority
of all the Club’s profits will be applied to the repayment of indebtedness for the first ten years
in the new stadium.'"
The link doesn't work.
Here's the salient point from your quote above:
Taylor Woodrow’s payment for Knowsley Road would only be received on vacant possession. [uResultantly[/u, an 18 month bridge loan of £8 million would have to be taken out pending completion.
Knowsley Road was vacated officially I think in February of this year. There is nothing but a couple of corners left of it with housebuilding already well underway. How do you know whether this loan was ever even taken out or whether the paragraph above which was apparently taken from the council website, the link to which does not work, was simply a proposal due to the financial mess Taylor Wimpey (not Woodrow) found themselves in last year, which resulted in our stadium plans being pushed back for a season? How do you know, if the loan was in fact taken out, that it wasn't subsequently paid back following the Knowsley Road site being vacated and the resultant money becoming payable by Taylor Wimpey?
I would suggest you know nothing at all, and nor do people on RedVee.
Incidentally, bridging loans have to be paid off in full. It wasn't a bridging loan if the terms were that it could be paid back over ten years.
) and I just wondered if it was true as it seemed strange.
