FORUMS > Hull FC > Wembley my god there selling it! |
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Quote: PCollinson1990 "An offer has been made, the FA haven't made any comment. £800m is well below it's value and the land around it. It cost nearly £800m to build, a world famous stadium doesn't depreciate.
Unless of course I've not read something you have.
I've read some more articles, the offer is £500m, England playing on the road and at Wembley. The FA keeping the Club Wembley side of things and Jacksonville playing "home" games there. Shad Khan seems to be the only person talking it up. Jacksonville are hardly a glamour team in NFL.'"
You don't understand how things work, sorry but that's the reality.
You wouldn't get the original cost of the KCOM selling it now, not even close so why would you think something with an even bigger financial liability would too? "World famous stadium", oh come on, it's nowhere near as iconic as the old wembley was, and as for not depreciating, sorry but on what basis are you making that guess?
A quick look at the financial reports will tell you that it isn't the massive profit making venture people think it is. The first accounts I came across where from 2013, WNSL had an operating profit of £8M (Down £5M on the previous year) but a net loss and depreciation is very much a huge cost, this was from a turnover of less than £90M. There's an ongoing 10 year roof repair in progress that is costing a bomb already and it's only just had its 10th year!
www.wembleystadium.com/~/media/p ... ul-13.ashx
"Tangible fixed assets have reduced from £645.2m at December 2012 to £635.0m at July 2013, with the majority of this reduction due to depreciation of £16.8m."
Here's the 2016 report, https://s3-eu-west-1.amazonaws.com/docu ... ldWH1wU%3D
It's a massive ball and chain and for prospective buyers, a huge long term financial investment that has struggled to make returns, we talk about how the club wembley thing has been a shambles at the CC final and yet that has been the focus of the company (which they readily admit) in terms of revenue streams.
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Quote: PCollinson1990 "An offer has been made, the FA haven't made any comment. £800m is well below it's value and the land around it. It cost nearly £800m to build, a world famous stadium doesn't depreciate.
Unless of course I've not read something you have.
I've read some more articles, the offer is £500m, England playing on the road and at Wembley. The FA keeping the Club Wembley side of things and Jacksonville playing "home" games there. Shad Khan seems to be the only person talking it up. Jacksonville are hardly a glamour team in NFL.'"
You don't understand how things work, sorry but that's the reality.
You wouldn't get the original cost of the KCOM selling it now, not even close so why would you think something with an even bigger financial liability would too? "World famous stadium", oh come on, it's nowhere near as iconic as the old wembley was, and as for not depreciating, sorry but on what basis are you making that guess?
A quick look at the financial reports will tell you that it isn't the massive profit making venture people think it is. The first accounts I came across where from 2013, WNSL had an operating profit of £8M (Down £5M on the previous year) but a net loss and depreciation is very much a huge cost, this was from a turnover of less than £90M. There's an ongoing 10 year roof repair in progress that is costing a bomb already and it's only just had its 10th year!
www.wembleystadium.com/~/media/p ... ul-13.ashx
"Tangible fixed assets have reduced from £645.2m at December 2012 to £635.0m at July 2013, with the majority of this reduction due to depreciation of £16.8m."
Here's the 2016 report, https://s3-eu-west-1.amazonaws.com/docu ... ldWH1wU%3D
It's a massive ball and chain and for prospective buyers, a huge long term financial investment that has struggled to make returns, we talk about how the club wembley thing has been a shambles at the CC final and yet that has been the focus of the company (which they readily admit) in terms of revenue streams.
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| Quote: Chris71 "There'll no doubt be something in to say any monies paid from government & lottery type funding would have to be paid back if sold within a time period or sold at all. That said its still owned by the FA and as such will be their decision the government may not even have a say apart from along the lines of 'in the national interest blah blah blah'
I don't imagine that Shahid Khan is buying it for just purely for an NFL fanchise more likely for the status of owning Wembley and he see's an opportunity to capitalise on owning it.'"
They have to pay back £127m, but selling Wembley shows the "class" of the FA Am sure the remainder will be divided equally between the relevant "good causes"...
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| Don't know what the fuss is. First if Khan buys it he will surely want will want to see it being used for more than a handful of NFL games. And if he doesn't want the CC final its not as if that's the end of the competition, there are other venues around the country and they managed well enough when Wembley was being rebuilt.
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| The 'new' Wembley Stadium may be pretty soulless and the area around it a cultural desert but it's the home of the Challenge Cup final and the competition and the sport in general will be poorer should it move to a new location. When you win a semi final you sing about going to Wembley, not about going to a final.
Hopefully a potential new owner will not mean the final has to move.
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icons42da_files/5978-4369Kanaryali17-msnicons.gif Nil......Zip.....Nothing....ZERO....0:icons42da_files/5978-4369Kanaryali17-msnicons.gif |
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| Quote: PCollinson1990 "They have to pay back £127m, but selling Wembley shows the "class" of the FA Am sure the remainder will be divided equally between the relevant "good causes"...'"
THe whole point of selling it is due to the financial cost of servicing the debt. Hence, with the sale proceed s they would pay off the debt
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| Quote: Mild mannered Janitor "THe whole point of selling it is due to the financial cost of servicing the debt. Hence, with the sale proceed s they would pay off the debt'"
The FA have been totally useless if they haven't managed to service the debts since Wembley way completed and subsequent land sales were made. I was at Wembley about 8 weeks ago, the areas around it are a building site, the FA owned most of that land.
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