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SALFORD CITY REDS TAKEOVER COMPLETE AS STADIUM REPORTS £4.3M LOSS
 

Star date: 1st February 2013

MARWAN KOUKASH COMPLETES REDS DEAL

At a press conference yesterday businessman Marwan Koukash finally announced his takeover of Salford City Reds promising an "amazing journey" while remaining tight lipped on the details of the deal.

Meanwhile, the latest accounts of Salford City Stadium, joint owned by Salford Council and Peel Holdings, reveal a loss of £4.3million.

Full details here…


Marwan Koukash finally announced his takeover of Salford City Reds yesterday, ending the John Wilkinson reign and promising an "amazing journey that will end up delivering trophies to the people of Salford".

As the names of seven new Reds players were revealed to help the "amazing journey", Koukash batted away questions on the financial aspects of the deal for both the club and, potentially, the stadium.

On the value of the deal to take over the club, Koukash merely stated that it was "agreed amicably…I don't have the exact figures".

When questioned on his plans to buy the stadium – currently joint owned by Peel Holdings and Salford City Council, and built with a £22million loan from the Council – Koukash said that it was "part of future discussions…It's not the right time to try to finalise a deal."

Latest accounts for the Salford City Stadium show a £4.3million loss for the year 2011-12. While the accounts only go up to March 2012 (three months after the stadium was opened), and show an operating loss of £610,000, the main loss figure of £3.554million was for `impairment losses'.

Impairment losses are defined as the `write down of an asset with an overstated book value…Generally an asset is considered to be value-impaired when its book value exceeds the future net cash flows expected to be received from its use.' The value of the `operational asset', ie the stadium, has been written down from around £19million in 2011 to £16million in 2012.

Other assets, or `investment properties' – presumably the land surrounding the stadium – is valued at £15million. Interest charges of £620,591 to Salford City Council on its loan were "treated as capital costs and added to assets under construction". Salford Council is still owed £20.2million on its initial loan.

The accounts also reveal that four of Salford Council's directors on the Stadium Board – Barbara Spicer, David Lancaster, Martin Vickers and `Professor I Stewart' – resigned on 5th December, with Salford's Deputy Mayor David Lancaster and Ben Dolan, head of Environment, being re-appointed that day.

At the press conference yesterday, attended by Salford Council Mayor, `Professor' Ian Stewart, not one of the journalists present (the Salford Star was not invited) asked about the implications for Salford Council loans to either the stadium or the club.

After confirming that creditors would receive all the money due to them, Koukash said, half jokingly, half impatiently "I want questions about the future of the club, how we're going to win championships".

Professor Stewart spoke at the press conference, stating it was "imperative that our City Council team gave the sustainability of this club…every effort, not only to maintain it but to facilitate its future success…"

Stewart didn't say how far it went financially to `sustain' the club. He did, however, thank the Council team of (Deputy Mayor) David Lancaster, (Chief Exec) Barbara Spicer, Rob Pickering (Council employee), Martin Vickers (Strategic Director) and Dave Tinker (outside consultant paid for by the Council) for working "all through the night on securing this very, very exciting situation" (er, hope they weren't getting overtime)…

A press release issued by Salford Council later in the day quoted Professor Stewart adding that "The city council will continue to provide help and support to the club in ensuring that Salford City Reds takes its rightful place in the top flight…"

So far, no-one has disclosed the cost of the deal with Koukash to Salford Council…

See the full press conference on video – click here

See previous Salford Star articles on loans, financial support etc to Salford Reds  – click here and click here

See the history of the Stadium via the Mary Burns Award to John Wilkinson - click here

salford pimpernel wrote
at 2:03:17 PM on Monday, February 04, 2013
back in the early eighties a Tory female councillor sold council housing stock to Tory voters and to buy votes during elections, some time later, what she was doing came to light and before she could be arrested, she did a runner to Israel out of reach of justice, so she thought, around a couple of decades later justice caught up with her and I believe she was find around £20 million which she was forced to pay, since this happened a bill came in called the proceeds of crime bill, in this case in light of what is happening within the city of Salford council doe's this bill make all councillors and MPs accountable under this bill for tax payers money's being spent on private business, especially when this labour council stops the tax paying public having information on how our money is being spent on these projects, since we the public are the guarantors to this money, we have a right to know. I ask our two MPs Hazel Blears and Barbara Keeley to find out what is going on within this council especially with the Salford reds, how safe is council tax payers money and who is accountable if this business go's bankrupt, remember Hazel and Barbara ignorance and turning a blind eye is no defence
 
Chucklebro wrote
at 8:54:11 AM on Monday, February 04, 2013
As the Chuckle brothers say "From me to you. From you to me" I think we could get lumped with this toxic debt and lose Buile hil and a few other things in the process.
 
Joe oneill wrote
at 12:07:32 PM on Sunday, February 03, 2013
It seems Salford Labour have given us a speculator, Perhpas Mr Stewart should open up the deal make it public but i doubt it. The only thing we can say if this dies at birth we can all hang Mr Stewart little higher.
 
salford pimpernel wrote
at 12:07:16 PM on Sunday, February 03, 2013
I remember a bloke by the name of Robert Maxwell how he scammed millions off the pensions, to fund his empire, then topped himself off his boat, seems Salford council have been rushed in to this by the dead line of the court appearance, out of one fire and on to another fire, I can see the council tax payer getting their fingers burned once again,no wonder they don't want to discuss the financial arrangements around this rugby club.I believe this rugby club is a house of cards, once it starts to collapse all the labour skeletons will start to come out of the cupboard, and that's why their trying to save this white elephant to stop the truth coming out.
 
mary ferrer wrote
at 9:41:27 AM on Sunday, February 03, 2013
God I hope "Wrote" is wrong,but some how I have a feeling he/she is right.I hope Mr Koukash keeps away from Buile Hill Mansion House. Hope the council,Watson and Wilkinson haven't thrown the house is as part of the deal.I wouldn't put it past them. Its a bit like history,the council seen to do a lot of dealing with companies with rather shady dealings.Remember a company called "WHISPERS"
 
wrote
at 3:53:04 AM on Sunday, February 03, 2013
company check...... Director Check.... Marwan Koukash...... Director Summary........ Marwan Koukash has 6 current or previous company director or secretary appointments. Short name - Marwan Koukash Director ID : 911756333 Year of Birth: 1958.. Address The Ranch White House Lane Off Higher Lane Rainford WA11 8NL......... Company Summary Company Name Company Status OXFORD MANAGEMENT CENTRE LIMITED Active LAYLA HOTEL LIVERPOOL LIMITED In Liquidation EL LAYLA PROPERTIES LIMITED In Liquidation EL LAYLA PROPERTIES LIMITED In Liquidation BRITANNIA MANAGEMENT TRAINING LIMITED Dissolved BRITANNIA MANAGEMENT TRAINING LIMITED Dissolved.... COMPANY RISK report for director Marwan Koukash Read a FULLY DETAILED company risk report on Marwan Koukash. For each active company listed in the appointments above you'll receive: Current and previous Credit Risk Scores Current and previous Recommended Credit limits Full list of Company Officers County Court Judgements lodged against the business... Plus appointment details for all resigned and dissolved appointments. Delivered by email for only £8.99 +VAT We use Google checkout and PayPal because it benefits you. It is 100% secure and you can buy with confidence and it helps us reduce our costs! Pay with Google Pay with PayPal........... OXFORD MANAGEMENT CENTRE LIMITED £4.99 for Company Report Appointment Date: 12/06/2009 Position: Director Company Status: Active Address: THE RANCH WHITEHOUSE LANE OFF HIGHER LANE RAINFORD WA11 8NL GB Directors and Secretaries Dr Marwan Koukash..... Company Accounts: To view financial summary login LAYLA HOTEL LIVERPOOL LIMITED £4.99 for Company Report Appointment Date: 07/02/2007 Position: Director Company Status: In Liquidation..... Address: 2ND FLOOR 19 CASTLE STREET LIVERPOOL MERSEYSIDE L2 4SX GB Directors and Secretaries Dr Marwan Koukash Company Accounts: To view financial summary login EL LAYLA PROPERTIES LIMITED £4.99 for Company Report Appointment Date: 27/11/2006 Position: Company Secretary Company Status: In Liquidation Address: HIGHFIELD COURT TOLLGATE CHANDLERS FORD EASTLEIGH SO53 3TZ GB Directors and Secretaries Dr Marwan Koukash Mrs Amanda Koukash...... Company Accounts: To view financial summary login EL LAYLA PROPERTIES LIMITED £4.99 for Company Report Appointment Date: 27/11/2006 Position: Director Company Status: In Liquidation Address: HIGHFIELD COURT TOLLGATE CHANDLERS FORD EASTLEIGH SO53 3TZ GB Directors and Secretaries Dr Marwan Koukash Mrs Amanda Koukash.......... Company Accounts: To view financial summary login BRITANNIA MANAGEMENT TRAINING LIMITED £4.99 for Company Report Appointment Date: 12/11/2008 Position: Company Secretary Company Status: Dissolved Address: THE RANCH WHITE HOUSE LANE OFF HIGHER LANE RAINFORD WA11 8NL GB Directors and Secretaries Dr Marwan Koukash Mrs Amanda Koukash....... Company Accounts: To view financial summary login BRITANNIA MANAGEMENT TRAINING LIMITED £4.99 for Company Report Appointment Date: 12/11/2008 Position: Director Company Status: Dissolved Address: THE RANCH WHITE HOUSE LANE OFF HIGHER LANE RAINFORD. WA11 8NL GB Directors and Secretaries Dr Marwan Koukash Mrs Amanda Koukash. Company Accounts: To view financial summary login. Developer behind Liverpool’s first five-star hotel sells stake in scheme by David Bartlett, Liverpool Echo Jul 12 2012 Comment (1) inShare 3 Share on email Share on print Five star Layla Hotel in Sir Thomas Street, Liverpool Five star Layla Hotel in Sir Thomas Street, Liverpool THE developer behind Liverpool’s proposed first five-star hotel has sold its stake in the scheme. Iliad announced it has completed the sale of its shareholding in Layla to a consortium of Dubai-based investors. The project, built across three properties in Dale Street and Sir Thomas Street and including the former municipal annex council offices, was originally due to open in 2006 but was hit by a number of delays. An Iliad spokesman said: “This project is destined to be a fantastic addition to the Liverpool hotel scene and will be unique. “There have been a number of delays, but building work is complete and the fit-out work is due to commence within the next few weeks.” Liverpool-based Iliad and Dr Marwan Koukash, 53, a Kuwaiti electrical engineer and horse racing owner who has lived in Liverpool for almost 40 years, were joint owners. The scheme was named after Dr Koukash’s daughter Layla and was modelled on the luxurious Burj-Al-Arab hotel in Dubai, the world’s only seven-star hotel. Estimated to be worth £14m in 2005, the hotel was supposed to have 80 bedrooms, a swimming pool, gym, restaurant aiming to be Michelin-star quality, cinema, mini-beach with sand, chill-out zone, wedding room and individual butler service. Dr Koukash said at the time: “I am confident this will be one of the top five hotels in Europe. “Many VIPs come to Liverpool and there is a market for a hotel like this.” But Layla failed to open in 2006 and the most recent proposed opening date was last summer, when the owners had hoped to open the premises – then valued at £30m – in June. They said it would have 83 rooms, a swimming pool, gym, spa, cinema and top-quality restaurant. Paul Falconer, of Liverpool-based architect Falconer Chester Hall, said the project had taken a long time because of the complexity of knitting together three buildings, two of which are listed. He said in January last year that the building was “about 80% complete”. He added: “There must be 30 levels across the seven storeys and you have to create access to them all. “We had to modernise all that and the work is very painstaking. “All the work will have been worth it in the end though.” Read more: Liverpool Echo. http://tinyurl.com/aq3cawe. Linnetlane 9:38 AM on 12/7/2012 This is the developer that engaged in the disgraceful destruction of the facade of one of the buildings in the scheme to prevent it being listed and hasn't even been able to deliver what was promised! A total farce from beginning to end. Shame on Illyad and Marwan Koukash. GOOD OR BAD. MAKE UP YOUR OWN MIND SALFORD? HAS SALFORD COUNCIL DONE IT'S HOME WORK?. seems like another michael knighton remember him?
 
iain wrote
at 3:45:22 AM on Sunday, February 03, 2013
hello star great job if you think koukash utters great vocal virberations about making salford city reds a winning team look what he said regarding turinig a run down building in to a 5 star hotel in liverpool he had some dealing with "i want to make this the best 5 star hotel in liverpool and i am committed to achieving this" a few months later he'd sold out or run out of cash or bust and the hilton group are opening it as a 4 star hotel i have voted with me feet and wont be going to any home games whilst this shenanigans is going on and it seems many others are doing the same as 5400 against wigan is worse than attendances at the willows....i do wish they still played there and but least now i do hope the corruption is uncovered
 
Not the full story from Mr Mayor wrote
at 12:27:36 PM on Saturday, February 02, 2013
Why were Spicer and co working "all through the night on securing this very, very exciting situation"? What were they securing? the future of the reds or our cash, sadly i think it will be the former rather than the latter. Also sadly for the fans i think Koukash is purely a businessman who a spoted a company going very cheap, with the potential for the city council to "support" the club with bucket loads of our cash, if they survive the next couple of years he may be able to sell the club at a very big profit. Of course he will of emphasied to Spicer and co during their all nighter that he will be needing the full "support" of the council.
 
salford pimpernel wrote
at 12:27:10 PM on Saturday, February 02, 2013
no mater how much star dust you try to sprinkle on this pile of shit, also known as the Salford stadium, the fact remains the Salford tax payer is going to get screwed, that's why their not interested in answering questions on the financial side of this mess...PS to Salford star, keep speaking up for the true people of Salford, your our only voice against the political corruption at Swinton town hall, you do what the cowards at the Salford advertiser should be doing investigating fraud within the council, that rag should be renamed the Salford labour party advertiser, seen more balls on a Chinese eunuch than the Salford advertiser.
 
iain wrote
at 3:46:15 AM on Saturday, February 02, 2013
so many questions and no answers !!!! 1.where did Koukash make his money IF he has any? companies house has him a director of 3 companies in liquidation and another active company OXFORD MANAGEMENT CENTRE LIMITED as of 12 Jun 2009 and has its registered office in St Helens. The financial Statements not filed', and they have 2 associated directors - all of which are current. The company has no known group companies. Filings Showing all Date Filing Details 30 Jul 2011 Suspension of striking off letter 14 Jun 2011 First Dissolution (Gazette) so whats this about? i agree with the above writer that the whole thing stinks the only person who could and should have been approached is john whittaker the boss of peel holdings who has a slight vested interest in salford or sale or some one playing sport in a ground he owns he could come in to save the situation but even he cant put bums on seats when the product is so poor the bottom line there there is more money going out then coming in and this hasnt changed and wont change and all i see the the bankruptcy of salford city council very very soon
 
mary ferrer wrote
at 4:20:22 PM on Friday, February 01, 2013
Few questions.what is this man getting out of this,other than a lot of debt,after all he is a businessman.No one in their right mind would think they can turn gates of 4000on a very good day around to 10.000 plus,thats what he will need to make this pay.When will the £2million plus be paid back to the city. Glad the club has been saved,but at what cost to the residents of Salford. Sorry, there is something not right with this.Salford Star you keep up the good work.
 
Salford Star wrote
at 7:16:53 AM on Friday, February 01, 2013
See Dirk's comment below - yeah typical Salford Star - always trying to get some truth and accountability behind the headlines - shocking!
 
Dirk wrote
at 7:14:32 AM on Friday, February 01, 2013
Typical Salford Star always manage to find the negative in everything related to SCR or anything for that matter.
 
Joe Oneill wrote
at 5:00:44 AM on Friday, February 01, 2013
Still baffled as to what he as bought apart from debt! The whole situation resembles a french farse from day one.But if he is as shrewed a buisness man as the papers say surely the ground must be the key. What of rent will he be paying a peppercorn rent or full cost? the figures taken from this Magazine alone would scare most investers.I wonder will we ever see our money returned or will we see a Salford Council white wash on how this man is the reds saviour? it looks like the advertiser and the Men have bought it,i have my doubts,i hope i am wrong but i have grave concerns that this Labour white elephant will be around for a while yet
 
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