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SALFORD COMMUNITY STADIUM MAKES £1.5MILLION LOSS AS COUNCIL LOANS GROW
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Star date: 19th June 2017 AJ BELL STADIUM MAKES HUGE LOSS AS SALFORD COUNCIL LOANS RISE TO OVER £24MILLION Salford Council's City of Salford Community Stadium company made a loss of £1.459million last year, its draft accounts reveal. The accounts also reveal that the total value of loans made by the Council to the AJ Bell Stadium, a joint venture with Peel Holdings, rose from £23.46million in 2016, to £24.12million in 2017. Meanwhile, the accounts also confirm that Salford Red Devils owner, Marwan Koukash, hasn't paid a penny back of the £1million debt to the cash strapped Council. Full details here...
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Salford City Council's draft accounts for 2016/17 show a sorry picture for the current financial state of the City of Salford Community Stadium, branded as the AJ Bell Stadium, and a joint venture with Peel Holdings. In 2015/16 the Stadium actually made a profit of £671,000 but, as at March 2017, this had been turned into a loss of £1.459million. The accounts also show that total value of loans from the Council to the City of Salford Community Stadium, or CoSCoS, rose in value from £23.46million in 2015/16 to £24.12million in 2016/17. While the outstanding balance due to the Council from its original loan had reduced to £16.678million, from £17.142million the year before, loans for what it calls 'operational funding' saw £7.442million remain outstanding, increasing from £6.318million the previous year (see previous Salford Star article for background – click here). As at 31st March 2017, CoSCoS Ltd also had net liabilities of £7.068million, compared to £5.610million the previous year. The Council's draft accounts also confirm that Salford Red Devils owner Marwan Koukash hasn't paid a penny off the Salford Reds debt that he promised to clear, before endless payment holidays were agreed (see here). This debt has risen from £1.038million in 2016, to £1.061million in 2017.
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Fred Mumford wrote
at 14:54:38 on 22 June 2017 |
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| General opinion from those in the know at the time was it was a vanity project for the ex Leader and Deputy Leader of the Council, J Merry and David Lancaster to help out their mates at the Reds, groom egos and other dubious motives. Council borrows millions, lends more to a club that is never in a thousand lifetimes going to be or willing to pay it back, regardless of ownership, attendance, performance on the pitch, ground sharing etc etc Meantime massive local government cuts ongoing (dont forget this was approved when the coalition government was already in power and austerity measures were taking chunks out of budgets) and the fiasco continues. About time it was investigated externally!! |
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The end wrote
at 22:58:46 on 20 June 2017 |
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| Well shafted- pickles retired at rhe last election. |
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Lining loo wrote
at 12:06:06 on 20 June 2017 |
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| Well Labout party and indeed the labour council say they will support the most vulnerable in society, it seems to me that that statement is a vote catcher. Well Salford council your cover is well and truly blown. You should tell the truth the disabled, ,vulnerable people of Salford are losing out to well healed property companies it stinks.
They go on all about the cuts and we are cash strapped when in truth we have plenty of money. But not for the services the people of this city needs. What's more they target the vulnerable small groups to make cuts. So stop telling lies. We have in the region of 60 councillors don't ash me why, it appears they are nodding dogs when it comes to voting. There's something seriously wrong here. |
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Robert Ward wrote
at 12:06:03 on 20 June 2017 |
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| This is a total scandal and it is time that the government investigate this,and in my opinion take direct control of this council. |
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well shafted wrote
at 12:05:53 on 20 June 2017 |
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| Pickles must send a financial investigation team to this shafted city |
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Mary Ferrer wrote
at 20:17:53 on 19 June 2017 |
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| Can't understand why the council build this white elephant in the first place. But they have,so where to from here. I have never seen any advertising for the building or the gym.No contact numbers. Don't think the council did any survey before they went ahead with the stadium. What will happen if the Reds change their name and move out of the city. I forgot to pay one month on my council tax £155. I got a letter saying I would be taken to court. £1.061million and no repayments made in how many YEARS. Something very wrong here. Close the Grange to save £300.000ish. This Labour run council should be brought to account. They have given themselves loan after loan to keep the stadium afloat. WE haven't got the money to do this,not when they take vital services away from the most need in the city |
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