HOME   ARCHIVE   GALLERY   SHOP   ABOUT US      
 

 
SALFORD COMMUNITY STADIUM MAKES 1.5MILLION LOSS AS COUNCIL LOANS GROW
 

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...


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.

Fred Mumford wrote
at 14:54:38 on 22 June 2017
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!!

The end wrote
at 22:58:46 on 20 June 2017
Well shafted- pickles retired at rhe last election.

Lining loo wrote
at 12:06:06 on 20 June 2017
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.

Robert Ward wrote
at 12:06:03 on 20 June 2017
This is a total scandal and it is time that the government investigate this,and in my opinion take direct control of this council.

well shafted wrote
at 12:05:53 on 20 June 2017
Pickles must send a financial investigation team to this shafted city

Mary Ferrer wrote
at 20:17:53 on 19 June 2017
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

Please enter your comment below:
 
 
 
Salford Star Hoodies
Salford Star contact
Deli Lama
advertisement
 
Contact us
phone: 07957 982960
Facebook       Twitter
 
 
Recent comments
article: DIRTY OLD TOWN PERFORMED NEAR SALFORD GASWORKS IN DEMOLITION PROTEST
It's funny that the Oval cricket ground gas holders can get the council to locally list and English Heritage to nationally list th... [more]
article: SALFORD PHOTO ARCHIVE GIVEAWAY
Hi Janet Murphy...I saw Freddie Fielder last year at a funeral....He has moved from Simister near Prestwich..not sure where he sai... [more]
article: DIRTY OLD TOWN PERFORMED NEAR SALFORD GASWORKS IN DEMOLITION PROTEST
Fantastic event. Masses of positive energyenergy . Let's get behindbehind this Salford.show what wewe Salfordonians are made of!!... [more]
article: DIRTY OLD TOWN PERFORMED NEAR SALFORD GASWORKS IN DEMOLITION PROTEST
I was born and bread in Salford. My parents went through hard times they born 10 children. Worked all there lives to put fo put ... [more]
article: PROTEST OUTSIDE 325 A TICKET SALFORD UNIVERSITY HOMELESSNESS CONFERENCE
Now don't you lot start knocking Salford Professional Development Ltd. This is a wonderful company fully owned by our great univer... [more]
 
 
 
 
 
Days
Hours
Minutes
Seconds
 
 
 

Donate

Help the Salford Star...

all donations welcome

 
 

More articles...

DEVASTATING SURVEY OF NORTH WEST COUNCIL WORKERS SHOWS LOCAL SERVICES COLLAPSING

Star date: 18th June 2018

OVER 80% OF COUNCIL WORKERS HAVE NO CONFIDENCE IN SERVICES AND ALMOST 50% THINKING OF LEAVING THEIR JOBS

A survey of almost 1,500 local council workers in the North West reveals that 81% have no confidence in the future of local services, 49% are thinking of leaving their jobs, 54% believe their council no longer delivers quality services, and 45% think that their employer doesn't make the right decisions for the public.

The other results of the survey by UNISON to coincide with its local government conference make equally depressing reading, as the union states that "Vital local services in the North West are collapsing".

Full details here...

SALFORD TIME OUT FOR CARERS

Star date: 18th June 2018

TRIPS, CAKES, MASSAGE, ADVICE AND CHAT AS CARERS TAKE TIME OUT

"I was absolutely weary...I needed to get out of the house" Ernie

Caring for a loved one is indeed a labour of love but it can also be life consuming and draining. So a group called Time Out For Carers is making a difference, running weekly sessions where escapism is the order of the day.

There's free massages, trips out, advice on allowances, tea and coffee and cakes, but, most importantly, relaxed informal chats with carers who are all in the same position.

Full details here...

DIRTY OLD TOWN PERFORMED NEAR SALFORD GASWORKS IN DEMOLITION PROTEST

Star date: 17th June 2018

SALFORD MUSICAL PROTEST TO STOP DEMOLITION OF DIRTY OLD TOWN GASWORKS

This afternoon saw Ewan MacColl's Dirty Old Town performed like never before near the famous gasworks, as a musical protest posse played instruments and sang along to the anthem to try to get the National Grid to stop the demolition of the iconic gas holders and re-think their use.

Full details here...

BUGZY MALONE PLAYS HOME TOWN MANCHESTER FOR 5

Star date: 17th June 2018

BUGZY HOSTS DO WHAT MOVES YOU SHOW

Bugzy Malone plus guests
Saturday 23rd June, 7pm-midnight
Gorilla, Manchester

Top, top, top grime artist, Bugzy Malone, hosts the Bacardi Do What Moves You show at Gorilla on Whitworth Street next Saturday, with local rappers and MCs. Tickets are priced at just 5 with all proceeds going to the Lonely Whale Foundation.

Full details here...

CLEAN AIR DAY JUNE 21ST SEES FREE METRO TRAVEL AND SCHOOL COMP

Star date: 17th June 2018

GREATER MANCHESTER CLEAN AIR DAY 21ST JUNE

To raise awareness of Greater Manchester's shocking air pollution and reduce it for 24 hours, this Thursday 21st June has been designated as Clean Air Day, where people are being encouraged to leave cars at home.

There will be free Metrolink travel before 7am and after 7pm, events around the region and all school pupils can take part in a competition to create a radio or video advert.

Full details here...

 



written and produced by Salfordians for Salfordians
with attitude and love xxx