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SALFORD CITY COUNCIL TO APPROVE A FURTHER £120,000 LOAN TO RUGBY STADIUM COMPANY
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Star date: 15th May 2019 COUNCIL SET TO APPROVE £120,000 LOAN ON TOP OF £670,000 Salford City Council is set to approve a loan of £120,000 for the City of Salford Community Stadium Ltd, on top of £670,000 previously agreed. The Council report states that the extra loan is for "additional costs associated with a compulsory purchase order affecting stadium land", but insists the stadium is financially breaking even. Full details here...
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Last September, Salford City Council approved a loan of £670,000 for the City of Salford Community Stadium Ltd, or COSCOS, with its joint venture partner, Peel Holdings, matching the amount.* At the time, the total current debt owed to the Council by the Stadium company was £25,165,000, with a further £5.086million owed to Peel. Next week, the Council is set to approve a further loan of £120,000, also to be matched by Peel Holdings. The Council report recommending the additional loan states... "During 2018/19 there remains pressure upon the cashflow of the stadium chiefly due to costs associated with a compulsory purchase order promoted by United Utilities, which would impact upon the stadium's land. This matter is now settled however non-recurring costs were incurred which form the basis for the additional request for a working capital loan." The report notes that "in terms of its trading activities the stadium continues to operate on a break even basis", however land around the AJ Bell Stadium, which was supposed to be sold to cover all the debts remains largely unsold. Indeed, during the eight years since the Stadium was financed by huge Council loans, only one plot of what it calls "prime land" has been sold, to Greene King for a pub/restaurant. The Council report adds that "Further sales of development land are in the pipeline including retail and leisure options bringing further jobs and economic benefits to the city"...but the Council has insisted these sales are 'in the pipeline' for years without any confirmed deals. The Council report continues... "Despite an expected break even position at a trading level, until such time as land around the stadium is sold, allowing the repayment of existing development and working capital loans, there is still likely to be a funding requirement in order to meet the costs of maintaining the loans..."
* For further details on the previous £670,000 agreed loan see previous Salford Star article – click here
Main photo by Dr Gareth Lyons
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Rayofsunshine wrote
at 15:10:58 on 21 May 2019 |
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| Bob the regular,if you are correct in your estimate, that we Brits are useless at making things,what does this portend for life after Brexit??
Brexiteers are keen to trumpet the potential trade deals that Britain could strike once it left the E.U! What's the point of trying to strike such deals if we're only capable of producing crap? |
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Rayofsunshine wrote
at 15:10:06 on 21 May 2019 |
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| Mary Ferrer,a serial political failure,for obvious reasons wants to change the terms of the debate! |
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Mary Ferrer wrote
at 07:03:41 on 20 May 2019 |
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| Have I lost something here. The article is about more loans to the stadium and from nowhere pops up the making of cars??? We are talking about local issues, we can't change what happens in the rest of the country. We could at the ballot box, but what will we end up with.This is an article about a local issue about how OUR council are spending OUR money on a black hole. If and when we sort out ALL the crap that is happening HERE right now, then we can move on to sorting the rest of the country out. I am sure with all the intelligent people on here you will have it all sorted in a few weeks |
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Bob the regular wrote
at 07:03:08 on 20 May 2019 |
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| Our Ray knows balls all about cars. Because of all round incompetence in all car firms, and lefty bolsheviks in most of them, the British car industry was in terminal decline. Even our best brands like rolls and bentley started to slip before the jerrys took them over, Thats why,someone who obviously knows about cars, our Queen,stopped buying rollers and switched to bentleys, because bentley pulled their socks up, and she never went back to rollers. |
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Retired Socialist wrote
at 19:20:49 on 19 May 2019 |
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| Ray read the Bloody script there are no Car Manufacturers because of Piss poor builds and people like you who worked there, unions wrecked Leyland not capitalist. Language Ray you would make a Nun Swear. You See only Marxist shite Corbyn would bring us back to the 70s and all that went with it. |
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Rayofsunshine wrote
at 18:26:46 on 19 May 2019 |
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| Retired Moron,why is it when confronted with "hard facts" you resort to foul language? Have you got a bad case of Tourette's or are you just thick?
The bald fact that at present there are no British owned car manufactures shows how useless Brìtish Capitalism actually is! |
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Rossi wrote
at 18:26:34 on 19 May 2019 |
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| Ray you've been listening to true believers like Miss Becky for far too long. Trust me, you've been sold a lemon. I'll be honest with you, if I could help you, I would, but for my opinion you are too far gone. You're like one of those brainwashed cult member types. You're beyond help. You have my condolences. |
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joseph O'Neill wrote
at 18:25:44 on 19 May 2019 |
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| Corbyn’s £1bn assault on pensions: That’s how much was wiped off the value of the National Grid yesterday by his ‘Venezuela-style plot’ to nationalise the power network, The reality of voting for a man who would bring this country to it's knees policy written on the back of his fag packet, his shadow buisness secretary questioned over the cost like Abbott not a bloody clue. God help us. |
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Retired Socialist wrote
at 05:31:55 on 19 May 2019 |
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| Fact:the British Car Industry was killed by the British Capitalist Class that refused to invest. Labour is determined to break the stranglehold that Monopoly Finance Capitalism has over the economy.
What a load of shite, the British car industry was destroyed by lazy bastards who built shit cars backed buy people like Corbyn. Dream om you arse hole. |
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Rayofsunshine wrote
at 05:31:36 on 19 May 2019 |
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| Rossi,hopefully after Labour has renationalised the
National Electricity Grid it will be broken up into
seperate regional organisations. This configuration would allow profits to help grow the regions and provide a barrier to the threat of any future Tory
attempt at asset stripping!
Unlike the loony right,Labour has practical solutions to practical problems! |
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Rossi wrote
at 05:29:24 on 19 May 2019 |
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| Ray just keep listening to your Bucksfizz greatest hits album, and don't stop taking the tablets okay. |
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Rossi wrote
at 05:27:36 on 19 May 2019 |
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| Ray, there's no hope for you. You've really bought into this un-workable marxist ideology. You are a Muppet. You're like Beaker or Meeker or whatever he was called. There's just no point in you. I would pity you, but I can't, because you're pointless. I'm going now, Ray. So just be quiet, okay. |
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Rayofsunshine wrote
at 13:39:34 on 17 May 2019 |
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| Retired Tory Lickspittle,it's you who's talking out of their orifice! Tory Privatisation was always about creating private monopolies that could be milked by the bankers!! Do you know for example that
steel production in Britain is threatened by excessive electricity costs?
Fact:the British Car Industry was killed by the
British Capitalist Class that refused to invest.
Labour is determined to break the stranglehold that
Monopoly Finance Capitalism has over the economy. |
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ROSSI wrote
at 07:34:50 on 17 May 2019 |
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| And then Ray, you muppet, five years later a newly elected Conservative Gubbermint would privatize them once more. Don't you GET IT, RED RAY???? Just be quiet, okay. You're embarrassing yourself. |
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Retired Socialist wrote
at 07:34:32 on 17 May 2019 |
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| Nationalisation would provide stimulus to both competition and innovation! Wow Perhaps we could have the Car industry, bring back coal, how about British bikes, the list is endless. How would you create stimulus and inavation when it goes tits up the Government have to bail it out? You talk through your Labour Arse. |
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Rossi wrote
at 15:18:07 on 16 May 2019 |
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| Mary, you talk real sense. If you were doing Comrade Dennett's job, Salford wouldn't be a FAILED council. |
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Arnold Rimmer wrote
at 15:17:34 on 16 May 2019 |
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| It sounds bad, but then companies don't get any greedier than Peel and they are putting the same money in so they must think there is something to be gained from it. |
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Rayofsunshine wrote
at 15:17:24 on 16 May 2019 |
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| Rossi,if you're such a business whiz,why don't you go on Dragons' Den?? Fact is,nationalisation of Electricity Industry would break up a private monopoly created by the Tories! Paradoxically,nationalisation would provide stimulus to both competition and innovation! |
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ROSSI wrote
at 08:01:52 on 16 May 2019 |
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| Just watching Miss Becky being torn apart on BBC Breakfast as she waffles on about re-nationalizing the electricity companies. Unbelievable. Don't these left wing muppets have the common sense to realise that if Labour were in power and spent 100 billion pounds nationalizing the elecky companies, that Labour would probably only get one five year term, then the Tories would win again and PRIVATIZE the newly nationalized electricity companies. Stupid stupid Lefties. Penny wise and pound foolish. Always.
And this is why Labour MUST NEVER hold power again. People! Rise up, see sense AND VOTE THESE DENIZENS OF FRAGGLE ROCK OUT!!!! 😁 |
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Mary Ferrer wrote
at 01:43:50 on 16 May 2019 |
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| What happened to the retail park that we were told would help repay the loans,by ways of the rent. Each year since the stadium opened the council have got more loans to pay the council in running costs.They should be advertising the stadium in all public buildings,but they don't. We as a city can't keep putting money into a black hole, the city can't run the services we need.Sell it Sale Sharks were interested in buying it. Maybe Salford FC would be interested in buying it and maybe work with Salford Reds. But something must be done. In the 8 years it's been open, the council have paid back £1M towards the load,at that rate it will take over a hundred years to pay it back |
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Wendy olsen wrote
at 01:43:21 on 16 May 2019 |
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| Thanks again Salford Star
Your eye on the ball
Sad hopeless conniving Council have been in hock to developers and big capital for years
What gets me is they serve Outsiders. But trash piles up and doors are not fixed for Insiders. We are the residents!
For example on 3 streets in Langworthy, over half the mail slots are broken and letting cold air in! Wasteful. Challenge the private companies. |
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kenny wrote
at 01:41:44 on 16 May 2019 |
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| No Enough is enough,they have had enough of council tax payers money. They keep giving them money and cutting our services. Something stinks and not the sewerage farm across the canal. Do the people who run the council have learning difficulties and never learn about wasting our money on this stadium.NO NO NO more I say. |
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joseph O'Neill wrote
at 01:41:18 on 16 May 2019 |
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| Funny how we see Salford Football a success and building for the future, and then we see Salford Rugby John Merrys legacy losing money faster than the council can bail it out, and still Labour pump in Thousands of tax payers cash, Socialism the professional way to spend other peoples money. |
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Kev wrote
at 01:40:29 on 16 May 2019 |
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| They have money for this, but nurseries are still under the threat of closure. Good old Labour eh? |
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