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Finch Farm for sale (15.3m)


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#81 c1982

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Posted 11 Jun 2013 - 18:48

Rumours of the repayments going from £2m per annum on the old deal to £500k per annum on this deal. Not sure how accurate this is though.
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#82 Avinalaff

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Posted 11 Jun 2013 - 18:51

Moyes?!

 

Yes. :)


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#83 Avinalaff

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Posted 11 Jun 2013 - 18:52

Rumours of the repayments going from £2m per annum on the old deal to £500k per annum on this deal. Not sure how accurate this is though.

 

If were paying 2m per annum, with the option to buy at 15m every 5 years, it wouldn't make financial sense.


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#84 c1982

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Posted 11 Jun 2013 - 18:58

 
If were paying 2m per annum, with the option to buy at 15m every 5 years, it wouldn't make financial sense.


It would if you haven't got £15m to pay out.
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#85 Avinalaff

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Posted 11 Jun 2013 - 19:02

It would if you haven't got £15m to pay out.

 

But we have mate. We spent that on Fellaini.

 

It's important to ensure the structure of the club is in place before chasing silverware. I'd have been happy if we sold Fellaini, bought FF, and a less expensive player or 2 with the rest.


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#86 Avinalaff

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Posted 11 Jun 2013 - 19:05

Also, it's not the land, but the development that created the rent, as we only sold it for 2m in the first place. That I don't get. Why couldn't we have just built the facility ourselves?


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#87 c1982

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Posted 11 Jun 2013 - 19:06

 
But we have mate. We spent that on Fellaini.
 
It's important to ensure the structure of the club is in place before chasing silverware. I'd have been happy if we sold Fellaini, bought FF, and a less expensive player or 2 with the rest.


We bought Fellaini for a quoted £15m over a 5 year contract. We didn't spend £15m hard cash on him, we couldn't afford to do that.
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#88 StevO

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Posted 11 Jun 2013 - 19:06




It's important to ensure the structure of the club is in place


You would think so wouldn't you.



I thought we sold it for around £15m, after spending £10m to build it and rented it t approx £1m per year.
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#89 Avinalaff

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Posted 11 Jun 2013 - 19:10

I was to understand we sold it on the provision the buyer would pay for the facilities and then rent them to us.


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#90 StevO

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Posted 11 Jun 2013 - 19:15

I'm sure Louis will clear it all up. He knows all about what happened.

Louis?
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#91 Louis

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Posted 11 Jun 2013 - 19:30

Most of the media misreported it. Even the official statement that come out was misleading, read it and see if you get the impression that it's Everton that have sold Finch Farm.

ToffeeWeb had the facts right last night.

Finch Farm was owned by Hudson Capital Properties and sold to Liverpool City Council on May 10, 2013. At no point 'til last night did it become public knowledge. ToffeeWeb published a document from the Land Registry showing that Liverpool City Council were the owners. That forced people into action, Everton and the Council acknowledged it - despite being a month after the event, and the media has caught up and published it. Unfortunately, most use Press Association and they didn't give details as well as they could have and misreported things.

It isn't a new year forty year deal, it's the existing fifty year lease. Liverpool City Council are able to borrow at below market rates, they have acquired Finch Farm using a 25 year old loan and it'll pay for itself as the rent is higher than their repayments on the loan.

For example if Liverpool borrowed £13m at 3% and pay it in one lump sum, it'll cost £750k a year. They'd need to charge Everton more than that to cover their own back. For the Everton rent to be £500k, the Council would need to be borrowing at less than 0.01%. I think those rumours are nonsense. The Council told the BBC they will make "tens of millions" out of it.

Joe Anderson, the Mayor of Liverpool and leader of the City Council has refused to make the details public and says it is a confidential commercial agreement between Everton and Liverpool City Council. What he did say was that Everton approached him to buy it for the Council and Liverpool City Council will benefit from it financially, even after reducing rent payments. I wouldn't trust Twitter rumours as a source (unless it's @ToffeeTalk!), there's all kind of nonsense out there.
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#92 Romey 1878

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Posted 11 Jun 2013 - 19:34

So, we're in the same position as we were pretty much but it's the council making money off us rather than that group?
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#93 Avinalaff

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Posted 11 Jun 2013 - 19:37

So, we're in the same position as we were pretty much but it's the council making money off us rather than that group?

 

No. We are now paying less rent.


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#94 Louis

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Posted 11 Jun 2013 - 19:44

So, we're in the same position as we were pretty much but it's the council making money off us rather than that group?

No. We are now paying less rent.

This, rather than paying £1.5million per year, we are now paying an undisclosed amount and instead of it going to a private company, it's going to Liverpool City Council.
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#95 StevO

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Posted 11 Jun 2013 - 19:45

Louis do you remember the original set up? Who paid to build it and what cost? And the old rent and that?
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#96 Romey 1878

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Posted 11 Jun 2013 - 19:46

 
No. We are now paying less rent.


That's why I said pretty much.
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#97 Louis

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Posted 11 Jun 2013 - 19:54

Louis do you remember the original set up? Who paid to build it and what cost? And the old rent and that?


It's all here: http://www.scribd.co...raining-Complex

Are you going to the EGM StevO?
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#98 Avinalaff

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Posted 11 Jun 2013 - 20:02

It's all here: http://www.scribd.co...raining-Complex

Are you going to the EGM StevO?

 

Be careful on that site mate.

 

I used to use it for all my tablatures and related sheet music, and have had a lot of Trojan alerts in the past.


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#99 Matt

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Posted 11 Jun 2013 - 20:16

It's just another example of the club only having a short-term plan and only thinking of short-term gain.

Sad really, but predictable.

or its another example of the club doing the best they can at the current time.

The logic of buying it outright is the most sensible move, and if we had 15m to splash out, they probably would have bought it. But if they had done, then there'd no money for transfers. It's the state we're in unfortunately. I'm glad the council got it and not someone else who might've put the rent up
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#100 Romey 1878

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Posted 11 Jun 2013 - 20:23

or its another example of the club doing the best they can at the current time.

The logic of buying it outright is the most sensible move, and if we had 15m to splash out, they probably would have bought it. But if they had done, then there'd no money for transfers. It's the state we're in unfortunately. I'm glad the council got it and not someone else who might've put the rent up


We're each on opposite sides of the fence when it comes to the board so best to just agree to disagree and leave it there, rather than do the same tired dance.
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#101 Louis

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Posted 11 Jun 2013 - 20:42

or its another example of the club doing the best they can at the current time.

The logic of buying it outright is the most sensible move, and if we had 15m to splash out, they probably would have bought it. But if they had done, then there'd no money for transfers. It's the state we're in unfortunately. I'm glad the council got it and not someone else who might've put the rent up


This is what I would have said a few years ago, but the three upcoming seasons guarantee Everton at least £25m more per season than the previous three seasons. If Everton were interested, now would be the time to buy. Even if it's secured against 2014/15 parachute payments (should Everton be relegated in the worst case scenario), it'd be enough to cover the cost of buying Finch Farm. Also, the board have a combined 9 figured sum of wealth, they just don't want to be held personally liable.
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#102 StevO

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Posted 11 Jun 2013 - 23:18

Louis do you remember the original set up? Who paid to build it and what cost? And the old rent and that?
It's all here: http://www.scribd.co...raining-Complex

Are you going to the EGM StevO?


I'm not sure yet, I live and work further away now. Working until 5:30 will make it tough to get there for 6. So if my boss is feeling helpful, he's a Wigan fan so doubtful.
My Dad will be there so he'll fill me in if I don't make it.
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#103 Louis

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Posted 14 Jun 2013 - 12:42

This is what the Echo are saying about the payment:

Everton is in a long-term lease deal with the council and will have to pay the deal’s value – and more – back to the council in the long term. The ECHO understands they will end up paying double the amount borrowed by the council, but in smaller instalments over a longer period than under the deal with Finch Farm Ltd.


The Liberal Democrats' Liverpool leader seems to be unhappy with the situation: "If we are to make a profit from it, then we need to see report and there needs to be proper scrutiny of how the council thinks it can make a success of this."

I'm inclined to agree with him, it seems strange that the Council had a tenant in waiting paying £1.5m a year and decided to lower the rent by two thirds (that's if the "Echo understands" theory is right), eating into their own profits - the reason they bought the site in the first place.

http://www.liverpool...ch-farm-4307879
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#104 StevO

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Posted 14 Jun 2013 - 13:54

The council trying to build bridges with the club?


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#105 Louis

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Posted 14 Jun 2013 - 16:50

Probably.

Robert Elstone's not happy with how the press reported it;
 

"Not for the first time, the Club was dismayed when reading our local papers earlier in the week," said Mr Elstone. "The Echo and Post's write-ups of our new rental arrangements for Finch Farm were badly wrong.

"The clarifications and corrections provided by our media team were ignored by the reporter and the copy published was factually incorrect and grossly misleading.

"The deal had been in the offing for several months. It was not distressed in any way. It was a well-thought through arrangement, supported by professional advice, which helps the Club cut its cost base. The Council was delighted to support the scheme.

"We have made our views clear to the newspaper."


http://www.evertonfc...gered-by-report
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#106 Avinalaff

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Posted 14 Jun 2013 - 18:32

They should ban guys who twist and manipulate the conversations in the press room.


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#107 StevO

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Posted 14 Jun 2013 - 21:03

There would be no journalists left!
They have banned a few in the past though.

Am I wrong to think the echo got banned for a short time not long ago?
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#108 Romey 1878

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Posted 15 Jun 2013 - 08:19

There would be no journalists left!
They have banned a few in the past though.

Am I wrong to think the echo got banned for a short time not long ago?

 

 

Yeah, not for printing misleading info though, but just because the club didn't like them reporting negative things that painted the club in a bad light  :rofl: .


Edited by Romey 1878, 15 Jun 2013 - 08:19.

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#109 StevO

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Posted 15 Jun 2013 - 12:28

Can't beat controlling the local media.
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