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Louis

Finch Farm for sale (£15.3m)

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Well it's too close to the airport to comfortably live in. When I played there the sound of air-crafts was deafening and many times we would have to set-up the training again because the balls had rolled away.

 

Zoo, have you been drinking?

 

It's not even on the flight path. The planes come in over the Runcorn bridge and over the water before landing. You have the whole borough of Speke, and it's industrial estates between FF and the airport.

 

Admit it. You typed Finch Farm into Googlemaps and got Gold Finch Farm rd adjacent to the runway. :rofl:

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I've arrowed the training ground for you.

 

Untitled_zpscb1c4015.jpg

 

 

Not that any of it is relevant to it's sale to the council. It's location to the motorway network is ideal for Industrial purposes though. It used to be Greenbelt, so not sure how they got round that. Everton signed for 50 years, but not sure how it effects a transfer of ownership regarding any contract.

 

Finch Farm is the training ground for Everton F.C., in the Knowsley suburb of Halewood.

The School of Science is the nickname given to the complex by some supporters, referring to a long-standing nickname for the club. The training ground houses both the Everton first team and the youth academy. The first team squad officially moved to the complex on 9 October 2007, some time behind the target date of pre-season. Plans were drawn up for the Cheshire County Council owned site in 2002.[1]

Everton originally tried to find land in Liverpool but eventually settled on the 55-acre (220,000 m2) site, off Higher Road and Finch Lane in Halewood. Some Halewood residents fought the plans as the training complex and academy was built on greenbelt land.

Finch Farm was acquired in 2006 by Everton who later sold the land on for £2.1 million and then had it developed to the club’s specification by developers ROM Capital (an arm of the aAim Group) who are now known as Hudson Capital Properties.

Finch Farm was designed by North-West based architects AFL.[2] The contract was valued at £9million.[3] A site worker was killed during the final stages of development.[4]

On completion, Finch Farm was valued by ROM Capital at £17 M. Everton signed a 50-year tenancy agreement with ROM Capital for Finch Farm.[5] Everton have an option to purchase the site every 5 years.

Between the 2006/07 and 2007/08 financial accounts' "Other Operating Costs" increased significantly from £11.7m to £21.1m. The club largely attributed this rise to Finch Farm in the club's Financial Review in the annual report:

"Further significant increases in operating costs were also incurred in the year following the opening of the new Finch Farm training facility. The additional operating costs compared with those incurred at Bellefield are seen as a necessary investment to provide the appropriate training facilities required by both first team players and academy players at a Premier League club of Everton’s standing."[6]

In October 2011, Hudson Capital Properties put Finch Farm on sale, the asking price was £15.3million.[7]

 

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Av', you are such a pedant! :rofl:

 

It looks like it'll be a controversial story. Liverpool City Council were told to make cuts and have made redundancies, yet spend millions on a football training ground.

 

Okay, it's an investment that'll see them make their money plus profit back after a few years, but people won't take kindly to it. I personally think it's a good fit but it won't be without its detractors.

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Av', you are such a pedant! :rofl:

 

It looks like it'll be a controversial story. Liverpool City Council were told to make cuts and have made redundancies, yet spend millions on a football training ground.

 

Okay, it's an investment that'll see them make their money plus profit back after a few years, but people won't take kindly to it. I personally think it's a good fit but it won't be without its detractors.

 

I can't help it ha ha. :lol: I don't mean any harm, but I must have folk pulling their hair out sometimes. :lol:

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Av', you are such a pedant! :rofl:

 

 

He's got a point though, no planes anywhere near over FF at all by the look of it, so not sure how they can move a ball from four miles away :huh:.

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Joe Anderson spoke to Liverpool Echo. He says it's win-win for Everton and the Council.

 

BBC North West tonight are saying the council will make "tens of millions" out of Everton through the agreement.

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http://www.evertonfc.com/news/archive/2013/06/11/finch-farm-announcement

 

Everton Football Club and Liverpool City Council are pleased to announce a new rental arrangement over the Club's Finch Farm training base.

 

The City Council has purchased Everton’s training and Academy facilities in a property deal which generates long-term benefits for both the Council and the Club.

 

Everton retains a long-term lease on the site and the new rental arrangement secures a reduced annual rental cost to the Club and an attractive commercial return for the Council.

 

Blues CEO Robert Elstone said: "We continue to work with the Council on many fronts and the Club is especially pleased to have delivered an innovative scheme, on our superb Finch Farm facility, that works for both parties."

 

Mayor of Liverpool Joe Anderson said: “It’s a very good deal for us, and for Everton.

 

“Over the lifetime of this arrangement we will get much needed revenue, which we can re-invest in essential services for the people of Liverpool.

 

“Together with the new Exhibition Centre, the Council regard such investments as innovative but vital in enabling it to meet its on-going budget challenges.”

 

The deal has been independently valued and verified.

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I've just read that. It still doesn't make sense to me why Everton are happy with the situation.

 

I understand that not owning it allows for an increased cash flow. But what I don't understand is why that's preferred over taking on a mortgage to pay for it. Liverpool City Council have said they have borrowed to buy it and the BBC reported that they will make "tens of millions" from the deal.

 

Kopites are whining that it's Evertonian and season ticket holder Joe Anderson (Mayor of Liverpool) showing favouritism, reducing rent payments for Everton. There's probably an element of that. Anderson has already used it in a soundbite to say that the Council do things for Everton. It's a good deal for the City Council, it just shouldn't have become an opportunity.

 

The way I see it is Everton are renting a house for the next 46 years instead of buying it outright with a mortgage and paying it off within 10-15 years.

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Zoo was right all along - my mistake.

 

 

lowplaneoverfinchfarm_zps726c4406.jpg

 

 

 

Brilliant Av!

 

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.

 

Unfortunately so.

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Under the previous deal the club had the opportunity to buy back FF every five years. I haven't seen it mentioned in this latest deal but hopefully that clause remains. Anybody seen it mentioned?

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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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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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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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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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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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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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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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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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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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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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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.com/doc/69456072/Everton-Training-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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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.liverpoolecho.co.uk/incoming/liverpool-council-bought-finch-farm-4307879

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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.com/news/archive/2013/06/14/ceo-angered-by-report

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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: .

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