Is a new Stadium financially viable?

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MellowYellow
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Is a new Stadium financially viable?

Post by MellowYellow »

Is a new Stadium financially viable for Torquay United? Apparently not for Truro City as chairman Peter Masters is told by the developers of the club's proposed new Silver Bow stadium is "no longer financially viable".

http://www.bbc.co.uk/sport/football/39354998
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Post by MellowYellow »

Torbay Council take note:

Cornwall Council signed off a Section 106 agreement with the developers to deliver in accordance with the agreement. All well and good then, Truro' Silver Bow Stadium was a done deal or so it was thought - here are a few quote from the powers that be:

1) The signed s106 reinforces our legal agreement with JIL and Helical. Unlike the S4C project, Silver Bow Stadium is not reliant on retailer interest to bankroll the scheme before construction can commence. So we were able to incorporate a handover date of 26th July 2017 for Silver Bow, giving certainty for both the football club and the retailers who wish to let the new units at Treyew Road” - Peter Masters - Chairman TCFC

2) "Work will start on Silver Bow in October in readiness for the 2017/18 season and work on Truro City Shopping Park will start in May 2017, at the conclusion of the football season” -Philip King - Helical Retail

For those not familiar with planning terminology, a Section 106 is a legally binding document that ties developers to the delivery of a strictly specified project in a clearly defined timescale. Basically, it lays down what a developer has to do in return for receiving approval to build on a piece of land. In this case, a new stadium at Silver Bow.

So it' looks like that old developers chestnut, indefinitely delay the new stadium due to 'unforseen circumstances' (e.g. not financially viable) and then deliberately force the club into being wound up or ground share having got what they wanted out of the deal
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Post by SenorDingDong »

Just for people's reference Helical own Treyew Road which is Truro's current ground that they need to leave by the end of this season. So as MellowYellow has flagged up, Masters and his cronies have done exactly what we keep saying GI are attempting to do:

1. Got the freehold for an existing stadium based upon promises of a new stadium.
2. Took the new stadium forward until such a point where stakeholders were content it would happen (which gets them the freehold).
3. Run into 'unforseen circumstances' that stops the new development.
4. Truro City have nowhere to play and fold - there are no alternative Conference South level stadiums anywhere near them.
5. Helical now own the Treyew Road freehold and there is no football club playing there....I wonder what happens now.

Peter Masters is nothing but bad news, he's almost done with killing Truro and given his relationship with GI....put 2+2 together.
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Post by Jack »

Torbay (and South Devon) needs to think bigger than a scratty little football ground built on the old Barton Valley Tip. A decent all purpose stadium with a capacity of 10,000+ , probably situated in Teignbridge but close to Torbay, with a hotel and conference centre would be a significant strategic development for South Devon and help to grow the local economy. It would need to be led by the local Councils and businesses and not by a commercially motivated company. Sadly I suspect that there isn't any local impetus to do anything on this scale and Torbay will continue to fall behind economically with little prospect of competing with more visionary places.
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Post by Neal »

As I have said on here many times, some don't like what I have said and I get the usual rebukes, but I don't care. The club is basically dead. Dead if what happens follows the above, Dead even if the club actually still exists and in a new stadium because we will be slaves to a rent that will be nothing like what we have now! And to be honest Im getting bored and tired of all this sh*t. The only way is a phoenix club at Plainmoor run by the fans. Would we get back to be a league club again, probably not, but at least it would be "our" club and not some shister screwing us. And the club (the football side that is) could still be up for sale to a football loving person.
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Post by lucy6lucy »

So why are TUST so quiet these days? Have they been paid off for silence whilst we still pay into them
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Post by Scott Brehaut »

I stopped paying them when they stopped sending information out of any note.
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Post by Rjc70 »

MellowYellow wrote: 22 Mar 2017, 18:23 Torbay Council take note:

Cornwall Council signed off a Section 106 agreement with the developers to deliver in accordance with the agreement. All well and good then, Truro' Silver Bow Stadium was a done deal or so it was thought - here are a few quote from the powers that be:

1) The signed s106 reinforces our legal agreement with JIL and Helical. Unlike the S4C project, Silver Bow Stadium is not reliant on retailer interest to bankroll the scheme before construction can commence. So we were able to incorporate a handover date of 26th July 2017 for Silver Bow, giving certainty for both the football club and the retailers who wish to let the new units at Treyew Road” - Peter Masters - Chairman TCFC

2) "Work will start on Silver Bow in October in readiness for the 2017/18 season and work on Truro City Shopping Park will start in May 2017, at the conclusion of the football season” -Philip King - Helical Retail

For those not familiar with planning terminology, a Section 106 is a legally binding document that ties developers to the delivery of a strictly specified project in a clearly defined timescale. Basically, it lays down what a developer has to do in return for receiving approval to build on a piece of land. In this case, a new stadium at Silver Bow.

So it' looks like that old developers chestnut, indefinitely delay the new stadium due to 'unforseen circumstances' (e.g. not financially viable) and then deliberately force the club into being wound up or ground share having got what they wanted out of the deal
With Reading Speedway's demise, GI/Stadia UK belatedly found there was a shortfall in monies for the development of a new stadium. Alpine Joe on one of the other forums was banging on a few days ago about Pete Masters' watertight negotiations with GI - when our previous owners were taken over for £1 by GI - as being something that would prevent the above that appears to be happening at Truro happening to us.
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Post by Rjc70 »

SenorDingDong wrote: 22 Mar 2017, 18:56 Just for people's reference Helical own Treyew Road which is Truro's current ground that they need to leave by the end of this season.

1. Got the freehold for an existing stadium based upon promises of a new stadium.
2. Took the new stadium forward until such a point where stakeholders were content it would happen (which gets them the freehold).
3. Run into 'unforseen circumstances' that stops the new development.
4. Truro City have nowhere to play and fold - there are no alternative Conference South level stadiums anywhere near them.
5. Helical now own the Treyew Road freehold and there is no football club playing there....I wonder what happens now.
:goodpost:
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Post by westyorkshiregull »

Neal wrote: 22 Mar 2017, 19:18 As I have said on here many times, some don't like what I have said and I get the usual rebukes, but I don't care. The club is basically dead. Dead if what happens follows the above, Dead even if the club actually still exists and in a new stadium because we will be slaves to a rent that will be nothing like what we have now! And to be honest Im getting bored and tired of all this sh*t. The only way is a phoenix club at Plainmoor run by the fans. Would we get back to be a league club again, probably not, but at least it would be "our" club and not some shister screwing us. And the club (the football side that is) could still be up for sale to a football loving person.
Agreed even say if Mcdonald got sold and made us a few quid or a fa cup run I feel different. It just been filtered away in dividends


Our club is lost and gone
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Post by MellowYellow »

Geoff Harrop says there is no new Truro City groundshare approach. Peter Masters said on BBC Radio Cornwall : "We are now into the end-game of everything...If the decisions are not made in the favour of Truro City, there won't be any Truro City around."

Torquay United are to run a sequel to the Truro Story called 'Up the creek without a paddle'
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Post by Zippy »

I we are still afloat next season then yes I think a new stadium is what we need to stay financially viable, we cannot stay as we are at plainmoor. just look at other small clubs that have moved and doubled their crowds and have other things that go on at their grounds, i.e. Shrewsbury, Doncaster, Barnet,
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Post by Plainmoor78 »

Zippy wrote: 25 Mar 2017, 18:51 I we are still afloat next season then yes I think a new stadium is what we need to stay financially viable, we cannot stay as we are at plainmoor. just look at other small clubs that have moved and doubled their crowds and have other things that go on at their grounds, i.e. Shrewsbury, Doncaster, Barnet,
The question is no longer about whether a new stadium would be viable or not. My feeling is that it is a red herring. GI want to get their hands on Plainmoor so that they can make money from redeveloping the land for housing. In the meantime they say they will build a new stadium elsewhere. But the doubt is whether they really intend to build the new stadium or not. Take a look at what has happened at Truro with the silverbow project.
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Post by Dazza »

I note what you say Zippy but am I not right in saying that in all the instances you quote the clubs involved were being run by football directors with a clear history of allegiance to the club when this was occurring. There is no comparable here meaning that -unless the stadium were built before freehold transfer- such a move would be an absolute and complete gamble that no sane person would take.
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Post by MellowYellow »

Zippy you sound like a GI spokeperson. A new stadium would be great in different circumstances. But we are dealing with Riviera Stadium Limited (a subsidiary of Gaming International Limited). Look back at the Memorandum of Understanding (MOU) 24 March 2016 in relation to their potential takeover of the Football Club.

It was "concluded that for the Club to survive and flourish under their ownership, they require confidence in the position with Torbay Council for Torquay United to have the option to purchase the freehold of Plainmoor, and advance a potential site away from Plainmoor for a new football and event arena".

It does not say they will build a new stadium just "advance a potential site away from Plainmoor". In other words GI can get on with building houses on the Plainmoor site without having a stadium in place.

The Council will give the ground to GI in good faith with a legally binding (section 106) to tie GI to the delivery of a new stadium, but GI will indefinitely delay the new stadium due to 'unforseen circumstances' (e.g. not financially viable) and then deliberately force the club into being wound up or ground share having got what they wanted out of the deal.

So unless you have some substantial reasoning (other than sound bites) to thinking that GI's promises of new stadium is a good deal Zippy - Zip it!
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