I am surprised that some consider that the the GTs supporters bar should not be counted as part of the total cost of the redevelopment. Perhaps they have forgotten that this facility under current plans will revert to the ownership of the Club in 5-7 years when this uniquely funded project, by supporters, for supporters will have paid off the constructional costs and the interest payments on the funding of it. I understand that this sum will exceed £1m. It also ignores that the Club would not have to construct what was originally proposed and approved as a supporters bar thus freeing up funds for the rest of the Grandstand redevelopment. In effect the Club will get a superb facility for free. The GTs deserve massive thanks for putting their ‘heads on the block’ for such a remarkable achievement.
On the quoted estimates that leaves the Grandstand redevelopment costs at £8m to £9m. That is significantly in excess of the originally quoted £6.5m+ quoted at the signing of the contract. We know that £5m was funded by a loan (£4.1m) and injected equity (£900,000) by Simon Hallett and Jane Hallett. The other major shareholder, James Brent is on record that he did not wish to inject more money into the Club which initiated the additional purchase of shares and further injection of equity to cover the then known additional costs of the Grandstand redevelopment (a further £1m for the new roof). I also assume that the quoted estimates do not include the acquisition costs of the balance of HHP once the revised location of the ice arena is approved by PCC.
Just a note on the surface water drainage. Originaly it was hoped that HHP and the Grandstand would use soakaways to cater for the surface water. However, the infiltration tests did not support that solution so a vastly more expensive on site retention and overflow solution into an off site swale in Central Park has been proposed and technically signed off (although PCC are yet to discharge the condition). Thankfully, notwithstanding PCC have allowed the Club and the GTs to proceed on the Grandstand and Suppoters Bar respectively whilst the technical detail and who pays for it is resolved given that it does in part contribute to the overall surface water drainage improvement in Central Park.
It appears that we are now at a stage where further additional funding to complete the Grandstand redevelopment may be necessary. At the recent Fans Forum Michael Dunford confirmed that Simon Hallett was willing and able to underwrite this additional cost whatever it may turn out to be. He also confirmed that the playing budget would be ‘no worse than this season’.
I am not sure that many fans are aware of the level that Simon and Jane Hallett have and are continuing to fund and underwrite rising costs at the Club. Reference was made at the recent Fans Assembly to potential losses this season. The redevelopment was always going to place additional and unexpected burdens upon the finances of the Club. However, the Halletts’ continuing commitment to delivering it, together with the significantly enhanced facilities, which over time will add positively to the revenue generation of the Club deserves far more wider appreciation than seems to be the case. Without them we’d be ****** irrespective of which division we will be playing in next season.
:coat:
