Re: Chester must go now : Wed Sep 23, 2020 9:10 am
Prince Buster wrote:
To Scarlet and some others
Lets put you all right here. Yes the club borrowed 3.1 Million to buy BV and old super bowl site.
Yes it has to be paid back to the lender which in this case is WMDC
However there is a 5 year payment holiday so roughly the club still has three and half years before they have to start paying the loan. Therefore right now buying back the ground dosnt cost the club a penny. So Scarlet I hope that puts you right.
Unfortunately, this loan could be quite a financial millstone around the club when payments eventually need to start. The plan is the clubs potential saviour Colin Makie will get further planning concessions at Newmarket. He will then pay off this loan before the payments kick in. He will also supply considerable funds to upgrade Belle Vue. My own opinion on this, knowing the track record of Makie, is good luck with that !.
Lets put you all right here. Yes the club borrowed 3.1 Million to buy BV and old super bowl site.
Yes it has to be paid back to the lender which in this case is WMDC
However there is a 5 year payment holiday so roughly the club still has three and half years before they have to start paying the loan. Therefore right now buying back the ground dosnt cost the club a penny. So Scarlet I hope that puts you right.
Unfortunately, this loan could be quite a financial millstone around the club when payments eventually need to start. The plan is the clubs potential saviour Colin Makie will get further planning concessions at Newmarket. He will then pay off this loan before the payments kick in. He will also supply considerable funds to upgrade Belle Vue. My own opinion on this, knowing the track record of Makie, is good luck with that !.
That’s a pretty good summation of the facts, it does however beg another question re the current outgoings.
If we’ve bought the ground and are therefore no longer paying rent, if we are in the midst of a repayment holiday and therefore not currently paying off the loan or the interest then surely that means we have the rent/mortgage money still in the bank?
Are we saving it up for a rainy day or to fund parts of the redevelopment or maybe to pay the loan when Mackie inevitability refuses to part with a penny.
Maybe the current financial situation has been aided to some degree by the surplus money!
I don’t want an answer from the club, I’d prefer them to stick to official Club announcements when disseminating information to the fans but that doesn’t stop me discussing it on here or speculating with other supporters about it.