Madejski Sold out and failed again

[Harpers So Solid Crew]

Perhaps the figures he spoke about relate to TSI rather than RFC, I have to say I dont understand all the figures, but from the last set of accounts we seem to have gone to a situation where JM is still owed about what he was, despite the last accounts showing he was paid back by TSI/Anton, and the debt having been transferred.

And now the debt seems to be nearer £50million, which is an increase in the region of £30 over the last season, despite the parachute payments.

[frimmers3]

The proposed "mini town" to be built on the site of Reading F.C's former ground seems to be gaining momentum.In a bid to "win over" local opposition to the scheme,the developers have promised to name all the roads in the yet unnamed "village" after famous ex-Reading footballers.

[UpThePrem]

Perhaps the figures he spoke about relate to TSI rather than RFC, I have to say I dont understand all the figures, but from the last set of accounts we seem to have gone to a situation where JM is still owed about what he was, despite the last accounts showing he was paid back by TSI/Anton, and the debt having been transferred.

And now the debt seems to be nearer £50million, which is an increase in the region of £30 over the last season, despite the parachute payments.

Maybe SJM received the money from TSi but due to them pulling out, had to reinvest it back into the club as another loan to ensure RFC continued for the rest of the season.

[Royal Rother]

Perhaps the figures he spoke about relate to TSI rather than RFC, I have to say I dont understand all the figures, but from the last set of accounts we seem to have gone to a situation where JM is still owed about what he was, despite the last accounts showing he was paid back by TSI/Anton, and the debt having been transferred.

And now the debt seems to be nearer £50million, which is an increase in the region of £30 over the last season, despite the parachute payments.

No that's not what CS said at all.

Debt of £20m (though I've no idea how it can be that low), investment in the team, another loss making season ahead of us and £16m to spend on Bearwood and its development - IIRC that's how he came up with £50m, certainly not all debt right now.

[Harpers So Solid Crew]

Cheers RR, sounds a lot for a training ground, cant they go back to running around prospect park?

[Royal Rother]

Cost of the land, "building" 17 pitches (a requirement if Cat 1) and general development of the site over the next couple of years.

[Green]

It's the "general development" that's staggering.

What are we talking? A changing room?

[melonhead]

changing a large area of ground from a golf course, to football training pitches and buildings......


seems pretty cheap to me

[BraisingsteakRoyal]

changing a large area of ground from a golf course, to football training pitches and buildings......


seems pretty cheap to me

'greed. Just stick some goals up. The flags are already there.

[Wycombe Royal]

Loads of trees on the site and it isn't flat. To be honest I'm not sure why they bought it when it isn't really suitable for what they want to use it for.

[PieEater]

It's the "general development" that's staggering.

What are we talking? A changing room?

You'd need (or like) a canteen, meeting rooms and maybe gym, indoor pitch (we're building over the current one) accommodation and a social area.

[Green]

Loads of trees on the site and it isn't flat. To be honest I'm not sure why they bought it when it isn't really suitable for what they want to use it for.

Yeh you wonder why they didn't go for one of the other 120 acre sites with appropriate planning permission that were for sale in the vicinity.

[M Brook]

:D

Cost of the land, "building" 17 pitches (a requirement if Cat 1) and general development of the site over the next couple of years.

The cost of the land was less than a million. Bearwood GC tried to match the price RFC (SJM) were paying for the site - they were needing to raise about £800K.

[Wycombe Royal]

Loads of trees on the site and it isn't flat. To be honest I'm not sure why they bought it when it isn't really suitable for what they want to use it for.

Yeh you wonder why they didn't go for one of the other 120 acre sites with appropriate planning permission that were for sale in the vicinity.

I'm not sure they will get planning permission on that site. Bearwood Golf Club wanted to make some alterations to a green on one of their holes and they got planning rejected and that didn't even involve any felling of trees or major changes to the site. I just can't see how they are going to get planning permission unless they are going to offer bribes.....luckily they have a get out clause if planning isn't granted.

[Royal Rother]

:D

Cost of the land, "building" 17 pitches (a requirement if Cat 1) and general development of the site over the next couple of years.

The cost of the land was less than a million. Bearwood GC tried to match the price RFC (SJM) were paying for the site - they were needing to raise about £800K.

Might be wrong but I'm pretty sure CS said £4m for the land (£16m all in for completion) - in coming up with £4m maybe he was adding in some other essential costs which would have to be incurred prior to any specific developments started.

[Terminal Boardom]

"I'm aware of one party who are producing proof of funds," he said.

"They have submitted an offer with a timescale of it to be done very fast.

"They are an investment company and have substantially deep pockets. They have offered to clear the debt, buy the hotel and invest in the team so they can challenge for promotion and invest in the new training ground, Bearwood."

For all intents and purposes, and factoring in a slight distrust for CS, if what is said here is true then we'll have certainly come out of this whole farce in a very positive position, that hinges on these promises being delivered of course, it could always end up being Anton v2

TSI no doubt were able to show they had "deep pockets" and "funds"

Since when has being owned by an "Investment Company" ever turned out well for a club?

Alarm bells?

I have a really bad feeling about this.

[Extended-Phenotype]

An investment company is just a way of setting things up so an individual can break the rules.

[melonhead]

If tsi can get a phoenix bid in, and win, do they get the rest of the club for a pound?
That makes amounts of business sense.
Cunning

[Royal Rother]

Sounds like fraud.

[frimmers3]

Maybe Ken Bates will ride to the rescue...he is well versed in "poundshop" matters.