3G pitches and security block

[jbcshrimp]

Having read Keith's idea, now on page 4, of the fans buyout. It dawned on me the only part of the club standing still are these area's. Is there any S/Ver or Trust member with any legal knowledge of how we might get these out of recievership and the cost, if Trust members and fans were interested on the same basis as a club buyout. These could be a valiuable income stream owned by the Trust and must be cheaper than a club total buyout for now. I would be willing to do any leg work as at the moment I do not work. Just curious.

[Ispyshrimp]

Surely getting the pitches back would save the club a fortune by not paying L&M college for using their facilities.
Surely the administrators would be willing to offers as they have been stuck with it for a while now.

[Freez]

I'm told the land is now in the hands of a company in London who will extract every penny from it as thats what they do for work.

If true, don't hold your breath.

[BerlinWaller]

I think someone mentioned that the Administrators were wanting a small fortune for the land and the building.

[KenH]

The administrators have included an estimated realisable value of £450,000 in their latest report, so that will be according to a valuation report. So, they'll be looking for that kind of figure, even then, which isn't enough to pay off the loans/debts.

[Freez]

What a bloody mess!!

[mrpotatohead]

There is actually a bright side to this, the administrators will want top dollar for them as they know they are worth a lot more to a new owner than anyone else , so at least the club potentially will get them back if everything else is sorted , I believe the club have tried without success to rent them off the admiministrators.

[George Dawes]

The 3G pitches won't be cheap, you could build a shit load of housing on that to compliment the new housing estate next to it, and them Administrators will know it.

Although that stupid community block what should have been built outside the football ground, I should imagine you could buy cheaper in comparison to the 3G pitches, what else could a buyer not interested in Morecambe FC do with that building whats been built inside a Football ground. ?

[drretro]

It's an interesting idea and would be a boon for the club.

[Christies Child]

Am I right in thinking that the club own the land on which the road was built that surrounds the Globe, if so anyone wanting to develop the 3G pitches for housing or whatever would have to negotiate access from the surrounding road with the football club. If so, the club hold a fairly powerful negotiating tool.....

[redtilldead74]

have a look on shrimpstrust.co.uk website under campaigns that explains who own what and what the covernant covers.

[Christies Child]

Looking at the plan as suggested it looks to me as though all access to the area behind the Globe from the main access road off Westgate is under the ownership of the Trust which if correct presents a problem for any developer wanting to gain access to the pitches at the rear of the Globe Arena.

Not an ideal situation to be in for any prospective owner......

[Shrimpy]

How feasible would it be for us to sell the Globe to a developer and build a cheaper, scaled back, proper football ground (as opposed to the corporate function suite with a stadium bolted on it as an afterthought) on less desirable and cheaper land elsewhere?

I won't even attempt to admit I know anything about land values or where such a place would exist but somewhere along the bypass for example?

[Christies Child]

Not sure but the cost of any land would be high especially along the new road corridor. Surplus land for a new stadium development is at a premium and with the cost of a new rebuild would not see us with any substantial savings in costs over and above the current stadium.

Hard to quantify but i would question the belief that the current stadium does not meet the approval of the vast majority of fans as feelings on this forum are only of a small section of fans....

My opinion only....as usual.

[Sakhalin Shrimp]

How feasible would it be for us to sell the Globe to a developer and build a cheaper, scaled back, proper football ground (as opposed to the corporate function suite with a stadium bolted on it as an afterthought) on less desirable and cheaper land elsewhere?

I won't even attempt to admit I know anything about land values or where such a place would exist but somewhere along the bypass for example?

Maybe go back to the days of sharing Woodhill lane? or there's always the lake on Acre Moss lane, it doesn't appear to be being used for anything else.

[BerlinWaller]

I did a bit of looking in to Acre Moss Lane and it was earmarked for a new school a couple of years ago.

[Christies Child]

I did a bit of looking in to Acre Moss Lane and it was earmarked for a new school a couple of years ago.

I always thought that Acre Moss would have made an ideal training ground BUT the cost of drainage etc would probably been too much with little guarantee that it would have proved successful.

I recall when JH was manager the club looking into the prospect of using the ground of Middleton FC but that proved to be unsuitable after only a few training sessions.

Drainage is a major problem with the majority of land in the Morecambe area.

I often pass by land to the right of the bend at the bottom of Oxcliffe Road adjacent to the railway line and wonder if that would be suitable for a training ground but no doubt drainage would be a problem plus the cost of purchase even though the farmer who I assume owns the land is / has been a supporter of the club in the past and is a friend of a current Director.

[Keith]

How feasible would it be for us to sell the Globe to a developer and build a cheaper, scaled back, proper football ground (as opposed to the corporate function suite with a stadium bolted on it as an afterthought) on less desirable and cheaper land elsewhere?

I won't even attempt to admit I know anything about land values or where such a place would exist but somewhere along the bypass for example?

At the time of Christie Park's sale, I was under the impression that all the money raised by the sale was going to be spent on The Globe, with it entirely belonging to the Christie Trust. That way, the value of the trust would remain broadly the same. Now it appears obvious that the value of the trust land has been diminished? For that reason, even if it could be done, I would be against another sell off.

[jbcshrimp]

The administrators have included an estimated realisable value of £450,000 in their latest report, so that will be according to a valuation report. So, they'll be looking for that kind of figure, even then, which isn't enough to pay off the loans/debts.

Does this figure cover the whole of the blue hatching or just the pitches and building. If it's the whole thing they might let the pitches and buildings go for a lower price.

[MFC-Manc]

An interesting PDF

Click on the latest one

https://beta.companieshouse.gov.uk/comp ... ng-history

[Christies Child]

An interesting PDF

Click on the latest one

https://beta.companieshouse.gov.uk/comp ... ng-history

Interesting for those who understood it,.

In a nut shell what are the prospects of the problems being resolved so that our club can resume using its facilities.

[Morecambe Jack]

Interesting point for me is that the secured creditor brought bankruptcy proceedings against "one of the directors" due to a personal guarantee, which was settled, and subsequently the debt was reduced by circa £150k. £477k is still due to the secured creditor.

The administrators do not expect any amounts to be paid to unsecured creditors.

They are hoping to get £450k from the sale of the assets which will go to the secured creditor. This is noted with a point that this is an "estimate based on difficulties due to access issues" (which I see as a positive for us).

A report on the conduct of the directors has been submitted to the Department for Business Innovation and Skills.

It doesn't appear like much is happening, which won't come as a surprise. Administration has been extended for 12 months to December 2018.

[marky No.1]

£282 per hour, not a bad little earner

[Ntini]

£282 per hour, not a bad little earner

Administration period extended for 12 months and admission that it will be hard to sell the assets for the secured creditor, so a further fixed fee of £35k for the year is more than likely. Nice little earner as long as they get 'some' cash in to pay their expenses.

[KenH]

£282 per hour, not a bad little earner

That's what happens when you have high barriers to entry into a profession and an effective "closed shop". Insolvency practitioner remains a protected profession with relatively few trainee jobs available, mostly to the big firms, which act like a cartel (i.e. avoiding competition) so they can all keep their fees ridiculously high.