Can anyone explain to me please...

[John L]

We've been saying that for years since it was sold...

[sandgrown]

cp

This is why I was asking about the trust a while ago. I was under the impression that the sale of Christie Park land, as agreed by the trust, was ALL being spent on a new asset for the club/trust. The old 'club' was built upon trust land and it had no value whatsoever. In fact, it had negative value as it needed to be demolished & cleared.

Now, I'm beginning to worry that the trust held one piece of high value land and swapped it for a similar sized (perhaps even less) land that was of low value.

Where did the balance go? If the balance went in to the buildings, then fine, as long as they also belong to the trust. That would mean, if we needed to start again in the North West Counties (or whatever) we would at least have a ground & pitch to play on. In fact, with much lower playing costs, the income from functions in the Wright & Lord would easily cover the cost of the football club on the pitch.

But if we simply own a little bit of land, then somewhere along the line we've been asset stripped.

That's what I'd like to be explained.

a leading share holder told me at the time of the sale of CP that Sainsburys paid £10M.

then when we moved to the Globe, and someone posted on SV a surveyors web site that showed that the Globe had cost £7.1M.

so a surplus of £2.9M, where that went you make your own mind up !!!!

[J.S.]

I am waiting for Lancaster City council to reply to my request for information regarding the trust; in particular what land, if any, is owned by the trust. I asked for this last week but it takes up to 3 weeks to get a reply.
Can anyone just ask one of the current board about this. They must all know what happened with the trust at the time of the move to Westgate. I don't know any of them, otherwise I'd have asked a long time ago.

[George Dawes]

a leading share holder told me at the time of the sale of CP that Sainsburys paid £10M.

then when we moved to the Globe, and someone posted on SV a surveyors web site that showed that the Globe had cost £7.1M.

so a surplus of £2.9M, where that went you make your own mind up !!!!

no no, that was me, that's what the ground is valued, not cost of construction, and I'm pretty sure it was 7.6 million.


oh and if you go to globe construction website and look at the projects, and click on Morecambe FC you should find it there, I'm on my phone and can't be messed finding the link.

[Keith]

a leading share holder told me at the time of the sale of CP that Sainsburys paid £10M.

then when we moved to the Globe, and someone posted on SV a surveyors web site that showed that the Globe had cost £7.1M.

so a surplus of £2.9M, where that went you make your own mind up !!!!

no no, that was me, that's what the ground is valued, not cost of construction, and I'm pretty sure it was 7.6 million.


oh and if you go to globe construction website and look at the projects, and click on Morecambe FC you should find it there, I'm on my phone and can't be messed finding the link.

What a horrible web site! I'm surprised that it is still going if they've gone bankrupt.
http://www.globeconstruction.co.uk/projects.retail.php

£7.3 million apparently.

Screen Shot 2017-02-02 at 20.45.40.png (379.7 KiB) Viewed 879 times

[George Dawes]

..cheers Keith that adds up!


still can't understand how we've lost the community block to Administrators? you would think with all that money Christies Trust got from Sainsburys should of paid for a football pitch and an half finished football ground.

[Dazzer]

a leading share holder told me at the time of the sale of CP that Sainsburys paid £10M.

then when we moved to the Globe, and someone posted on SV a surveyors web site that showed that the Globe had cost £7.1M.

so a surplus of £2.9M, where that went you make your own mind up !!!!

I recall there were other costs associated with the move. Buying land and re-locating Westgate Wanderers for example. I'm not saying that was £2.9m, but I do remember it being a significant amount.

I'm also not sure about that £10m figure, I seemed to recall a figure of around £8.5m when I had a close look at the Accounts around that time, although I've slept a lot, and drunk a lot of strong lager since then, so I could be wrong.

[Keith]

If that's the case, then it brings us full circle, does the Christie Trust own the Globe Arena? If it does, then I'm less worried about our very existence. If not, then it appears that the Christie Trust was used to pay for an asset that 'someone' could then sell, in which case, we're really screwed and have been getting screwed for a long time.

Just want to know the truth.

[George Dawes]

If that's the case, then it brings us full circle, does the Christie Trust own the Globe Arena? If it does, then I'm less worried about our very existence. If not, then it appears that the Christie Trust was used to pay for an asset that 'someone' could then sell, in which case, we're really screwed and have been getting screwed for a long time.

Just want to know the truth.

my sentiments exactly, I can handle us going down a division or two , but to have potentially been screwed over..

[Wild Bill]

Seem to remember at the time that the whole project would cost around £11m. This would include the purchasing of the land, relocation of Westgate Wanderers, land prep and construction of the stadium and facilities.

However, with the economic crisis, the value of the land at CP fell and costs went up with the Globe's construction. This meant directors had to chip in with loans, hence the reason the bits of the land are owned by different people.

I'd be very surprised if the Christie's Trust covers any more than the grass of the pitch.

[marky No.1]

I'd be very surprised if the Christie's Trust covers any more than the grass of the pitch.

Mr. Cala, in particular, appears to have done his homework, is well informed and can reel off figures without a piece of paper in front of him. (Although I'm not sure about the £100K a month?)
I can't see him going for ownership if he doesn't own the contents of the arena.

The council are quiet on the 'lease' issue

[Gone_Shrimping]

I'd be very surprised if the Christie's Trust covers any more than the grass of the pitch.

Mr. Cala, in particular, appears to have done his homework, is well informed and can reel off figures without a piece of paper in front of him. (Although I'm not sure about the £100K a month?)
I can't see him going for ownership if he doesn't own the contents of the arena.

The council are quiet on the 'lease' issue

The £100k per month is very close to the amount received from the EFL with regards to the total amount from them being around £900k. But part of it comes in monthly amounts circa £40k. The other part of it comes in 2 instalments each of around £250k.

[KenH]

However, with the economic crisis, the value of the land at CP fell and costs went up with the Globe's construction. This meant directors had to chip in with loans, hence the reason the bits of the land are owned by different people.

I think most of the loans and the land parcels sold to directors were in the 2/3 years after the move - to finance the ongoing losses. Some of the Sainsbury money was used to repay debt/loans that had been run up whilst at Christie Park.

[mrpotatohead]

One of which was due in January, the 250k Mr Cala is unhappy about being spent on other bills, rather than wages, I am not saying he is correct, but it appears to me that the existing board have power to spend the small amount of income on what they deem ''priority'', how , under the present circumstances is this decided?, If I were a director then staff wages would be my first concern.

[P/T Indie]

He also said there was enough to pay hmrc as well, I was pressuring we faced a winding up order from hmrc which we prioritised but he seems to think we still had enough money.