Takeover talk

[DFF]

Something interesting I read yesterday. The Sainsbury’s by the ground is owned by a company based in the Bahamas and now has nothing to do with THFC. I was under the impression it was something that would generate income for the club. Nope, Joe Lewis gets the income.

How many other parts of the development is the football club going to see income from? None is my guess. Something to ponder.

Could well be wrong, but it was always my impression that THFC was never meant to profit from the wider development project e.g. hotel, flats, etc.

After the stadium, the rest of the stuff is all just gravy for ENIC.

 

[sausage]

Probably, and there would be no point for him to waste money on this club when there are other clubs other there that would cost a lot less.

Worked the other way around - they sold all their other clubs to plough it all into Spurs.

 

[Hakkz]

But he will get the challenge of making the club successful which has eluded the current owners.

Lol why bother? Better go and buy Burnley and remake the club in their image.

 

[Metalhead]

No one actually thought the Google rumours were genuine surely? Never in a million years is it their type of thing. Sponsorship, maybe...

Desperation breeds hope I guess ?

Hope also breeds desperation. Hope at the beginning of the window and desperation at the end.

 

[spursfan77]

Could well be wrong, but it was always my impression that THFC was never meant to profit from the wider development project e.g. hotel, flats, etc.

After the stadium, the rest of the stuff is all just gravy for ENIC.

I couldn’t remember. Thought it may go into the pot but obviously that was wishful thinking. Not sure how it would be treated in the accounts under FPP anyway. Maybe commercial income like that from property isn’t allowed.

 

[spursfan77]

Isn't it owned by Sainsburys?

they’re the tenant

 

[Wick3d]

they’re the tenant

Also as far as I am aware, the club are still the landlord. When it comes to fixes for the structure of the building, leaks, etc. The bill still gets sent to the club.

 

[punky]

Something interesting I read yesterday. The Sainsbury’s by the ground is owned by a company based in the Bahamas and now has nothing to do with THFC. I was under the impression it was something that would generate income for the club. Nope, Joe Lewis gets the income.

How many other parts of the development is the football club going to see income from? None is my guess. Something to ponder.

This (properties being owned by TH Property not THFC) is floating around twitter at the moment but it's nothing new. It was public years ago.

We've always structured debt creatively so it's par for the course. I think someone raised it with the club (AGM or THST meeting perhaps) and they explained its temporary and all the properties will be brought under club ownership eventually.

 

[spursfan77]

This (properties being owned by TH Property not THFC) is floating around twitter at the moment but it's nothing new. It was public years ago.

We've always structured debt creatively so it's par for the course. I think someone raised it with the club (AGM or THST meeting perhaps) and they explained its temporary and all the properties will be brought under club ownership eventually.

yeah I’m not having a go at anyone I just can’t remember how it’s all structure. It’s only going to be a few hundred grand a year anyway so in football terms it’s not much. Guess it can pay for staffing and upkeep etc though.

 

[Chanticleer81]

The club released the following financial update on 2 April 2014 with some details re property holdings and £40 million injection:


The Club has undertaken a review of its property holdings in order to determine the essential core properties required to deliver the new stadium, with non-core properties, that are excess to requirements, being sold and the proceeds used to pay down debt secured against those properties.

As a result, Phase 1 of the NDP and a number of properties to the west of the High Road have been divested, at arm's length, to a Group company, TH Property Limited a subsidiary of ENIC International (‘’ENIC’’), the Company’s principal shareholder. This has been agreed through a process of independent valuations that has been approved by the Club’s independent Non-Executive Directors.

ENIC has subsequently financed the Phase 1 development through to completion which includes the Supermarket, commercial space and incorporates the northern access podium for the stadium development.

By transferring these non-core sites, the Club continues to be able to determine the development and the nature and setting of the immediate environs around the new stadium, particularly given that Phase 1 will be linked to the stadium podium, whilst additionally securing space in the Phase 1 building for the Club’s staff and project team ahead of the start of construction of the stadium.

In addition to acquiring the non-core properties and financing the Phase 1 build, ENIC has supported the Club by way of an interest free, unsecured loan of £40m. This loan will be converted, subject to shareholder approval, into non-voting preference share capital. A circular will be dispatched to shareholders in due course.

The sale of the properties has extinguished the Club's property borrowing which had accumulated over the last decade - a decade which has seen the club acquire over 18 acres of land, successfully relocate 72 businesses, with the majority staying in the area, and invest in excess of £100m in the stadium project.

The finance has ensured that, throughout the CPO process, the ongoing costs of design development, pre-construction works and the costs associated with the CPO itself, have not affected the progress of this project.
Importantly, this support leaves the Club in a position where it currently has negligible net debt and has financing for the material ongoing costs of taking the stadium project to the next stage. It has always been important that the daily operations and football side of the Club remain unaffected and that the Club has the stability to enable the Board to move the project forward with confidence.