NWHL stadium Costs

[HotspurSam]

The has been some internet controversy (especially on SSC) over the revised cost of the new stadium as quoted at £800m. I went straight to the horse's mouth so to speak and asked Donna Cullen via email.
My email and her reply received today 7 March, are quoted below.

The revised would seem to be as quoted £800m approximately

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Hello again Donna, hope you are well and in good fettle,

I am writing this time to ask if you are able to calm the on-line Spurs Stadium community about the cost of the new stadium.

In the latest minutes of the THST board to board meeting with the club, a figure of £800m was quoted as the cost now for the 'stadium' only - up some £400m from previously know public domain information. Can you please confirm this one way or the other please, so I can inform SSC and other forums, where discussion has become quite heated and vexed.

I imagine this cost will include the podium build plus the Tottenham Experience and maybe now the new Paxton Square/House complex as well.

Thank you for your time and consideration.

Best wishes

Sam

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Hi Samuel
It worth remembering that the original cost quoted for the stadium was some 7 years ago. This new 'estimated' figure relates predominantly to the stadium with some elements of substructure for the other builds particularly the Tottenham Experience. Brexit has added a straight 20% on costs for foreign goods due to the exchange rate, overtime working and increased construction costs similarly. Revised basement works also added to the cost. We are constantly managing costs and will continue to do so throughout the process along with funding plans to ensure the viability of the scheme.
Hope this helps D

 

[Geyzer Soze]

bcuz Brexit innit

True or not, it's every go-to excuse at the moment. We're shafting you more bcuz brexit bruv

 

[widmerpool]

bcuz Brexit innit

True or not, it's every go-to excuse at the moment. We're shafting you more bcuz brexit bruv

Well, exchange rates have changed. And skilled overseas labour is frit. That's all undeniable.

Quite what Blofeld is up to when substructure costs are apportioned is always going to be opaque; I'd prefer to believe that we, and other parties, are being manipulated by a master of deception but it's perfectly possible that the club has fucked up.

 

[Geyzer Soze]

Well, exchange rates have changed. And skilled overseas labour is frit. That's all undeniable.

Quite what Blofeld is up to when substructure costs are apportioned is always going to be opaque; I'd prefer to believe that we, and other parties, are being manipulated by a master of deception but it's perfectly possible that the club has fucked up.

Yeah I know, but "Brexit has added a straight 20% on costs for foreign goods due to the exchange rate" is so simplistic (and incorrect!) as to be objectionable. Doesn't help things.

(This from a staunch Remoaner!)

 

[widmerpool]

Yeah I know, but "Brexit has added a straight 20% on costs for foreign goods due to the exchange rate" is so simplistic (and incorrect!) as to be objectionable. Doesn't help things.

(This from a staunch Remoaner!)

There are two ways to obfuscate while feigning transparency: you can dazzle and confuse with superfluous detail, or you can stick to rigid oversimplification. And THFC, like Theresa May, always goes for the latter.

 

[Dougal]

 

[Gb160]

why are people getting 'heated and vexed' ?

 

[whitesocks]

The £400m figure always was a complete fantasy.
The emirates (smaller and no retractable pitch complication) cost £390m nearly 10 years ago.
The Olympic stadium cost over £700m - and I doubt that is built to last more than 10 years.

But Levy and the banks have known this from the start, and it is going up,
so we have to have faith they know what they are doing.

 

[Dougal]

why are people getting 'heated and vexed' ?

 

[topper]

It's also laughable that the media are quoting £500m for Chelsea's new stadium - it'll cost that in bricks alone!

 

[nightgoat]

Yeah I know, but "Brexit has added a straight 20% on costs for foreign goods due to the exchange rate" is so simplistic (and incorrect!) as to be objectionable. Doesn't help things.

(This from a staunch Remoaner!)

Some simple sums...

At current exchange rates, €1m will cost you around £865,000. In June the exchange rate would have got you that €1m for just £759,000. That's about a 15% increase.

In June $1m would have cost £670,000. At the current exchange rate it would cost £820,000, which is an increase of just over 22%.

Bearing in mind that the pound has been lower over the past 8 months than it is now, to say that the effect of the EU referendum result on exchange rates has increased costs on the stadium by 20% is not unrealistic at all.

 

[Parklanerob]

It's also laughable that the media are quoting £500m for Chelsea's new stadium - it'll cost that in matchsticks alone!

Fixed for you

 

[Geyzer Soze]

Some simple sums...

At current exchange rates, €1m will cost you around £865,000. In June the exchange rate would have got you that €1m for just £759,000. That's about a 15% increase.

In June $1m would have cost £670,000. At the current exchange rate it would cost £820,000, which is an increase of just over 22%.

Bearing in mind that the pound has been lower over the past 8 months than it is now, to say that the effect of the EU referendum result on exchange rates has increased costs on the stadium by 20% is not unrealistic at all.

It is thought, because not 100% of the input value is based on exchange rate. There are certain processes and costs for everything, even something entlrely imported which occur locally (such as labour, for eg). So a 20% decrease in currency value does not = a 20% increase in the cost of imported items neccessarily.

 

[DanielCHillier]

why are people getting 'heated and vexed' ?

Mans is gassed about the stadium costs init

 

[Armstrong_11]

I totally understand....

The massage I had cost me $68, but I had to fork out an extra $150 so i would get a happy ending

I'm blaming brexit.

 

[Bulletspur]

So I suppose it is not unreasonable to say that when finished, we could have the UK's first One Billion pound stadium

 

[RichieS]

The £400m figure always was a complete fantasy.
The emirates (smaller and no retractable pitch complication) cost £390m nearly 10 years ago.
The Olympic stadium cost over £700m - and I doubt that is built to last more than 10 years.

But Levy and the banks have known this from the start, and it is going up,
so we have to have faith they know what they are doing.

No it didn't, the whole park did. The stadium itself was/is little more than some scaffolding and a concrete bowl.

 

[whitesocks]

No it didn't, the whole park did. The stadium itself was/is little more than some scaffolding and a concrete bowl.

https://www.theguardian.com/news/datablog/2012/jun/13/olympics-2012-government-data
This was still a forecast, but had the Olympic stadium (alone) at £428m.
Conversion cost another £323m
And all the elastic in the trampolines will need replacing in just a few years

Maybe the Emirates is a better comparison assuming we want a similar quality.
It was completed in 2008 for £390m. Stadium construction inflation in the last 10 years? Finger in the air: 50%?
So that's £585m before you add on the cost of the retractable pitch. £50m?
Add on the Brucie Brexit bonus that for some reason Levy did not hedge his bets on = £760m

Add on Levy's management fees (you think he is giving all that advice for free?) gives £800m on the dot.

 

[LexingtonSpurs]

View attachment 28788

 

[davidmatzdorf]

It's also laughable that the media are quoting £500m for Chelsea's new stadium - it'll cost that in bricks alone!

They'll do what they always do when reporting development costs. They'll quote an initial figure which is based on the build cost. Then in a few years, they'll come back and compare the initial build cost to an updated total development cost, so they can make it appear that there has been a huge, uncontrolled cost increase.