|
Post by fozzboy on Dec 24, 2008 20:48:48 GMT
Hi, i have heard that the stadium is in the process of being sold, and the new owners are very keen to have speedway back.Anyone else any info about this??
|
|
|
Post by JohnPhelan on Dec 25, 2008 6:43:35 GMT
That news hasn't got to South Oxfordshire yet. Is your source credible, or do you think it might just be people jumping to conclusions?
|
|
|
Post by fozzboy on Dec 25, 2008 8:50:58 GMT
I think it's credible, well let's all pray it is !. It involves people already in the frame, one man from Birmingham, and one from Essex.
|
|
|
Post by tripleh on Dec 26, 2008 9:27:47 GMT
My source,who is reliable told me 2 bids on the table and that there was a meeting regarding the sale a couple of weeks ago.
|
|
|
Post by JohnPhelan on Dec 26, 2008 11:31:26 GMT
Interesting, but I'm not holding my breath. I can't and won't get excited 'cos we've been let down too many times over the last few years.
|
|
robe
Reserve
Posts: 35
|
Post by robe on Dec 28, 2008 9:49:29 GMT
are you sure its not a mixed up rumour following the collapse to restart speedway a few months back. value of the stadium is what ? 5million or maybe less. i know the value of the footy stadium dropped from 13 to 10 million when valued recently. if you got the money, maybe. will keep doing the euro draw with my fingers crossed every friday.
|
|
|
Post by browny on Dec 28, 2008 23:37:06 GMT
We have been in contact with the planning officers at the City Council (on the back of a rumour of the stadium being sold for development which surfaced just before Xmas) who are monitoring the situation and they are not aware of any sale and were any sale conditional on a change of use then they would certainly be very aware of it.
|
|
robe
Reserve
Posts: 35
|
Post by robe on Dec 30, 2008 14:59:13 GMT
|
|
|
Post by browny on Dec 30, 2008 15:40:19 GMT
Happy to be corrected but as I understand it (about 3rd hand), when a venture capital purchases a business the loans are the basis that the business will generally be sold in a relatively short period, around 2 years. Risk Capital bought these stadia in March 2006 and I am sure I was told that in March 08 when it should have been renegotiated a 12 month extension was agreed. So this means that in March the whole basis of the loans have to be negotiated. Now I guess we would all question whether the 6 stadia owned by the GRA are worth anything like £52m now. They own Perry Barr and Hall Green in Birmingham, Wimbledon, Portsmouth, Belle Vue and Oxford. It will be interesting to see what happens from here
|
|
robe
Reserve
Posts: 35
|
Post by robe on Dec 30, 2008 20:15:45 GMT
thanks browny ! i was a bit confused. is the stadium long term leased from the council ?
|
|
|
Post by robpeasley on Dec 30, 2008 21:52:10 GMT
thanks browny ! i was a bit confused. is the stadium long term leased from the council ? The stadium is owned by the GRA, who in turn are owned by RCP (Risk Capital Partners). RCP bought the GRA during 2005 and obtained a loan to be able to do so. As a venture capitalist firm, RCP make their money by selling on at a profit. The only one of the six stadiums sold so far is Portsmouth. The loan is due to be either paid or renegiotiated in March 2009. All the best Rob
|
|
|
Post by JohnPhelan on Dec 31, 2008 8:45:16 GMT
This could be interesting. If RCP's financiers call the money in, and we all know that the banks are holding onto cash at the moment rather than lending it, RCP could find themselves having to dump some or all of these stadia.
|
|
|
Post by browny on Dec 31, 2008 13:06:24 GMT
This could be interesting. If RCP's financiers call the money in, and we all know that the banks are holding onto cash at the moment rather than lending it, RCP could find themselves having to dump some or all of these stadia. Or face administration or indeed receivership. I have no desire to see the GRA suffer either of these but when they are struggling for revenue it still makes no commercial sense to forgoe easy money by allowing additional sports to use the facility.......................unless you have an alterior motive. But I guess they are never going to tell us that there is one are they ?
|
|
|
Post by browny on Dec 31, 2008 13:07:14 GMT
thanks browny ! i was a bit confused. is the stadium long term leased from the council ? The stadium is owned by the GRA, who in turn are owned by RCP (Risk Capital Partners). RCP bought the GRA during 2005 and obtained a loan to be able to do so. As a venture capitalist firm, RCP make their money by selling on at a profit. The only one of the six stadiums sold so far is Portsmouth. The loan is due to be either paid or renegiotiated in March 2009. All the best Rob Rob, I thought they had sold Portsmouth but its still listed on their website as a GRA stadium
|
|
|
Post by browny on Dec 31, 2008 13:18:45 GMT
RCP's wwebsite makes for interesting reading in terms of the type of companies they have invested in and the levels of return they have generated when selling on. Its a very impressive lin up of results Loewy Group - bought and sold on at 2.5 the price in 2 years Signature Restaurants - bought and sold on at 7.7x the price in 2 years Mayfair Bingo - bought and sold on at 2.3 times the price in 2 years Integrated Dental Holdings - bought and sold on at 10 times the price in 2 years Giraffe Restaurants - bought in 2004 and share value increased by 5.5 times in 2 years although they still retain the shares Note the two years on every one of these Look at their other investments Pattisserie Holdings - bought in 2007 East - bought in 2006 Tile Depot - bought in 2006 APT Controls - bought in 2007 Borders - bought in 2007 GRA - bought in 2005 ! So the GRA is their oldest company and looking at the returns they have made in the others its very much the blot on the landscape. The write up on all their investments is very positive other than the GRA which simply says "we are working with the incumbent management team to make the most of these leading freehold leisure destinations" website address is www.riskcapitalpartners.co.uk/index.phpSays who all the directors are as well and their backgrounds
|
|