Have we sold the Mad Stad to the owners/someone else?

[multisync1830]

The payback..

Cant edit the above for some reason on this phone ?

[WestYorksRoyal]

Interesting that Boro have sued the EFL and Derby over their stadium sale. Think their main complaint is around the price and valuation, so if we can demonstrate that our sale was at a fair market price we'll be fine. Seems inevitable this FFP loophole will be closed soon.

[Snowflake Royal]

Interesting that Boro have sued the EFL and Derby over their stadium sale. Think their main complaint is around the price and valuation, so if we can demonstrate that our sale was at a fair market price we'll be fine. Seems inevitable this FFP loophole will be closed soon.

Allegedly independent valuations commissioned for the value of Derby's, Wednesday's and our stadia

[Sutekh]

https://www.telegraph.co.uk/football/20 ... g-stadium/

[WoodleyRoyal]

https://www.telegraph.co.uk/football/2019/10/16/efl-step-investigation-derby-sheffield-wednesday-reading-stadium/

poor form. Please describe the article I don't just 'click links'

[Greatwesternline]

Derby did theirs at £80m, we did ours at £20m odd. I think we're in a safer position. Ours has previously been used for music events. £20m seems reasonable.

[Hound]

yeah 20m for that site seems basically reasonable to me. Be surprised if we get done for anything too untoward

[Snowflake Royal]

yeah 20m for that site seems basically reasonable to me. Be surprised if we get done for anything too untoward

Didn't it cost us more to build?

It can't have depreciated that much. Building a new one would cost loads more.

[Elm Park Kid]

yeah 20m for that site seems basically reasonable to me. Be surprised if we get done for anything too untoward

Didn't it cost us more to build?

It can't have depreciated that much. Building a new one would cost loads more.

A reasonable question might be would we be able to sell it to an independent party for £20m?

[3points]

The Ricoh Stadium was sold to Wasps’ owners a few years ago for, effectively, £21m. SISU had hoped to pick it up for significantly less which is why they got incredibly tetchy when they were outflanked by Derek Richardson and his partners.

Have to remember the land around the Madejski was sold for about £11m a few years ago, so our stadium is exactly that, and doesn’t include the hotel either.

[Forbury Lion]

Been discussed here a fair bit. It’s an accounting thing, same people still own the club and the stadium but when it was done it gave the club a cash injection. Likewise the training ground. It’s daft in many ways because the owners would by all accounts have just invested the money but that isn’t acceptable under FFP so you end up transferring the asset into different ownership.
Would be worrying if it had been sold to a third party .

I guess there is nothing to stop Mr Dai's new company that owns the stadium taking over Reading FC from Mr Dai and consolidating everything into one again....... then, that company can sell the stadium and training ground again to another company owned by the Mr Dai and get another cash injection etc etc etc.

Also, in terms of income - if the company that was Reading FC was merged into another company would all the revenues help FFP? - I'm thinking when the club had the hotel (I assume the Thai's kept that?), then that revenue stream may have helped prop up the club

[Royals and Racers]

From an article in the Times today, Sheffield Wednesday are in big trouble with the EFL over a 38M profit for the sale of Hillsborough, which enabled them to be financially compliant, was detailed in their 2018 accounts when land registry documents date the purchase almost 12 months later !!

[windermereROYAL]

Sheffield Wednesday have been charged with breaching EFL rules around financial fair play over the sale of Hillsborough.
The EFL opened an investigation into the Championship club’s profitability and sustainability (P&S) submission for 2017-18 earlier this year and has now issued ‘a number of charges’ in relation to that investigation.The EFL has reviewed a large number of documents obtained from the club as part of this process and concluded there is sufficient evidence to justify issuing charges of misconduct,” a statement from the league read.
“The charges are in respect of a number of allegations regarding the process of how and when the stadium was sold and the inclusion of the profits in the 2017-18 accounts.”
The EFL said the charges would now be considered by an independent disciplinary commission, with sanctions possibly including a points penalty.
The club’s 2018-19 P&S submission remains under review, the league said.
Wednesday said in a statement: “Sheffield Wednesday note the statement issued by the EFL and the charges contained within.
“These charges will be vigorously defended and the club will be making no further comment at this time.”

https://talksport.com/football/630294/s ... 1573761918

[From Despair To Where?]

So they credited the sale on their accounts for the financial year prior to the one they actually sold it in?

[WestYorksRoyal]

How likely is a big points deduction and relegation? Birmingham lost 9 points last year, but this basically sounds like accounting fraud to circumnavigate the rules. Should be at least double the penalty.

[windermereROYAL]

If it`s proved they committed fraud sod the points deduction just relegate them.

[72 bus]

If it`s proved they committed fraud sod the points deduction just relegate them.

And give the Directors a good shoeing while their at it.

[Greatwesternline]

Derby have now been charged. Let's hope our £20m passes the test.

[From Despair To Where?]

Prior to the sale, Derby had the stadium listed as an asset worth £40m, and the "independent" valuation of £80m was done by a company which is a subsidiary of another company owned by Mel Morris.

Nothing dodgy there.

[Mr Optimist]

Prior to the sale, Derby had the stadium listed as an asset worth £40m, and the "independent" valuation of £80m was done by a company which is a subsidiary of another company owned by Mel Morris.

Nothing dodgy there.

Well I guess if Mel is willing to pay £80m for it then that must be what it is worth. Mel, I have got these magic beans for sale if you are interested.....