Redevelopment Closer Than Ever?

[JollyCobbler]

As I have said earlier....The Council believed that they could claw back the land leases themselves and use the proceeds to pay down the 10.75m loan. They issued statements and press releases to this end when they announced they'd saved the club by writing off the debt which the club had been saddled with.

They knew pretty early on that they had been scuppered in this by someone (KT/DB) salvaging certain assets from the liquidator by way of CVA, so then they went down the legal route of trying to recover the monies from the perpetrators of the deal.

They would have been quids in had they claimed back the leases AND got back the money legally..........but in fact it looks like they are going to end up with neither and still a 10 million quid black hole to fill.

You're absolutely right, Grange, but it's worth bearing in mind that among the promises made in the MoU: NTFC will surrender an area of land to the east of the stadium to NBC, to facilitate NBC’s development of the site. In return, the Council will discharge its loans to NTFC, and NTFC will cooperate with NBC in certain respects regarding assignment of debts due to it by 1st Land and CDNL and thus any claims or rights it has connected to the loan monies. This provision will enable the Council to pursue recovery of its loan monies.
Also, the Consortium will complete improvements to the East Stand (presumably via non-council assisted funds).

It can be argued that the Council have once again slipped up on due-diligence. But, as a resident of Northampton, and given they were acting with haste to assist NTFC, this all leaves a pretty sour taste in my mouth. I don't mind the Consortium making money on a land deal, but only if NBC (the people of Northampton) get a good slice of that pie, and the club get an impressive new East Stand - and not a thrown together ****-pit.

[JollyCobbler]

Clarkey and BotN, you are both right. But it doesn't alter the fact of it being decidedly underhand.

[clarkeysntfc]

Clarkey and BotN, you are both right. But it doesn't alter the fact of it being decidedly underhand.

Underhand or doing what's best for the football club?

Had that land reverted to council control, who's to say they wouldn't have sat on it for decades to come, filibustering on any potential plans to move forwards just as they have done for decades past.

[JollyCobbler]

Underhand or doing what's best for the football club?

Had that land reverted to council control, who's to say they wouldn't have sat on it for decades to come, filibustering on any potential plans to move forwards just as they have done for decades past.

And how exactly does (the current) CDNL scuppering their deal with NBC help the football club? Remember, it is CDNL who now hold the leases, not NTFC. I stand by my earlier assessment that it is the former athletics site which CDNL are looking to sign off to NTFC, and nothing more. But, even if this isn't the case, and by some highly unlikely act of charity KT wants to hand the whole pile over to NTFC; would this be the right and proper thing to do given their previously agreed MoU with the Council? Should the football club benefit financially over and above the coffers of Northampton?

[DrillingCobbler]

Reading the latter part of this thread reminds me of the Freddie the Frog episode, Only Fools and Horses.

So basically the 10.25million and the leases are all hidden in a coffin, all in KT's name but him and the NBC have absolutely zero chance of finding them!  

[JollyCobbler]

Reading the latter part of this thread reminds me of the Freddie the Frog episode, Only Fools and Horses.

So basically the 10.25million and the leases are all hidden in a coffin, all in KT's name but him and the NBC have absolutely zero chance of finding them!  

Basically, through an act of goodwill, the Council have allowed themselves to be shafted, yet again! How anyone can consider this a good thing is beyond me, because all it will do is lessen any likelihood of them ever aiding anyone associated with NTFC in the future.

[Battery Man]

If this is true it leaves a very bitter taste in the mouth. The council have made many mistakes in their dealings with the club, but to be effectively stitched up by someone they were helping then it goes to prove this chairman is no better than the last!

[Zen Master]

#teynlife

[BackOfTheNet]

I don't want to sound like I'm jumping all over KT/DB at the merest whiff of impropriety so I'm going to make my position on this clear. I'm massively grateful for them for stepping in and saving the club from extinction. And they did, whether some on here want to acknowledge that or not.
Unlike other more idealistic posters on here, I also don't care if KT & DB line their pockets with a shìt ton of cash from the project before walking into the sunset. If they can do it,  good luck to them. All I want for the club is for the East stand to be finished and any hotel/corporate/conferencing facilities put in place that will give the club an on going level of independence and sustainability.

However... NTFC is a small (if important) part of my life. First and foremost I am a citizen of Northampton, as are my children, and we benefit from the services provided to us by the council, as useless as they are most of the time. I'm also proud to represent NTFC to the wider community of the town, a community who are largely indifferent and occasionally even hostile towards our club. Many are the times when I've leapt to the club's defence when someone has ignorantly accused us of nicking £10m of taxpayer's money, and I've been able to hold my head high while doing it.

If, however, it proves that KT and co (and by extension us) have taken the town for a ride in the manner that is being suggested then I'll find myself being pretty damn ashamed of being associated with the club. I've always been proud to tell people I'm a Cobblers fan because we're a decent, family club who go about things the right way. I'll be so disappointed if that proves to no longer be the case.

[GrangeParkCobbler]

Underhand or doing what's best for the football club?

Had that land reverted to council control, who's to say they wouldn't have sat on it for decades to come, filibustering on any potential plans to move forwards just as they have done for decades past.

Sitting on the land for decades more wouldn’t pay the loan back though would it. When they went out and said they would sell off the land for development themselves to pay back the 10 million you’d like to think they would have done that in a timely manner.....

[Manwork04]

Sitting on the land for decades more wouldn’t pay the loan back though would it. When they went out and said they would sell off the land for development themselves to pay back the 10 million you’d like to think they would have done that in a timely manner.....

The land is already in the St James district planning document.
honestly the intelligence of some people beggars belief. (not you GPC) 

[guest2487]

I don't want to sound like I'm jumping all over KT/DB at the merest whiff of impropriety so I'm going to make my position on this clear. I'm massively grateful for them for stepping in and saving the club from extinction. And they did, whether some on here want to acknowledge that or not.
Unlike other more idealistic posters on here, I also don't care if KT & DB line their pockets with a shìt ton of cash from the project before walking into the sunset. If they can do it,  good luck to them. All I want for the club is for the East stand to be finished and any hotel/corporate/conferencing facilities put in place that will give the club an on going level of independence and sustainability.

However... NTFC is a small (if important) part of my life. First and foremost I am a citizen of Northampton, as are my children, and we benefit from the services provided to us by the council, as useless as they are most of the time. I'm also proud to represent NTFC to the wider community of the town, a community who are largely indifferent and occasionally even hostile towards our club. Many are the times when I've leapt to the club's defence when someone has ignorantly accused us of nicking £10m of taxpayer's money, and I've been able to hold my head high while doing it.

If, however, it proves that KT and co (and by extension us) have taken the town for a ride in the manner that is being suggested then I'll find myself being pretty damn ashamed of being associated with the club. I've always been proud to tell people I'm a Cobblers fan because we're a decent, family club who go about things the right way. I'll be so disappointed if that proves to no longer be the case.

Exactly where I sit on all of this. Well put.

[cobblerwatch]

Well maybe I’m thick but nothing on the recent posts have confirmed anything to me as factual or with any hint of clarity. - it’s interesting how a well written opinion can spawn a host of complimentary posts that suggest it is possibly fact.

[Phigar]

#teynlife

[Teachers Pet]

Well maybe I’m thick but nothing on the recent posts have confirmed anything to me as factual or with any hint of clarity. - it’s interesting how a well written opinion can spawn a host of complimentary posts that suggest it is possibly fact.

I agree. Lots of people thinking they've worked it out when really they haven't a scooby.

[JollyCobbler]

I agree. Lots of people thinking they've worked it out when really they haven't a scooby.

And more than a few ostriches.

[Manwork04]

What I've posted is absolute fact.
KT and DB now own CDNL 50/50 and it cost them £170k to buy out the CVA, they now control the leases on the land and car parks next to the stadium.
The land is in the ST James district plan on the NBC documents freely avalible on line as having 250 residential and 3800m2 commercial with the latter having a value of at least £7m. FACT.

[JollyCobbler]

What I've posted is absolute fact.
KT and DB now own CDNL 50/50 and it cost them £170k to buy out the CVA, they now control the leases on the land and car parks next to the stadium.
The land is in the ST James district plan on the NBC documents freely avalible on line as having 250 residential and 3800m2 commercial with the latter having a value of at least £7m. FACT.

What I've posted is also fact.

[Deepcut Cobbler]

What I've posted is absolute fact.
KT and DB now own CDNL 50/50 and it cost them £170k to buy out the CVA, they now control the leases on the land and car parks next to the stadium.
The land is in the ST James district plan on the NBC documents freely avalible on line as having 250 residential and 3800m2 commercial with the latter having a value of at least £7m. FACT.

They may be facts, but what do they all mean to NTFC?

[BedsCobb]

Well maybe I’m thick but nothing on the recent posts have confirmed anything to me as factual or with any hint of clarity. - it’s interesting how a well written opinion can spawn a host of complimentary posts that suggest it is possibly fact.

Its like that old joke about the toilet at the police station being stolen, the police say have nothing to go on....Gareth.