Redevelopment Closer Than Ever?

[Manwork04]

Not sure if I have missed something here... why would the club spend money on proposed plans for a development which involves land that’s wound up in a lease that they don’t own?

So who owns it then? The land is either CDNL or NTFC

[Deepcut Cobbler]

So who owns it then? The land is either CDNL or NTFC

Isn't that the £10m question?

[Manwork04]

Isn't that the £10m question?

NOOOO FFS how many more times CDNL own all the land that Cardoza had except half of the Athletics track from the back of the East Stand.

[singcobb]

That maybe correct 04, but the Council saved us by absolving NTFC from the £10/12 million debt. Clearly that gesture was made on the basis that NBC had the ability to reclaim land held by CDNL to recover the debt. It seems to me judging by comments on here,Jolly for example; that KT etc stole a march on NBC by securing the transfer of leases on the demise of CDNL. If the comments on here are correct as outlined by Jolly then the aims and objectives of KT/DB need to be scrutinised. Most of us are NBC rate payers and it’s our money collectively as well.

The debt from the money given to the Dodgy lot was not from the coffers of NBC, but a fund from central goverment.

[JollyCobbler]

The debt from the money given to the Dodgy lot was not from the coffers of NBC, but a fund from central goverment.

Isn't this something of a moot point? The fact is, our football club was provided a ten-million loan...which then went missing.

[cobblertone]

#wewantanswers  part deux

[GrangeParkCobbler]

The debt from the money given to the Dodgy lot was not from the coffers of NBC, but a fund from central goverment.

A fund from central government.....yes. But where does central government get its money? From taxes of course....whether it be road tax, income tax, corporation tax, VAT, Insurance premium tax or any other of the thousands of ways the public are taxed.

So directly or indirectly it is "public money".

Wherever it came from the Borough Council was able to borrow it and pass it on to the club. The Council received a preferential rate of interest but it is THEY who guaranteed it and they who are paying it back in instalments. It was the club who were meant to pay back the loan...30k a month rings a bell and it was when the club missed three repayments that it all went t1ts up.

I'm sure there is reference to this above somewhere not too far up the thread. But, if memory serves me correctly it is the Borough Council of Northampton who are paying and have been paying back the money borrowed from the government pot. That is what they are so keen either to gain control of the land, gain funds from someone else having control of the land, or chasing the "thieves" down via the legal route.

NBC are not able to just say...."oh well, it wasn't our money"....they are liable for the debt. True, they may not have had the correct procedures in place and might not have carried out proper due diligence when loaning the club.....or 1st Land the money....but the fact remains that the Council are liable for the debt and if they are paying back without recovering anything then again, directly or indirectly it is the borough council tax payers of Northampton who will suffer.

[meccanostand]

Think it was EU regeneration money if I remember correctly.

[GrangeParkCobbler]

Look, does it matter where the 10.25m came from?? Whether it be Borough Council money, EU Money or a loan from the Queen.....it needs to be paid back!!

Having had a good read of a document I have come to be in posession of it appears that the Council are paying the interest on the loan....and it was the club who were meant to be paying the council so they could pay that interest until the loan matured in 2020.

Obviously the club are not paying the council, so the council is/will be paying a total of £1.2 million in interest on this loan....until 2020. Then the capital is due to be repaid.

The loan principle outstanding is 10.219 million as the club did in fact make £31,000 or repayments before defaulting three monthly payments in a row. Interest amounts to circa £275k per annum....so that meant that the club....and now the council are paying £23,000 a month.

Interesting too that the report states that the conditional land contract between NBC and CDNL was cancelled , the Council is no longer subject to the conditions in the contract and remains the freeholder of the land subject to 2 very restricted leases currently held by CDNL (in liquidation)

[Northamptonian]

NBC are not able to just say...."oh well, it wasn't our money"....they are liable for the debt. True, they may not have had the correct procedures in place and might not have carried out proper due diligence when loaning the club.....or 1st Land the money....but the fact remains that the Council are liable for the debt and if they are paying back without recovering anything then again, directly or indirectly it is the borough council tax payers of Northampton who will suffer.

I hope this explains why they haven’t cut the **** grass in months?

[GrangeParkCobbler]

I hope this explains why they haven’t cut the **** grass in months?

lol...who knows what effect the black hole has on things.....reintroducing car parking charges in town at the weekends, changing/cutting back the bin emptying schedule, not cutting the grass,  not cleaning out the drains in Far Cotton.......whatever.

You get less and less for your council tax every year it seems!!

[tcobb]

Isn't the grass cutting down to the outgoing company no bothering to do it.
New company starting and will "deep clean " the Town. Best of luck with that !!

[Teachers Pet]

I know James Averill can speak for himself on this but I have noticed a tweet from him today it reads as follows.

"Papers are out for the Cabinet meeting of Northampton Borough Council on Wednesday June 13. Discussions over loan to the Cobblers intended to be held in private due to 'sensitive information'. Same goes for Delapre Abbey restoration project. Agenda item called 'surrender of lease on land at Sixfields stadium' remains open to public as things stand, although no further documentation on that issue is available yet."


Interesting wording used.
   

[GrangeParkCobbler]

I know James Averill can speak for himself on this but I have noticed a tweet from him today it reads as follows.

"Papers are out for the Cabinet meeting of Northampton Borough Council on Wednesday June 13. Discussions over loan to the Cobblers intended to be held in private due to 'sensitive information'. Same goes for Delapre Abbey restoration project. Agenda item called 'surrender of lease on land at Sixfields stadium' remains open to public as things stand, although no further documentation on that issue is available yet."


Interesting wording used.
   

https://www.northamptonchron.co.uk/news/missing-10-25m-cobblers-loan-and-redevelopment-to-be-discussed-at-cabinet-in-private-1-8523986

[Zen Master]

Here it is.

Or isn’t

http://www.northamptonboroughcouncil.com/ieListDocuments.aspx?CId=528&MId=8512&Ver=4

[guest2539]

What moment would be right? After you've just made £100m 
The only way this deal should come off is KT and DB pay back the council the £10m, build the original Cardoza East Stand, same as the West and extend the South Stand with 12 rows of seating behind the existing 9 rows.
I sure there is still more than enough profit after that. To make it worth their while.

If there is SO much money to be made why did you not buy the club before KT put his money where his mouth is?

It is so easy preaching from behind a keyboard!
Action speak louder than words and KT got off his arse!

[JollyCobbler]

If there is SO much money to be made why did you not buy the club before KT put his money where his mouth is?

It is so easy preaching from behind a keyboard!
Action speak louder than words and KT got off his arse!

So, you believe it's okay to have agreed a deal with NBC, and then to go behind their backs to secure the land leases, even though the aforementioned agreement dealt with the fact these leases would be used by NBC to recover the lost (stolen) monies? That's okay, is it?

[Zen Master]

Wouldn’t the same option have been open to NBC to pursue or did the need for a gazillion focus groups, discussion meetings, planning forums, cabinet meetings prevent the likelihood from happening?

[DrillingCobbler]

I used the term 'Chancer' on here last week, to describe our front man. I totally stand by that view I have.

85% of this boards users were happy with the stewardship of the football club about 6 weeks ago, I think that percentage will come down as the story and the sub plots unravel.

At the end of the day (Village idiot), they promised 4 million quid ring fenced to sort the stand out and over 2 and a half years later, nothings happened. So profit from land shouldn't come into it. They showed proof of funding, that was part of how they got the football club and why the local consortium and the Trust backed them and why they got a clear run on goal to secure the 'deal'.

Im now speculating when I say that the cost base has grown so much that without player sales, an unexpected cup run or some other currently unknown bonus landing NTFC's way, we are looking at a circa 1 million quid loss next season. Wages for starters are massively higher than they were when we won the league. So this lease thing being sorted in their favour is their last chance of getting their money back without a fire sale. Or they get shot of the club now relatively unscathed financially. Thats why I believe they have put the club up for sale. PUBLICLY.

[Teachers Pet]

Wouldn’t the same option have been open to NBC to pursue or did the need for a gazillion focus groups, discussion meetings, planning forums, cabinet meetings prevent the likelihood from happening?

Exactly, I remember listening to Mary Markham weeks after the takeover discussing the various options open and confirming that property developers had already come forward regarding developing the land, so why didn't they act quicker?