Melbourne Cobbler
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I wonder how much that cost to tell us something we didn't already know.
The most damning element is the criteria PWC set out for facilitating finance, particularly around mitigating risk. If you transpose that against the latest returns filed by NTFC it is fairly self evident why securing finance for the stand or anything else would be a challenge? It also highlights the hurdles involved in attracting an investor to the club? If you engage the diligence process suggested by PWC I’m not entirely convinced it’s an attractive proposition?
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Not a real supporter but unelected chair of the Northampton Town Honorary Supporters Club. (Please note: any opinions given may not necessarily be shared by proper supporters. In incidents of conflict the views of real supporters shall take precedence).
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singcobb
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The most damning element is the criteria PWC set out for facilitating finance, particularly around mitigating risk. If you transpose that against the latest returns filed by NTFC it is fairly self evident why securing finance for the stand or anything else would be a challenge? It also highlights the hurdles involved in attracting an investor to the club? If you engage the diligence process suggested by PWC I’m not entirely convinced it’s an attractive proposition?
What get's me is that anyone with an ounce of buisness accumen and project management experience would have told you after seeing the proposal that the whole project was a non-starter, which really brings into question the comptency and reliabilty of the council staff involved. And how for the life of me Cardoza was able to continue to draw down on the loan even after stage payment critera had not been met and it was obvious that the draw downs were being used to finance the loan paybacks is beyond me and I hope that is part of the criminal investigation of those involved.
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Shoemender
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What get's me is that anyone with an ounce of buisness accumen and project management experience would have told you after seeing the proposal that the whole project was a non-starter, which really brings into question the comptency and reliabilty of the council staff involved. And how for the life of me Cardoza was able to continue to draw down on the loan even after stage payment critera had not been met and it was obvious that the draw downs were being used to finance the loan paybacks is beyond me and I hope that is part of the criminal investigation of those involved.
If only the lily livered liberals had let him do as he proposed, things could have been oh so different. Whatever happened to Grossman?
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everbrite
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Start again
8)Wow Keith - with an ouch too!
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2020 Grand National S/S 3rd Place
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Larry
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What get's me is that anyone with an ounce of buisness accumen and project management experience would have told you after seeing the proposal that the whole project was a non-starter, which really brings into question the comptency and reliabilty of the council staff involved. And how for the life of me Cardoza was able to continue to draw down on the loan even after stage payment critera had not been met and it was obvious that the draw downs were being used to finance the loan paybacks is beyond me and I hope that is part of the criminal investigation of those involved.
cough**Mackintosh**cough This is on his Wikipedia page In November 2015, both the BBC and The Guardian newspaper reported that Howard Grossman, the director of a company responsible for rebuilding Northampton Town's Sixfields Stadium, had provided a £6,195 undeclared payment to Mackintosh's election campaign. Three other businessmen, with links to Grossman, each reportedly made donations of £10,000 to Mackintosh's campaign; one of them admitting to a journalist that he was given the money by Grossman and instructions to pay it to Mackintosh's parliamentary campaign fund. In September 2013, while Mackintosh was still leader, the council had provided an unsecured loan to the company which went into administration owing them millions of pounds.[11][12] The BBC reported that the police had started an investigation into alleged irregularities surrounding the loan. On 29 July 2016, Northamptonshire Police confirmed the Electoral Commission had asked them to investigate the three donations totalling £30,000.[13] On the 28th of March 2018 the BBC reported that Mackintosh had attended a voluntary interview with police under caution on Monday the 26th of March 2018. The BBC also reported that whilst attending the interview police officers attended Mackintosh's home for several hours and took items away.
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Melbourne Cobbler
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What get's me is that anyone with an ounce of buisness accumen and project management experience would have told you after seeing the proposal that the whole project was a non-starter, which really brings into question the comptency and reliabilty of the council staff involved. And how for the life of me Cardoza was able to continue to draw down on the loan even after stage payment critera had not been met and it was obvious that the draw downs were being used to finance the loan paybacks is beyond me and I hope that is part of the criminal investigation of those involved.
Reading between the lines I would imagine a number of decent/competent people at the council were put under significant pressure from certain sources with a motivation at one point or another?
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Not a real supporter but unelected chair of the Northampton Town Honorary Supporters Club. (Please note: any opinions given may not necessarily be shared by proper supporters. In incidents of conflict the views of real supporters shall take precedence).
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Terryfenwickatemyhamster
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Mackintosh assured me in several emails that there was no intention of releasing the money in any single lump sum. He assured me that there was a specific committee set up to oversee the payments at phased periods during the development. Specifically to ensure that the terms of the loan agreement are met.
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Larry
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Mackintosh assured me in several emails that there was no intention of releasing the money in any single lump sum. He assured me that there was a specific committee set up to oversee the payments at phased periods during the development. Specifically to ensure that the terms of the loan agreement are met.
Whenever Mackintosh met Cardoza he was like a puppy so eager to please his master.
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Melbourne Cobbler
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In the unlikely scenario that I had been in charge of council finances I would have insisted on 2 criteria. 1. All payments would have been made by the council direct to suppliers/contractors. 2. Council officers would have full engagement/evaluation responsibilities during the tender process? Can anyone suggest why it was necessary to introduce a middle man (i.e the various companies used to manage the project)? There are no practical reasons why NTFC needed to draw down the loan, only to then immediately pass on the funds to a supplier/contractor? Can anyone come up with a reasonable argument as to why this was necessary, what purposes it served and any reasonable reasons the council may have had to accept the proposed payment processes for the project? NTFC could have retained design, timescale and quality control aspects to the project, so why the convoluted payment process? For me it adds concern and risk without any perceivable benefit? When you buy a house, the bank doesn’t give you the money to pass on to the vendor does it, it makes the payment direct to the vendor? Why do you imagine this is? This is bog standard basic stuff? Given the financial circumstances of the club it is IMO inconceivable that the financial aspect of the project would have been handled in the way it apparently transpired?
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« Last Edit: April 25, 2021, 03:37:05 am by Melbourne Cobbler »
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Not a real supporter but unelected chair of the Northampton Town Honorary Supporters Club. (Please note: any opinions given may not necessarily be shared by proper supporters. In incidents of conflict the views of real supporters shall take precedence).
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Carton Lid
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In the unlikely scenario that I had been in charge of council finances I would have insisted on 2 criteria. 1. All payments would have been made by the council direct to suppliers/contractors. 2. Council officers would have full engagement/evaluation responsibilities during the tender process? Can anyone suggest why it was necessary to introduce a middle man (i.e the various companies used to manage the project)? There are no practical reasons why NTFC needed to draw down the loan, only to then immediately pass on the funds to a supplier/contractor? Can anyone come up with a reasonable argument as to why this was necessary, what purposes it served and any reasonable reasons the council may have had to accept the proposed payment processes for the project? NTFC could have retained design, timescale and quality control aspects to the project, so why the convoluted payment process? For me it adds concern and risk without any perceivable benefit? When you buy a house, the bank doesn’t give you the money to pass on to the vendor does it, it makes the payment direct to the vendor? Why do you imagine this is? This is bog standard basic stuff? Given the financial circumstances of the club it is IMO inconceivable that the financial aspect of the project would have been handled in the way it apparently transpired?
Have to agree with all of this, I questioned why "intermediate" companies were needed and was told that they had the expertise that NTFC didn't have. I had worked on various Council projects throughout my career and that relaxed my fears, every Council project I worked on the council Clerk of Works were all over everything, absolute sticklers for everything to be done correctly, shame NBC weren't ! Looking back, all the 1st Land companies were set up to take money out of the project, but I'm still amazed that no NBC officials were on site monitoring progress.
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Terryfenwickatemyhamster
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I'm still amazed that no NBC officials were on site monitoring progress.
Likewise mate. I’m sure it will all come out in the wash.
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guest3338
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Must have been very clever and persuasive that Cardoza and those Bushey boys.
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1971cobbler
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Likewise mate.
I’m sure it will all come out in the wash.
Longest wash cycle in history!
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guest3429
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Good old redev thread, warming up nicely to keep us amused during the summer. Does anyone have the faintest idea if there is some form of agreement in the offing? Are they actually talking? Can they find some "common ground"
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Manwork04
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Good old redev thread, warming up nicely to keep us amused during the summer. Does anyone have the faintest idea if there is some form of agreement in the offing? Are they actually talking? Can they find some "common ground" Apparently they are having “good conversations” and KT has a meeting next week.
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Rule Britannia
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guest3086
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Apparently they are having “good conversations” and KT has a meeting next week.
Next to 'erotic conversations', 'good conversations' are great.
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guest3359
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Apparently they are having “good conversations” and KT has a meeting next week.
Actually found that quite funny! Not sure you were going for humour but made me smile
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guest49
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This probably needs to go on here to make sure we get to 2,000 pages I can remember at the time that I wasn't a fan of the 'local' option but hindsight is a wonderful thing. We would be better off having a group who purely have the clubs best interests at heart. You have to accept that football chairmen are a different breed and at the majority of clubs you are not going to make a profit, especially at our level, unless there are development opportunities involved or you fly up the leagues. We need to cut the ties with the land and find a model that isn't going to lead to millions of debt. We have managed it a couple of seasons. There is so much luck involved but when KT and co decide to move on we need to try and adopt an alternative approach. Get ya buckets out!
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