cjslcfc Posted 1 March 2013 Share Posted 1 March 2013 Fantastic news and yet further evidence the Thais are here for the long haul. Exciting times for this football club! Link to comment Share on other sites More sharing options...
indierich06 Posted 1 March 2013 Share Posted 1 March 2013 A real sign that they're here for the long term in my opinion - they could have been well within their rights to see if we got promotion before finalising the stadium deal, but the fact that they've done it when we're not nailed on for promotion is a good sign for me. Link to comment Share on other sites More sharing options...
Wakeyfox Posted 1 March 2013 Share Posted 1 March 2013 It'd be nice to see the work done for it to be able to host concerts. I'd be all over a Kasabian stadium tour date at the KP. THIS HAS GOT TO HAPPEN!!! Link to comment Share on other sites More sharing options...
TrentFox Posted 1 March 2013 Share Posted 1 March 2013 What a fabulous piece of news to wake up to ! So much more interesting than two people arguing about why we do or don't score from corners or whatever ! Never thought I'd be seeing this news anytime soon. And kept so hush hush ?? Link to comment Share on other sites More sharing options...
The Year Of The Fox Posted 1 March 2013 Share Posted 1 March 2013 Good news. They're in it for the long term these boys. I know they're saying there are no plans for structural changes to the ground, but this certainly makes that option a lot easier to fulfill so one eye is clearly on the future. If they could just cover up the concrete of the stands and take those dirty fabric posters down, covering it up with some cladding, we'd be in business. St. Mary's have it at more or less the same design and it looks so much neater. It'd be nice to see the work done for it to be able to host concerts. I'd be all over a Kasabian stadium tour date at the KP. Good news. They're in it for the long term these boys. I know they're saying there are no plans for structural changes to the ground, but this certainly makes that option a lot easier to fulfill so one eye is clearly on the future. If they could just cover up the concrete of the stands and take those dirty fabric posters down, covering it up with some cladding, we'd be in business. St. Mary's have it at more or less the same design and it looks so much neater. It'd be nice to see the work done for it to be able to host concerts. I'd be all over a Kasabian stadium tour date at the KP. That'd be amazing. Tom Meighan is well up for it I think it's just as you say- the structural issues Link to comment Share on other sites More sharing options...
surrifox Posted 1 March 2013 Share Posted 1 March 2013 What a fabulous piece of news to wake up to ! So much more interesting than two people arguing about why we do or don't score from corners or whatever ! Never thought I'd be seeing this news anytime soon. And kept so hush hush ?? Link to comment Share on other sites More sharing options...
flowwolf Posted 1 March 2013 Share Posted 1 March 2013 Question is: Which poster will moan first? You called ? It just makes it easier to sell as a job lot in the future. Link to comment Share on other sites More sharing options...
Ric Flair Posted 1 March 2013 Share Posted 1 March 2013 We've got that at a knockdown price then for £17 million. Bearing in mind we'd not paid much of it off and were just paying the interest on it whilst out of the PL, they've done well to acquire it for that price and it's a shrewd move. Link to comment Share on other sites More sharing options...
Babylon Posted 1 March 2013 Share Posted 1 March 2013 We've got that at a knockdown price then for £17 million. Bearing in mind we'd not paid much of it off and were just paying the interest on it whilst out of the PL, they've done well to acquire it for that price and it's a shrewd move. It's about the amount left on the "mortgage" wasn't it. We paid off a certain amount ourselves when it was first built. Link to comment Share on other sites More sharing options...
MattyFromLE Posted 1 March 2013 Share Posted 1 March 2013 Excellent! I wonder if this will have any impact on future ticket prices etc! Link to comment Share on other sites More sharing options...
Ric Flair Posted 1 March 2013 Share Posted 1 March 2013 It's about the amount left on the "mortgage" wasn't it. We paid off a certain amount ourselves when it was first built. I thought it was more nearer £25-30 million that was left on it? I'm sure I read that figure quoted a while back. You might be right though because the stadium supposedly only cost £32-35 million to build and with the sale of the Carling Stand for about £5 million and other bits of cash we must have put away for it, plus we were in the PL for a year and will have paid some off. My point about it being a bargain is irrelevent then! Haha Link to comment Share on other sites More sharing options...
TheStig Posted 1 March 2013 Share Posted 1 March 2013 This is a very good move and a massive financial commitment from the owners that should make us all back up big-time now. The first aim must be to get into the PL, thn fill the KP to capacity for most home games and then expand. And all Blues Fans keep your heads down - our "colleagues" in the Championship are going to hate us even more.... Up the Blues!!!! Link to comment Share on other sites More sharing options...
Jace Posted 1 March 2013 Share Posted 1 March 2013 Great news and like Ric said a very shrewd price aswell, I have no idea how much it was sold for but I imagine the reason why the price was so low was possibly due to the length of time our current lease was for? Link to comment Share on other sites More sharing options...
cc_star Posted 1 March 2013 Share Posted 1 March 2013 Great deal for King Power, buying an asset like that for £17m? Seems cheap to me. Surprised Mandaric never bought it at that. Sure it will work out from the point of view of King Power's accounts too. Good & surprising news too, it's great to see the commitment for the long term. Link to comment Share on other sites More sharing options...
Babylon Posted 1 March 2013 Share Posted 1 March 2013 Great news and like Ric said a very shrewd price aswell, I have no idea how much it was sold for but I imagine the reason why the price was so low was possibly due to the length of time our current lease was for? Why would you pay off more than you owe? Link to comment Share on other sites More sharing options...
ashwj Posted 1 March 2013 Share Posted 1 March 2013 This makes perfect sense for both parties, with KP holding all the cards at this stage. IF they waited until we're finally back in the Premier League both our demand for the stadium (+potential improvements) and financial security increase dramatically. At this stage our financial security is tied to KP, an American pension fund has no use for a stadium which the occupants cannot afford, a fact I'm sure they are all too familiar with. So good business timing, which explains the price and has to be great news for us all. Link to comment Share on other sites More sharing options...
dynamark Posted 1 March 2013 Share Posted 1 March 2013 Because the vendor would want a figure for the debt and a figure to settle what would be a shed load of interest over the period of the loan left. Some very unusual deals in commercial property though recently Link to comment Share on other sites More sharing options...
flowwolf Posted 1 March 2013 Share Posted 1 March 2013 They have also just announce record loses 20 odd million quid for the financial year. Just watch your ticket prices next year folks. Link to comment Share on other sites More sharing options...
davieG Posted 1 March 2013 Share Posted 1 March 2013 According to the Merc The 32,262-seater stadium was built at a cost of £37m and, following City's administration, part of the deal which brought the club out of receivership saw ownership of the stadium revert to Teachers. They had supplied £28m via a bond scheme towards the stadium's construction, with the club taking a long-term lease while the bond repayments were made. Read more: http://www.thisisleicestershire.co.uk/story-18286999-detail/story.html?#ixzz2MHFrpUch Follow us: @thisisleics on Twitter | thisisleicestershire on Facebook I thought we only got about £3.5 mill for Filbert St due to the costs involved in dismantling the Carling Stand which we failed to sell as separate item for the same reason. Link to comment Share on other sites More sharing options...
Jace Posted 1 March 2013 Share Posted 1 March 2013 Why would you pay off more than you owe? Good question to be honest Babs I got no idea what the previous terms were on the stadium, I always thought the stadium was sold and that Milan may have secured a long term lease on the ground? I don't know if the stadium was sold outright or the existing mortgage was secured with a lender so we already had equity tied up in it? If that was the case then wouldn't we have already technically owned it still? Link to comment Share on other sites More sharing options...
Babylon Posted 1 March 2013 Share Posted 1 March 2013 We owed £18m to teachers in 2004, with amount rising about 250k each year in the champ according to Tim Davies, so we shouldn't have owed them any more than about £20m. He even stated they were in process of negotiating a discount for early repayment. Link to comment Share on other sites More sharing options...
Jace Posted 1 March 2013 Share Posted 1 March 2013 Next investment buy the Ricoh and increase the rental charges please Link to comment Share on other sites More sharing options...
Deucalion Posted 1 March 2013 Share Posted 1 March 2013 I read somewhere a while ago that the repayments were £6 million a year in the Premier League and £3 million a year in the Championship. Not paying these amounts will help us achieve FFP I would think, as the cost of the stadium won't be included as it is an infrastructure improvement. ? Link to comment Share on other sites More sharing options...
davieG Posted 1 March 2013 Share Posted 1 March 2013 I read somewhere a while ago that the repayments were £6 million a year in the Premier League and £3 million a year in the Championship. Not paying these amounts will help us achieve FFP I would think, as the cost of the stadium won't be included as it is an infrastructure improvement. ? I doubt the repayments would either. Link to comment Share on other sites More sharing options...
phillo Posted 1 March 2013 Share Posted 1 March 2013 They must think were prem bound but promotion not in the bag shows there in it for real and not a mandric Link to comment Share on other sites More sharing options...
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