Coincidence
or What?
A
few events have happened of the last week or so that when looked
at separately look harmless enough. Firstly you have the completion
of the current phase of the project being put back from January
until May of 2002. Click
here for details. Basically there is no problem with the
Everton side (49%) of financing the 'Stadium', but it is the
other local/national government (51%) that could be a problem.
We
also found out this week that although it is not the official
English Heritage position, it has been mentioned a few times
that - the possibility of ground sharing also needs serious
consideration - Not by us mate!
The
3rd thing is the redshite have just shelved their proposals
for a move to Stanley Park. Why would that be? It wouldn't have
anything to do with trying to jump onto the 'Kings Dock' Bandwagon.
With
Everton as usual saying nothing. You have to make your own mind
up. (11/10/01)
e-mailBlue
Kipper with your views.
This
is a summary of what went on at the shareholders meeting on
09/08/01.
1. Access/Transport?
The City Centre Movement Strategy is planned to see some of
the necessary elements brought forward in the next 5 years.
2. Car Parking?
Not seen as a particular problem. Surplus
capacity in City Centre now.
3. The Strand?
Bridge link-over planned.
4. City Council
funding? No revenue support will be sought
or required from the City Council.
5. £35M Public
Sector Grant? All to be bid for from the
EU. No public monies will be paid to EFC Co Ltd. All applications
will be made by Kings Waterfront Stadium Company, a joint public-private
company.
6. Pitch Problems?
Amsterdam Arena problems admitted. Experience of Arnhem and
Dusseldorf being followed – roll-out pitches.
7. Business Plan
Viability? Confirmed as viable by KPMG
as part of the due diligence exercise.
8. Type of contract?
Fixed price.
9. Will EFC Co
Ltd own 49% of the Stadium and Arena?
Yes, unequivocally.
10. Why doesn’t
Everton own a majority shareholding? Bill
Kenwright evidently found it hugely difficult to accept 49%.
He wanted a majority but when negotiations began and the potential
scale of what could be achieved on the site became apparent,
things had to change. It was accepted because 49% of everything
else (non-football) makes EFC’s financial contribution to a
world-class development achievable. There was reference to a
‘shareholders’ agreement’ which guarantees that the 49% can’t
be outvoted. (This needs to be discussed further – no opportunity
at the Forum.)
11. Will Clear
Channel Entertainment, True Blue Holdings or any other partner
have any separate direct stake in the Stadium and Arena?
No, unequivocally. Emphasised that any conspiracy theories around
these suggestions/rumours should be done away with.
12. What revenue
streams will be generated for EFC Co Ltd from activities at
the Stadium and Arena? 100% for Everton
football activities; 49% for all other activities.
13. What will guarantee
that the Stadium and Arena will be EFC’s permanent home whatever
the Club’s partners might decide in the future?
This will be a matter for the shareholders of the to be formed
Kings Waterfront Stadium Company. (This needs to be discussed
further – no opportunity at the Forum.)
14. EFC’s financial
contribution and how met? EFC Co Ltd’s
maximum contribution was estimated at £29M. Advisers now
say this figure will be reduced because of developments on the
rest of the site. It will be generated from a commercial mortgage
on the assets of/in the Stadium/Arena and the sale of Goodison
Park.
15. Relative cost
of redeveloping Goodison? This would have
cost more than £29M and there would be little opportunity
to create additional revenue streams.
16. Key advisers?
HOK Sport (involved in the Sydney Olympic Stadium and Amsterdam
Arena), Ellis Williams (Architects), Deloitte Touche and Amsterdam
Arena advisory consultants.
17. Name of the
Stadium/Arena? Bill Kenwright will strive
for something traditional and appropriate but he regards this
as not a particular issue for the moment, given everything else.
What happens now?
All parties come together under the banner of the Kings Waterfront
Group, which will establish the Kings Waterfront Stadium and
Arena Company, the joint public-private company. 9-12 months
for design, planning consents and grant applications. Work aimed
to start on site August/September 2002; handover in June 2005.
The intention is to create a new
company in the City Centre with a turnover of £350M.
In conclusion,
there was a promise from Bill Kenwright that we won’t move to
Kings Dock unless everything is right for EFC.
email Blue
Kipper with your views.
