villa89 Posted March 31, 2021 Share Posted March 31, 2021 Asset stripping or just trying to keep the lights on. Link to comment Share on other sites More sharing options...
Demitri_C Posted March 31, 2021 Share Posted March 31, 2021 This ia dodgey as hell. Surely the efl have to investigate this? Selling your stadium around to various parties to build income is surely breaching the rules? Link to comment Share on other sites More sharing options...
Dodgyknees Posted March 31, 2021 Share Posted March 31, 2021 Couldn’t they have just melted down some of their trophies… oh, sorry. I forget. 3 Link to comment Share on other sites More sharing options...
villarule123 Posted March 31, 2021 VT Supporter Share Posted March 31, 2021 Couldn't that company destroy the stadium and put a block of flats/supermarket in its place for bigger revenue etc after the original lease deal is over? Link to comment Share on other sites More sharing options...
Popular Post Don_Simon Posted March 31, 2021 Popular Post Share Posted March 31, 2021 15 minutes ago, villarule123 said: Couldn't that company destroy the stadium and put a block of flats/supermarket in its place for bigger revenue etc after the original lease deal is over? 3 3 Link to comment Share on other sites More sharing options...
Dodgyknees Posted March 31, 2021 Share Posted March 31, 2021 21 minutes ago, villarule123 said: Couldn't that company destroy the stadium and put a block of flats/supermarket in its place for bigger revenue etc after the original lease deal is over? It’d be riskier than building on Chernobyl. Link to comment Share on other sites More sharing options...
useless Posted March 31, 2021 Share Posted March 31, 2021 They're not even selling it to their own owners or seemingly anyone connected to them, they've already done that, this time they're selling it to a property developer, so doesn't look like a good situation for them. Link to comment Share on other sites More sharing options...
LondonLax Posted March 31, 2021 Share Posted March 31, 2021 1 hour ago, Demitri_C said: This ia dodgey as hell. Surely the efl have to investigate this? Selling your stadium around to various parties to build income is surely breaching the rules? Isn’t that what we did? Got us around the FFP regulations as well. 1 Link to comment Share on other sites More sharing options...
mikeyjavfc Posted March 31, 2021 VT Supporter Share Posted March 31, 2021 2 hours ago, Villaphan04 said: Sold it for £11m, rent it back for £15m. Genius planning. Either it is another FFP loophole or they are desperate for the cashflow. Link to comment Share on other sites More sharing options...
sidcow Posted March 31, 2021 VT Supporter Share Posted March 31, 2021 2 hours ago, villa89 said: Asset stripping or just trying to keep the lights on. Either way it won't end well. Link to comment Share on other sites More sharing options...
useless Posted March 31, 2021 Share Posted March 31, 2021 They've already sold their ground once to get around FFP, you can't use that same loophole twice, I'm not even sure if you can do it once anymore I think the EFL have since put a stop to it. This time they're selling it to a company that has nothing to do with them, it's not like they're buying it from themselves. According to that Almajir who now writes for the birmingham mail, the money is going to be used by the parent company to pay off debts and go towards the day to day costs of running that business. The buyer is a real estate investor named Ms Kang Ming-Ming, who is using a British Virgin Islands investment company called Achiever Global Group Ltd to make the purchase.The announcement confirmed that Ms Kang deals in real estate and properties in China, south east Asia and Europe... Birmingham Sports Holdings confirmed that the majority of the money raised from the sale of the stadium company will be used for working capital for the holding company in Hong Kong, with a smaller amount being set aside to help towards paying their debts. 1 Link to comment Share on other sites More sharing options...
sidcow Posted March 31, 2021 VT Supporter Share Posted March 31, 2021 Maybe when Coventry get a new stadium they can rent it out to homeless Blues (in the unlikely event they still exist then). Link to comment Share on other sites More sharing options...
sidcow Posted March 31, 2021 VT Supporter Share Posted March 31, 2021 4 minutes ago, useless said: They've already sold their ground once to get around FFP, you can't use that same loophole twice, I'm not even sure if you can do it once anymore I think the EFL have since put a stop to it. This time they're selling it to a company that has nothing to do with them, it's not like they're buying it from themselves. According to that Almajir who now writes for the birmingham mail, the money is going to be used by the parent company to pay off debts and go towards the day to day costs of running that business. The buyer is a real estate investor named Ms Kang Ming-Ming, who is using a British Virgin Islands investment company called Achiever Global Group Ltd to make the purchase.The announcement confirmed that Ms Kang deals in real estate and properties in China, south east Asia and Europe... Birmingham Sports Holdings confirmed that the majority of the money raised from the sale of the stadium company will be used for working capital for the holding company in Hong Kong, with a smaller amount being set aside to help towards paying their debts. 2 Link to comment Share on other sites More sharing options...
Demitri_C Posted March 31, 2021 Share Posted March 31, 2021 45 minutes ago, LondonLax said: Isn’t that what we did? Got us around the FFP regulations as well. We sold it to our owners they have sold it to someone unknown to anyone Link to comment Share on other sites More sharing options...
rjw63 Posted March 31, 2021 Author Share Posted March 31, 2021 These pondscum need to go out of business, so I can find something else to laugh at. 2 Link to comment Share on other sites More sharing options...
Jimzk5 Posted March 31, 2021 Share Posted March 31, 2021 I said a few weeks back that this year they dont have a Bellingham or Adam's to sell to raise cash. I'm a bit surprised at the 11 million valuation, given half of it is on the verge of caving in. Just when you think they couldn't do anything more stupid they pull out another cracker. Link to comment Share on other sites More sharing options...
villa4europe Posted March 31, 2021 Share Posted March 31, 2021 16 minutes ago, Jimzk5 said: I said a few weeks back that this year they dont have a Bellingham or Adam's to sell to raise cash. I'm a bit surprised at the 11 million valuation, given half of it is on the verge of caving in. Just when you think they couldn't do anything more stupid they pull out another cracker. It'll be the land not the building Flattening it for £3 a day car park would probably earn them more money. 2 Link to comment Share on other sites More sharing options...
fruitvilla Posted March 31, 2021 Share Posted March 31, 2021 5 minutes ago, villa4europe said: It'll be the land not the building Flattening it for £3 a day car park would probably earn them more money. The demolition costs won't be trivial even if the thing is falling down by itself. I would guess several million. Any idea how to get a valuation of the land ... brownfield for development? Any estate agents here? Link to comment Share on other sites More sharing options...
Amsterdam_Neil_D Posted April 1, 2021 Share Posted April 1, 2021 13 hours ago, villarule123 said: Couldn't that company destroy the stadium and put a block of flats/supermarket in its place for bigger revenue etc after the original lease deal is over? In small heath I bet the same block of flats in Chernobyl would be a more viable investment long term. 2 Link to comment Share on other sites More sharing options...
Amsterdam_Neil_D Posted April 1, 2021 Share Posted April 1, 2021 10 hours ago, Jimzk5 said: Bellingham or Adam's to sell to raise cash. Hogan Link to comment Share on other sites More sharing options...
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