It wasn't though the Ricoh cost over 100 million to build.
If you buy the Ricoh bricks and mortar for £60 million it's a bargain.
ACL for 6 million plus a 14 million loan. Is also a bargain in my books. A deal we said we would not have took on!!!
You're looking at very different things there. If you look at the original build cost then, from a council perspective, they put in £10m.
If you purchased the bricks and mortar for £60m you'd get nothing as ACL would still be in place.
Purchasing ACL for £6m with a £14m loan could be argued to be a bargain. Although it doesn't strictly work this way you could say £20m for the stadium with effectively the freehold - compare that to the cost of a new stadium and bargain.
But the flip side is purchasing a struggling, loss making ACL with 40 years left on their lease and a £14m loan - would you judge that, as a business proposition, a business worth £6m?
Its not straightforward and I'm sure that's what will end up being argued in court.
It wasn't though the Ricoh cost over 100 million to build.
If you buy the Ricoh bricks and mortar for £60 million it's a bargain.
ACL for 6 million plus a 14 million loan. Is also a bargain in my books. A deal we said we would not have took on!!!
Still took on the 14.4m mortgage and paid it off......or at least took the mortgage on and paid it off with a far bigger mortgage.
It can be spun in many ways. Wasps took on the arena and the bloke in charge put 10m in his own pocket after paying off the mortgage and paying the 6m purchase price and loaning money for the repayments for the first 18 months approx.
So they haven't paid a penny yet. Not even on repaying the bond money.
If Wasps go tits up at the Ricoh without repaying with their own money they will be 10m up.
If SISU get the Ricoh off those who bought the bonds for less than 20m unencumbered they will have paid less than Wasps did for purchase and paying off the mortgage.
I could sit here all day thinking of ways to spin it. But the truth is easier. All sides have acted like a bunch of cunts. And CCFC and us supporters have been left to suffer.