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Everton FC misinformation.

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tommye said:
Why?

It was 10 years ago.
Did you have first refusal on one of the offices?

We have a portly kopite in the dugout and you dig this up??


Let it go.
For your own mental wellbeing
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I'm just interested why it didn't go ahead,
If your not interested, ignore the thread, for your own wellbeing.
 

I remember voting to leave Goodison to move to a new stadium.

25 years ago.
 
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Timbucktoo said:
Whatever happened with the proposed office development at the Park End? It was supposed to be built during the summer through to October 2011. When it didn't get started there were a few different stories going around as to why there was no progress on the project. The word from the club was that the logistics of moving offices and club shop etc during the season wouldn't be practical and that it was just being delayed so that could be done at the end of the season. Other stories that were going around were that the club didn't own the land it was to be built on, the club had heavily mortgaged the land and the banks wouldn't allow it to go ahead, and the club hadn't the cash to build it. The project seemed to get forgotten about.

I'm sure there's been more occasions that the club said something was going ahead, weather a player signing or a major financial investment or other building projects, that just never happened and were never going to.View attachment 136533
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It was to do with the securitisation deal back in 2002 with Bear Stearns (picked up by Barclays). The club found out that not only the season tickets were held as security but also there was a clause that the footprint of the stadium couldn't be reconfigured without the say so of those holding the long term debt.
 
davek said:
It was to do with the securitisation deal back in 2002 with Bear Stearns (picked up by Barclays). The club found out that not only the season tickets were held as security but also there was a clause that the footprint of the stadium couldn't be reconfigured without the say so of those holding the long term debt.
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Exactly that.

This kind of thing happens when the board keep kicking the can down the road.
 

davek said:
It was to do with the securitisation deal back in 2002 with Bear Stearns (picked up by Barclays). The club found out that not only the season tickets were held as security but also there was a clause that the footprint of the stadium couldn't be reconfigured without the say so of those holding the long term debt.
Click to expand...

Yes, the bank effectively had the power to say no, but if my memory serves me correctly, the reason they said no is because the deal involved the club handing over the land to the developer as a means of payment for the development. I don’t think the bank would have stopped us from building something like this if we were actually paying for it ourselves, without handing over land that we didn’t own to a third party.
 
Dymak said:
Yes, the bank effectively had the power to say no, but if my memory serves me correctly, the reason they said no is because the deal involved the club handing over the land to the developer as a means of payment for the development. I don’t think the bank would have stopped us from building something like this if we were actually paying for it ourselves, without handing over land that we didn’t own to a third party.
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It seems like a million years ago now. Different vibe about the club...even if we now again face gruel in the transfer market in the short term.
 

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