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New Everton Stadium

https://theesk.org/2017/03/28/further-related-thoughts-to-the-bramley-moore-stadium-announcement/

Further related thoughts to the Bramley Moore stadium announcement
March 28, 2017


As I wrote here last Thursday, and spoke on The Blue Room Podcast with Dave Downie, the scheme announced jointly by Liverpool City Council and Everton Football Club is highly impressive, innovative and brings the stadium at Bramley Moore within touching distance of all Blues.

js56044700.jpg


The dust has settled a little and the focus has turned to at what point Dan Meis will produce first drawings of his proposed stadium, and the view is it will be sooner than later, weeks not months. At the same time, the Council Cabinet has to agree the scheme, the SPV drawn up and funding partners determined.

On funding I’ve already heard that several large institutions, some household names, have been sounded out with positive feedback. As I said in my original piece, this is a highly attractive debt instrument to pension and life assurance companies, ticking all the boxes of a low risk, asset backed, index linked, long term debt product.

Having had time to think it’s interesting to realise that the scheme whilst remaining highly attractive does have several consequences, as yet unexplored by the media.

Whilst not in anyway deterring from the attractiveness of the scheme, several items should be noted:

Security Package

The precise terms of the security package required by LCC are yet to be disclosed. The Rent Deposit scheme requires the building up of “ring fenced” deposits over the first five years of the scheme. Additionally in the very unlikely event that Everton are relegated, then we will be required to top up the Rent Deposit Account using parachute payments paid by the Premier League – I look forward to seeing those details.

Impact on any immediate or near term Board changes and/or exercise of options by Farhad Moshiri

One of the consequences of the timetable suggested last week is that

(i) it is unlikely that Moshiri will exercise his options (allowing him to acquire Bill Kenwright, Jon Woods and Arthur Abercrombie’s remaining shares) any time in 2017. It is widely believed that the options relate to the confirmation of the stadium. Hence, until Planning Permission is granted it seems very unlikely he can/will exercise those options.

(ii) as a result it is unlikely that Bill Kenwright and Jon Woods will give up their seats on the Board. Furthermore, it may be less likely that there are executive changes within the club also.

Use of short term funding loans

For several years, Everton have used short term borrowings from offshore lenders to meet ongoing cash flow obligations throughout the season. This form of lending has relied upon the assignment of broadcasting revenues to the lender. Under the terms proposed by the City Council, LCC will have a first charge on all revenue streams (and assets), therefore this form of lending will no longer be possible.

Now it could very reasonably be argued that this form of lending is not likely to be required in future years given the increased cashflow arising from the new broadcasting deals and Moshiri’s £80 million loan to the club, repairing the balance sheet, nevertheless it will no longer be available to the club once we get our financing package in place.

The Usmanov connection

Regular readers or listeners will know I have always said that Usmanov would not be an equity investor in Everton – he would remain a 30% shareholder of Arsenal FC and therefore not able to acquire any shares in Everton.

The structure of this debt deal confirms this view in my opinion. It would be highly unlikely that such a deal would be put in place (long term structured debt) if there was any prospect of Usmanov becoming an owner/part owner of Everton FC.

As we know, through the Finch Farm naming rights deal with USM there is a connection and I’m sure that related companies may well appear in stadium naming right deals in the future. This deal does not change the prospects of that, but does, I believe, put an end to any thought of him being a shareholder.

I don’t want anyone to get the impression I’ve suddenly turned sour on the nature of the proposed deal to fund Bramley Moore, far from it. I’m hugely excited and impressed by the elegance of the proposed deal, something which would not have been possible without the input of Moshiri and his people I’m sure.

This is a fantastic deal for the club, let it be said, I’m just adding a bit more meat to the bone in terms of the consequences of the deal.

I’ve done several models of the financing of the stadium and future revenues, I’ll put up a new one in the next few days taking into account the nature of this deal and our prospects of further increases in commercial income and match day income through the new stadium.

As it’s Derby week – the contrast between what is proposed for us, an iconic stadium on the Banks of the Royal Blue Mersey, and a trip to a partially redeveloped Anfield will not be lost on any Blues.
 
Ok may be an optical illusion.

Any guesses if the pitch will be side on or end on to the mersey?

That's a question I've been asking myself too... there been talk about having big glass "windows" along the side facing the river and the end facing the city or vice versa depending on what you asked, to maximise the amazing views.
I hope its longways along the river so you could have the new"Street End" a massive single tier the way Spurs are doing and the "Park End" stand smaller but with a glass window onto the city behind it
The new "Bullins Rd" stand would then be the big side stand and the new "Main Stand" would have a window behind it so you could see the river. That's if we got a roof like the Lucas Oil stadium. There a a few new stadiums using the city skyline and waterside views to enhance the experience. Lucas Oil, US Bank, New Atlanta Falcons stadium which is out of this world but about £800 million quid...Oh to dream...
 
https://theesk.org/2017/03/28/further-related-thoughts-to-the-bramley-moore-stadium-announcement/

Further related thoughts to the Bramley Moore stadium announcement
March 28, 2017


As I wrote here last Thursday, and spoke on The Blue Room Podcast with Dave Downie, the scheme announced jointly by Liverpool City Council and Everton Football Club is highly impressive, innovative and brings the stadium at Bramley Moore within touching distance of all Blues.

js56044700.jpg


The dust has settled a little and the focus has turned to at what point Dan Meis will produce first drawings of his proposed stadium, and the view is it will be sooner than later, weeks not months. At the same time, the Council Cabinet has to agree the scheme, the SPV drawn up and funding partners determined.

On funding I’ve already heard that several large institutions, some household names, have been sounded out with positive feedback. As I said in my original piece, this is a highly attractive debt instrument to pension and life assurance companies, ticking all the boxes of a low risk, asset backed, index linked, long term debt product.

Having had time to think it’s interesting to realise that the scheme whilst remaining highly attractive does have several consequences, as yet unexplored by the media.

Whilst not in anyway deterring from the attractiveness of the scheme, several items should be noted:

Security Package

The precise terms of the security package required by LCC are yet to be disclosed. The Rent Deposit scheme requires the building up of “ring fenced” deposits over the first five years of the scheme. Additionally in the very unlikely event that Everton are relegated, then we will be required to top up the Rent Deposit Account using parachute payments paid by the Premier League – I look forward to seeing those details.

Impact on any immediate or near term Board changes and/or exercise of options by Farhad Moshiri

One of the consequences of the timetable suggested last week is that

(i) it is unlikely that Moshiri will exercise his options (allowing him to acquire Bill Kenwright, Jon Woods and Arthur Abercrombie’s remaining shares) any time in 2017. It is widely believed that the options relate to the confirmation of the stadium. Hence, until Planning Permission is granted it seems very unlikely he can/will exercise those options.

(ii) as a result it is unlikely that Bill Kenwright and Jon Woods will give up their seats on the Board. Furthermore, it may be less likely that there are executive changes within the club also.

Use of short term funding loans

For several years, Everton have used short term borrowings from offshore lenders to meet ongoing cash flow obligations throughout the season. This form of lending has relied upon the assignment of broadcasting revenues to the lender. Under the terms proposed by the City Council, LCC will have a first charge on all revenue streams (and assets), therefore this form of lending will no longer be possible.

Now it could very reasonably be argued that this form of lending is not likely to be required in future years given the increased cashflow arising from the new broadcasting deals and Moshiri’s £80 million loan to the club, repairing the balance sheet, nevertheless it will no longer be available to the club once we get our financing package in place.

The Usmanov connection

Regular readers or listeners will know I have always said that Usmanov would not be an equity investor in Everton – he would remain a 30% shareholder of Arsenal FC and therefore not able to acquire any shares in Everton.

The structure of this debt deal confirms this view in my opinion. It would be highly unlikely that such a deal would be put in place (long term structured debt) if there was any prospect of Usmanov becoming an owner/part owner of Everton FC.

As we know, through the Finch Farm naming rights deal with USM there is a connection and I’m sure that related companies may well appear in stadium naming right deals in the future. This deal does not change the prospects of that, but does, I believe, put an end to any thought of him being a shareholder.

I don’t want anyone to get the impression I’ve suddenly turned sour on the nature of the proposed deal to fund Bramley Moore, far from it. I’m hugely excited and impressed by the elegance of the proposed deal, something which would not have been possible without the input of Moshiri and his people I’m sure.

This is a fantastic deal for the club, let it be said, I’m just adding a bit more meat to the bone in terms of the consequences of the deal.

I’ve done several models of the financing of the stadium and future revenues, I’ll put up a new one in the next few days taking into account the nature of this deal and our prospects of further increases in commercial income and match day income through the new stadium.

As it’s Derby week – the contrast between what is proposed for us, an iconic stadium on the Banks of the Royal Blue Mersey, and a trip to a partially redeveloped Anfield will not be lost on any Blues.

This is good and it's right that the financial details should be explored (as The Blue Union stated). There is also the subject of what charge will be applied at the 40 year mark for the right-to-buy; nominal fee or market value. There's no detail on this yet.

These details plus the designs are the next step. The designs will tell us what capacity we're looking at and will give more context to some of the above.

Overall this is still great news for me but there must not be any free passes handed out here, scrutiny is good if you have nothing to hide.
 

New Everton stadium architect is embracing all things Blue
Dan Meis has made it his job to understand what makes Evertonians tick
ByChris Beesley
Although he’s been designing major sporting arenas for over two decades, Dan Meis is proving to be very much a 2017 stadium architect when it comes to engaging with all things Everton.

Fans who might have feared that the man tasked with dreaming up their new home was far away, both in terms of his California home and relative lack of experience when it comes to European football stadia.

Meis’ single major project of this particularly ilk is the yet-to-be completed Stadio Della Roma, while the bulk of his existing masterpieces are in the US, but the Colorado native who describes himself as a “hater of rules” has a reputation for out-of-the-box innovative thinking.

Meis’ Italian project produced a re-imagining of the Eternal City’s ancient Colosseum by the banks of the River Tiber for his Serie A clients but he acknowledges that it’s horses for courses, remarking: “Roma has much different conditions and concerns...comparing apples and oranges” and you’d expect something rather different than a classic bowl for Goodison Park’s replacement.

Read More
GettyImages-480650429.jpg

A picture shows a model of Roma's new stadium project designed by US architect Dan Meis. (Photo: GABRIEL BOUYS/AFP/Getty Images)
Whether it be attending matches live or on TV wherever he is across the globe, since getting involved with the Blues, Meis has warmed to his task of getting under the skin of the fans’ psyche and made it his job to learn what makes them tick.

Having gone to the last Merseyside Derby at Goodison in December Meis Tweeted a photo of one of the ground’s many pillars that cause obstructed views and remarked: “#nocolumnsinthebowl”

When such as comment was construed by some fans as meaning that Everton’s new home would be a bowl shape, he clarified that ‘bowl’ is just a generic term for seating and that the stadium would not be “a bowl”.

He also offered a timely nod to Goodison’s tight feel by Tweeting: “steep intimate seating directly adjacent to the pitch can be done without columns while pointing out that “columns or not, Goodison is one of the premier experiences in sports!”

Read More
GettyImages-480650399.jpg

A picture shows a model of Roma's new stadium project designed by US architect Dan Meis during a press conference on March 26, 2014 in Rome. (Photo: GABRIEL BOUYS/AFP/Getty Images)
An interesting nugget when it comes to the possibility of Everton’s new home being used for the Commonwealth Games came to a question about the London Olympic Stadium being used for football.

Meis stated that it is “very difficult to convert athletics to intimate, on-the-pitch football seating. Cost to convert was a shame, idea was oversold but he did add that there are: “many factors make a great football stadium, intimacy, sound, steepness, proximity...passionate fans.”

Back in January, when an Evertonian asked Meis whether he was inspired by Goodison, a new location or both he declared: “the atmosphere and history of Goodison are quintessential elements of English Football. They will always inspire.”

There’s often a sense of humour in Meis’ exchanges too and when told in February that he’d gone quiet on subtle hints, he replied: “we are thinking blue seats.”

When other fans were getting itchy feet about a stadium announcement, Meis reiterated: “I have never met a club who cares more about its fans, community, or the competitiveness of the team. It will happen.”

Read More
Meis acknowledges that his design might not be able to please everybody, conceding: “aesthetics can be subjective. One man’s icon is another’s egg slicer. Surely not everyone will love everything...but...”, however, he maintains: “we have been listening...It will be intimate and intimidating and reverent to Goodison’s unparalleled history.”

And after updating his Twitter background to the brick Bramley-Moore dock sign after last week’s announcement, Meis has even taken to talking down Liverpool-supporting doubters of Everton’s project by insisting that one Red: “completely underestimates the value of the club’s history when kitted with a new, competitive ground.”

Surely that alone, especially in derby week, gets him onside with Evertonians.
 
https://theesk.org/2017/03/28/further-related-thoughts-to-the-bramley-moore-stadium-announcement/

Further related thoughts to the Bramley Moore stadium announcement
March 28, 2017


As I wrote here last Thursday, and spoke on The Blue Room Podcast with Dave Downie, the scheme announced jointly by Liverpool City Council and Everton Football Club is highly impressive, innovative and brings the stadium at Bramley Moore within touching distance of all Blues.

js56044700.jpg


The dust has settled a little and the focus has turned to at what point Dan Meis will produce first drawings of his proposed stadium, and the view is it will be sooner than later, weeks not months. At the same time, the Council Cabinet has to agree the scheme, the SPV drawn up and funding partners determined.

On funding I’ve already heard that several large institutions, some household names, have been sounded out with positive feedback. As I said in my original piece, this is a highly attractive debt instrument to pension and life assurance companies, ticking all the boxes of a low risk, asset backed, index linked, long term debt product.

Having had time to think it’s interesting to realise that the scheme whilst remaining highly attractive does have several consequences, as yet unexplored by the media.

Whilst not in anyway deterring from the attractiveness of the scheme, several items should be noted:

Security Package

The precise terms of the security package required by LCC are yet to be disclosed. The Rent Deposit scheme requires the building up of “ring fenced” deposits over the first five years of the scheme. Additionally in the very unlikely event that Everton are relegated, then we will be required to top up the Rent Deposit Account using parachute payments paid by the Premier League – I look forward to seeing those details.

Impact on any immediate or near term Board changes and/or exercise of options by Farhad Moshiri

One of the consequences of the timetable suggested last week is that

(i) it is unlikely that Moshiri will exercise his options (allowing him to acquire Bill Kenwright, Jon Woods and Arthur Abercrombie’s remaining shares) any time in 2017. It is widely believed that the options relate to the confirmation of the stadium. Hence, until Planning Permission is granted it seems very unlikely he can/will exercise those options.

(ii) as a result it is unlikely that Bill Kenwright and Jon Woods will give up their seats on the Board. Furthermore, it may be less likely that there are executive changes within the club also.

Use of short term funding loans

For several years, Everton have used short term borrowings from offshore lenders to meet ongoing cash flow obligations throughout the season. This form of lending has relied upon the assignment of broadcasting revenues to the lender. Under the terms proposed by the City Council, LCC will have a first charge on all revenue streams (and assets), therefore this form of lending will no longer be possible.

Now it could very reasonably be argued that this form of lending is not likely to be required in future years given the increased cashflow arising from the new broadcasting deals and Moshiri’s £80 million loan to the club, repairing the balance sheet, nevertheless it will no longer be available to the club once we get our financing package in place.

The Usmanov connection

Regular readers or listeners will know I have always said that Usmanov would not be an equity investor in Everton – he would remain a 30% shareholder of Arsenal FC and therefore not able to acquire any shares in Everton.

The structure of this debt deal confirms this view in my opinion. It would be highly unlikely that such a deal would be put in place (long term structured debt) if there was any prospect of Usmanov becoming an owner/part owner of Everton FC.

As we know, through the Finch Farm naming rights deal with USM there is a connection and I’m sure that related companies may well appear in stadium naming right deals in the future. This deal does not change the prospects of that, but does, I believe, put an end to any thought of him being a shareholder.

I don’t want anyone to get the impression I’ve suddenly turned sour on the nature of the proposed deal to fund Bramley Moore, far from it. I’m hugely excited and impressed by the elegance of the proposed deal, something which would not have been possible without the input of Moshiri and his people I’m sure.

This is a fantastic deal for the club, let it be said, I’m just adding a bit more meat to the bone in terms of the consequences of the deal.

I’ve done several models of the financing of the stadium and future revenues, I’ll put up a new one in the next few days taking into account the nature of this deal and our prospects of further increases in commercial income and match day income through the new stadium.

As it’s Derby week – the contrast between what is proposed for us, an iconic stadium on the Banks of the Royal Blue Mersey, and a trip to a partially redeveloped Anfield will not be lost on any Blues.
As said, the time for scrutiny is upon us....AKA the "stop being a WUM" or "the stop moaning, misery guts" period.

Other implications that need to be explored are the impact of huge cost increases - which to my mind are inevitable given the low ball figure put forward so far. How does that affect the beauty of the scheme (the borrowing rates passed on from LCC acting as guarantor?). 3% of £350M is a bit different than 3% of £500M.
 
That's a question I've been asking myself too... there been talk about having big glass "windows" along the side facing the river and the end facing the city or vice versa depending on what you asked, to maximise the amazing views.
I hope its longways along the river so you could have the new"Street End" a massive single tier the way Spurs are doing and the "Park End" stand smaller but with a glass window onto the city behind it
The new "Bullins Rd" stand would then be the big side stand and the new "Main Stand" would have a window behind it so you could see the river. That's if we got a roof like the Lucas Oil stadium. There a a few new stadiums using the city skyline and waterside views to enhance the experience. Lucas Oil, US Bank, New Atlanta Falcons stadium which is out of this world but about £800 million quid...Oh to dream...

I also hope it is longways along the river... but there's a catch.

Bramley Moore dock is less than 200m across. Many stadiums with the size we are aiming for are about 240m long. Veltins, Etihad etc

Plus you have to be able to walk around to the other side. That's why I was wondering if Nelson Dock was involved.

Or maybe the end stands will be small. Or steep.
 
As said, the time for scrutiny is upon us....AKA the "stop being a WUM" or "the stop moaning, misery guts" period.

Other implications that need to be explored are the impact of huge cost increases - which to my mind are inevitable given the low ball figure put forward so far. How does that affect the beauty of the scheme (the borrowing rates passed on from LCC acting as guarantor?). 3% of £350M is a bit different than 3% of £500M.

they arent always inevitable. as has been pointed out on here previously the massive transportation costs will hopefully be avoided if we can ship lot of the materials in.
 

That's a question I've been asking myself too... there been talk about having big glass "windows" along the side facing the river and the end facing the city or vice versa depending on what you asked, to maximise the amazing views.
I hope its longways along the river so you could have the new"Street End" a massive single tier the way Spurs are doing and the "Park End" stand smaller but with a glass window onto the city behind it
The new "Bullins Rd" stand would then be the big side stand and the new "Main Stand" would have a window behind it so you could see the river. That's if we got a roof like the Lucas Oil stadium. There a a few new stadiums using the city skyline and waterside views to enhance the experience. Lucas Oil, US Bank, New Atlanta Falcons stadium which is out of this world but about £800 million quid...Oh to dream...

Be bloody windy that way round, although best for views.
 
I also hope it is longways along the river... but there's a catch.

Bramley Moore dock is less than 200m across. Many stadiums with the size we are aiming for are about 240m long. Veltins, Etihad etc

Plus you have to be able to walk around to the other side. That's why I was wondering if Nelson Dock was involved.

Or maybe the end stands will be small. Or steep.

Just a hunch but I think there's a lot of plans we've yet to hear about involving supplementary/complimentary areas and buildings.
 

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