So, where is the stadium

Its no longer owned by the Club, that we already knew.

BUT its also no longer owned in the Sevco 5112 group either, so its no longer in what was previosusly considered to be "the DCFC group". Sevco 5112 was the MM holding company for DCFC operations, but that company has been streamlined by removing various companies, and another intermediate holding company inserted between MM and Sevco5112, known as Gellaw NewCo203.

So the stadium could still be owned in the new group, by this new Gellaw company (which was only formed in June 2018) or one of its subsidiaries, but we do not know since Gellaw hasn't produced accounts yet. It could be held by MM personally. It could have been sold to an unrelated company.

The worry is that there is no disclosure of the stadium sale transaction in the related party transactions notes in either the club or the Sevco accounts - which suggests that it has been sold outside the group and also not to MM: otherwise it would be deemed a related party transaction and require disclosure. Curious.

So it looks as if its been sold to a third party

There is a note about commitments under operating leases which leads me to conclude the "leaseback" on the stadium is perhaps 25 years at about £ 1 million a year cost. That said, this sort of economic value would not tie up with a sales value of £ 80-85 million reflected in the accounts themselves.

So we are no further forward!

Dodgy goings on lol

Who knows ffs

The way the club is I wouldn't be surprised if it collapsed in the next gale force winds we get

Who knows, but my new lawn is a right pain to mow! Its a shame we're in this situation, especially after all the boredom and stripping back under the Americans

Quote:

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Originally Posted by Geoff Parkstone

Its no longer owned by the Club, that we already knew.

BUT its also no longer owned in the Sevco 5112 group either, so its no longer in what was previosusly considered to be "the DCFC group". Sevco 5112 was the MM holding company for DCFC operations, but that company has been streamlined by removing various companies, and another intermediate holding company inserted between MM and Sevco5112, known as Gellaw NewCo203.

So the stadium could still be owned in the new group, by this new Gellaw company (which was only formed in June 2018) or one of its subsidiaries, but we do not know since Gellaw hasn't produced accounts yet. It could be held by MM personally. It could have been sold to an unrelated company.

The worry is that there is no disclosure of the stadium sale transaction in the related party transactions notes in either the club or the Sevco accounts - which suggests that it has been sold outside the group and also not to MM: otherwise it would be deemed a related party transaction and require disclosure. Curious.

So it looks as if its been sold to a third party

There is a note about commitments under operating leases which leads me to conclude the "leaseback" on the stadium is perhaps 25 years at about £ 1 million a year cost. That said, this sort of economic value would not tie up with a sales value of £ 80-85 million reflected in the accounts themselves.

So we are no further forward!

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Will all this have old Lionel P spinning in his grave, GP?
Local owners eh? Longston, Pickering, Gadsby and now Morris...they all seem to come unstuck.