winchester_royal wrote:NewCorkSeth wrote:winchester_royal wrote:
This isn't true though is it
That part might well be true..
Looks like I might owe blueroyals an apology.
From what I can tell through fairly limited digging, £15m worth of shares were alloted to the football club in consideration for the land in May last year.
Since that point the shares have been gradually transferred across to a company called 'Empire Asset Group PTE limited', which it seems to be at the point now where the football club actually has no share holding in the Prop Co. Not sure if the football club received anything for the transfer of shares but somehow I doubt it..
Will be very interesting to see the club accounts when they're released in the next couple of months.
All this means is that when they sell RFC they will get less for the club than what they would have gotten if the land had been included. Ether that or they sell the Chinese the land at the same time. They're not making any money on the deal.
It's just sensible financial planning to separate them - a football club is a risky asset, land usually isn't. If the club suddenly took a financial downturn they wouldn't want that to put their development project at risk.
No one buys a championship football club to make money.