Breaking news on Headingley future

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Breaking news on Headingley future

Joined: October 17th, 2013, 9:52 am

March 28th, 2017, 10:11 pm #1

It's good and hopefully secures international cricket. Details available in the am.

The Yorkshire Post has full details tomorrow.
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Joined: January 13th, 2015, 7:59 pm

March 29th, 2017, 6:46 am #2

I NEED to build an extension on my house. Because I need a Man Cave. With state of the art TV & Satellite systems linked to all Worldwide Franchised T20 broadcasts. I'm going to put a refrigeration unit in & a wall of Craft Beer kegs. With high abv heavily hopped IPAs on tap. I NEED this & if I don't get it, I'll have a right old tantrum.

No matter what I tried, I couldn't afford to pay back the extra £100 per month that remortgaging would cost. So, the nasty bank wouldn't lend me the money to build the Man Cave I NEED. But, I've had the last laugh. Another bank are going to build the Man Cave & own it. And, then they'll rent it to me for £120 a month. Which is much better for me.

We're all good here.

Phil
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Joined: July 4th, 2014, 8:43 am

March 29th, 2017, 7:42 am #3

The banks are lending at extortionate rates above base rate at the moment so the best the club could hope for from a private funded lease arrangement would probably work out, if we are fortunate, around 8%. Borrowing £17 million at that rate would cost around £1.3 million in interest repayments (lease) without denting the capital sum though as it is leased we will be paying for the stand into infinity without ever owning it.

So we have sold the soul of county cricket for £1.3 million a year from 2020 and already spent that amount 3 years before we have received anything. It's going to make a bit of a hole in our £3000 annual profit over the next few years.

Headingley has become a series of vanity projects that are sucking the life out of the club. We should have cut it loose 20 years ago. Now its's time to cut our losses and get out.
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Joined: January 7th, 2017, 9:51 am

March 29th, 2017, 7:53 am #4

".....cut our losses and get out". And do what?
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Joined: July 4th, 2014, 8:43 am

March 29th, 2017, 8:01 am #5

There are over 800 outgrounds in Yorkshire. I'm sure our board can come up with a solution without committing financial suicide.
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Joined: October 17th, 2013, 6:36 pm

March 29th, 2017, 8:24 am #6

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Joined: March 7th, 2014, 11:28 am

March 29th, 2017, 8:44 am #7

Truth is that we don't really know the precise detail of what has been arranged here. The fact that LCC has to get agreement from its Executive Board presumably means that they are either acting as guarantor should the clubs be unable to pay the rent, or maybe LCC will pay the lease and then collect the rent from the two clubs? From what the YEP is saying, the rent would be paid over a period of time - so is this in effect a buy to rent arrangement - borrowing by any other name?
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Joined: January 7th, 2017, 9:51 am

March 29th, 2017, 9:35 am #8

There are over 800 outgrounds in Yorkshire. I'm sure our board can come up with a solution without committing financial suicide.
"There are over 800 outgrounds in Yorkshire. I'm sure our board can come up with a solution without committing financial suicide."

Given such an apparently obvious solution, it is rather surprising that the YCCC Board have not adopted it already. However, as it stands, this suggestion seems rather short on detailed analysis.

Which of the "800 outgrounds" is being proposed? At the AGM, Martyn Moxon explained, in a response to a question from the floor, that Abbeydale Park in Sheffield (presumably one of the likelier "outgrounds") is not used even for 2nd XI Fixtures as the playing facilities do not come up to the required standard. Presumably, the same would be the case at the other grounds, with the possible exception of Scarborough. It follows that development would be required, starting from an even weaker base than Headingley; and, of course, such development would need investment.

Am I missing something?

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Joined: October 17th, 2013, 8:44 pm

March 29th, 2017, 10:22 am #9

Truth is that we don't really know the precise detail of what has been arranged here. The fact that LCC has to get agreement from its Executive Board presumably means that they are either acting as guarantor should the clubs be unable to pay the rent, or maybe LCC will pay the lease and then collect the rent from the two clubs? From what the YEP is saying, the rent would be paid over a period of time - so is this in effect a buy to rent arrangement - borrowing by any other name?
More debt, more debt, more debt - all to stage ONE GAME OF CRICKET PER YEAR. Perhaps.

It's like me deciding to buy a £1 million house rather than a £100,000 one, just in case Prince Charles might fancy a night's stay sometime. In fact, I rent for £400 per month, and there's no room for ANYONE to stay! And I don't owe anyone a penny...

It's not as though, historically, we played all that many games at Headingley. I checked on 1957 (60 years ago) and of the 14 County Championship home games, only 3 were at Headingley, with 3 each at Bradford and Sheffield, which were also the venues for the two matches (!) against the touring W Indies. Headingley, of course, got the Test, a total of 14 days' first class cricket for Leeds.

There were 2 Championship games at Scarborough + the festival fixtures, and one each for Middlesbrough, Hull and Harrogate, where Yorkshire also played a 3-day fixture against a very strong RAF XI.

Chris Waters seems to think that Headingley is synonymous with Yorkshire cricket. I wish we could get out of there, but we're now caught up in a spiral of debt, and it's going to kill us. I cannot begin to understand how owning the place could be thought a good idea. If you own a house you can sell it, and you benefit from inflating prices. Neither applies here.
Bowlers win matches
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Joined: August 20th, 2013, 11:26 am

March 29th, 2017, 12:31 pm #10

It's good and hopefully secures international cricket. Details available in the am.

The Yorkshire Post has full details tomorrow.
from the YP article

".....The club would pay £17m in rent over a period of years and Leeds Rugby £18m, with the rugby operation providing a further £5m......."

How many years? It sounds like a further 17M debt to me.

There will be an EGM for approval according to the article.

Probably about £2m a year going forward, going out in lease payments and interest on existing loans.



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