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20 Jul 13 02:09
Date Joined: 04 Aug 06
| Topic/replies: 41,867 | Blogger: casemoney's blog
A LONG-TERM agreement has been struck between NAMA, Ireland’s National Asset Management Agency, and Risk Capital/Galliard Homes to lease the four GRA tracks to the management team led by MD Clive Feltham.

who owns the tracks since when did GRA not own thses tracks ? sorry im not the cleverest ,why are the galliard homes leaseing the tracks to the GRA
when were they sold to them ? why are GRA paying rent for something they  own ?
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Report casemoney July 20, 2013 2:19 AM BST
if it buys the don time can only be a good thing ,just didnt realise the GRA no longer owned the tracks ,sounds like some poor fxcker selling his house then renting it back to me ...
Report casemoney July 20, 2013 2:25 AM BST
looks like im about 8 years behind times

In May 2005 venture capitalists Risk Capital bought Greyhound Racing
Association (GRA) for a little over £50m. The GRA owned six greyhound
tracks which included the Wimbledon Stadium. It has recently come to light
that the real purchaser of GRA was Galliard Homes, a property developing
company. Following the purchase of GRA, plans to build 710 flats were soon
submitted to Merton Council followed by a string of subsequent plans which
were, fortunately, rejected.

Laugh    50 million for the 6 stadiums Laugh wtf
Report irishone July 20, 2013 6:27 AM BST
Leaseback, short for 'sale-and-leaseback,' is a financial transaction, where one sells an asset and leases it back for the long-term; therefore, one continues to be able to use the asset but no longer owns it. The transaction is generally done for fixed assets, notably real estate and planes, trains and automobiles, and the purposes are varied, including financing, accounting, and taxing
Report irishone July 20, 2013 6:50 AM BST
case I think you need to read between the lines here.

Ben Redmond of GRA Acquisition commented: “This deal allows Clive and his team to focus on managing the sites; the team has a lot of experience and enthusiasm and we wish them well.”
....that means they are not foreseeing a huge rise in property prices equivalent to what they are going to get back on an annual basis from the lease

Although Feltham is operating under the terms of a non-disclosure agreement when prevents him going into full detail, he said Belle Vue, Hall Green and Perry Barr had secured long-term leases, but Wimbledon’s was a shorter one.
....that means if they are wrong about the property prices , and they take off in London within five years, they will be able to sell Wimbledon off with only five years (maximum) "tenancy" compensation.

there is clearly something dodgy going on here...... otherwise why the "non-disclosure agreement" ?
Report irishone July 20, 2013 7:00 AM BST
Feltham said: “The uncertainty that we have faced for some time has been lifted and we look forward to working with our staff and greyhound trainers to benefit all. It’s now down to business.”

So wtf has been going on in the meantime ?????

Wimbledon, boosted by Hills pledging a £200,000-to-the-winner Derby next year, remains in play with Paschal Taggart leading a bid to buy the track.

So have they upped the ante for the Irish one ? He's now got to buy out the tenants (a holding company) as well.

" this restructuring means we now pay a realistic rent based on what our business can actually afford, rather than the long-term land value."

Forgive my sarcasm .... but rents based upon what individual tenants can afford ? 

“We will have headroom to invest money in the business, and I pledge to do the best I can to upgrade facilities. Up until now we have spent peanuts, and while we won’t be splashing the cash, with the help of the Fund [which offer 50/50 grants] we will be doing significantly more. It’s good news for all our customers, owners and trainers.”

"Headroom to invest money " ... yet wont be "splashing the cash" ?  Classic Feltham double talk Cry
Report irishone July 20, 2013 7:26 AM BST
Feltham said: “I’d sum it up by saying everyone has been realistic, and that is good news for greyhound racing.”

realistic ? .....  devious more like  Laugh
Report casemoney July 20, 2013 3:04 PM BST
what did the gra do with the 50 million the stadiums were sold for ?
Report irishone July 20, 2013 3:07 PM BST
yes , good question .... asset stripping
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