| Liberty Lease.. Dineen and Jenkins are representing the club! 10:51 - Feb 20 with 6457 views | NOTRAC |
The present company that was granted a fifty year lease to run the Liberty Stadium on behalf of Swansea City, the Ospreys, and the Council is Swansea City Management Company reg number 05176687.
Three of the directors representing Swansea City in this Company are Huw Jenkins,Chris Pearlman (appointed 19/12/16) and a certain L A John Dineen!
The current set up of the Company appears to be very much in Swansea City's favour.
Of gate receipts collected by the Company of £5.130380 in the last published accounts to 31st May 2015, the total charged by the company amounted to only £306468. Even with an apparent charge to the Premier Club of £340112 ,these are not substantial charges considering the Company has to pay for the upkeep of the ground and facilities etc. The Company also receives income from the Ospreys of £73695 on collected turnover of £608396.(Incidentally this amount was erroneously shown in note 26 of the Association accounts by Deloittes as being the football clubs payment when in the Stadium accounts it is shown as Osprey gate collection receipts.)
My point is that the Stadium Management Company represents a very good deal at present forSwansea city Football Club.
Is this agreement now going to be scuppered (and under the terms of the lease it can only be done with the agreement of the Club,the Ospreys and the Council) , because we are represented by Dineen,Jenkins and Pearlman. We know the first two have put their own financial interests in front of the club's by their deviousness over the share deal.Pearlman obviously will have the American investors best interests foremost.
Are we being stitched up on this. |  |
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| Liberty Lease.. Dineen and Jenkins are representing the club! on 09:56 - Feb 22 with 1017 views | NOTRAC |
Swansea City Stadium Management Company is a non profit sharing company which was set up simply to run and maintain the Stadium.
The directors consist of Councillors, Osprey representatives, and Swansea City representatives which include Dineen, Jenkins and Pearlman(added 19/12/16.)
The income of the company is generated from the contributions from the Ospreys,the Premier Club and the Football Club.These contributions in the accounts to 31st May 2015 were as previously mentioned. In addition the SSMC also receives income from naming rights and events like pop concerts.All the money generated has to be used to maintain the Stadium.Income from naming rights ceased at May 2015. I don't know the current position.
There is a Lifecycle Maintenance Plan drawn up by Quantity Surveyors Faithful and Gould in 2011 which estimated the amount needed to maintain the Stadium over the years of the lease,which totalled£5.793m. At 31st May 2015 the Fund had already reached almost £1m (£933196)
There is only a peppercorn ground rent, the Council getting its money from business rates, but obviously having an equal say in how the Company should operate.
If the new American owners have their way, this Company will be wound up.
A new lease will be drawn up between the Council and the Club which would mean substantial payments having to be made to the Ospreys and the Council.It is even possible that the ground may be sold to the club if these payments were high enough.
I can go on ad lib about this but all I am suggesting is that the Tust as 22% shareholders should be involved in these discussions.Leaving this to Dineen and Jenkins is dangerous. [Post edited 22 Feb 2017 9:57]
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