QPR in talks over flash new home as they look to become next club to upgrade By CHARLES SALE PUBLISHED: 22:49, 20 August 2013 | UPDATED: 22:49, 20 August 2013 Championship club Queen Park Rangers have overtaken west London neighbours and Premier League giants Chelsea in the search for a new stadium. Chelseaâs tortuous hunt has stalled, but QPR are in talks over building a futuristic 40,000-seat ground as part of a massive £10billion Canary Wharf-style development at Old Oak Common, near Wormwood Scrubs and Loftus Road. QPR are advanced enough in negotiations with Hammersmith and Fulham council and the Greater London Authority for a memorandum of understanding to have been drawn up. Possibility: Loftus Road may be replaced by a new stadium if QPR's plan can be achieved The plan is to transform 100 acres of industrial wasteland into a vast railway hub for Crossrail and the proposed HS2 link from Euston to Birmingham. A sports arena will also be built, as well as an office and residential complex with 19,000 homes â more than QPRâs current capacity. The proposals are said to require a £200m contribution from QPR, who have the backing of airline tycoon Tony Fernandes and the Mittal steel family, one of the richest in the UK. A QPR spokesman said: âWe are taking a good look at various long-term options to see which makes the most sense.â Read more: http://www.dailymail.co.uk/sport/fo...ash-new-home--CHARLES-SALE.html#ixzz2cYAZ3ZLB Follow us: @MailOnline on Twitter | DailyMail on Facebook
To be honest, I don't understand what a memo of understanding means? Any legal/property experts out there?
Definition A document that expresses mutual accord on an issue between two or more parties. Memoranda of understanding are generally recognized as binding, even if no legal claim could be based on the rights and obligations laid down in them. To be legally operative, a memorandum of understanding must (1) identify the contracting parties, (2) spell out the subject matter of the agreement and its objectives, (3) summarize the essential terms of the agreement, and (4) must be signed by the contracting parties. Also called letter of intent.
Is this the same site where the local residents have organised themselves in protest against the club's plans to redevelop? I remember seeing pictures and a couple of articles about this, perhaps six months or so ago; I gathered that some sort of legal action was in the pipeline. Maybe an agreement has since been achieved.
Does anybody know what the crack with Warren Farm is? I don't think it's been mentioned for a few month
The last I heard, the residents were objecting and an appeal was lodged. Not heard anything since then.
£200m contribution from the club needed, thats a lot up on reported figures earlier this year Of course it all might come to nothing if HS2 doesnt happen which is a distinct possibility As for Letters of Intent, ive had more disputes over these little ******** than anything else All good news if true but still a long way off
I wish I had a tenner for every letter of intent that was reneged on during my business life. Means **** all. I once spent an entire Christmas fine tuning a proposal document having received an LoI only to find out that the clients consultant had spent the Christmas on sone sunny Isle with a competitor.
Oh ****! I've just ordered a £1m worth of stock based on an LoI. I thought they were legally binding.
My example above happened about 15 years ago. Unless laws have been changed there was plenty of wrigggle room. The moral of the story is: the deals not done 'til the contract's signed. Our legal team was always involved in LoI's but it didn't do us any good.
Any good letter of intent should include an indemnity clause to cover you at least for reasonable costs expended in the event that a formal order is not placed. Has always served me well, I insist on such a clause, before committing to deliver any goods.
Some time back someone posted a proposal for the Old Oak Common site with a stadium in the centre. All smoke and wind at present but if they pull it off, it will be the most incredible statement about QPR's future.
