I know liberty means free but didn't think the Jacks would take it literally http://www.bbc.co.uk/news/uk-wales-15356005
Extract taken from Bucks Free Press The venue opened in 2005 but SSMC, the stadium management company (a joint venture set up between the clubs and the council), has failed according to an auditors report to pay any rent to the Council to date. Just before the stadium was completed the Council had to provide a £2 Million loan to ensure that the stadium could be fitted out. The management company was unable to pay off the loan and the Council secured title of the stadium in order to write-off the money in 2006. There is an entry in the 2010 accounts showing a £2.3 Million transfer of assets to the Council to pay off a loan and itâs unclear whether this is an additional loan. Under the terms of the lease the management company was expected to make provision for maintenance, which it failed to do. An investigation in July 2010 discovered a shortfall in the £800,000 repairs & maintenance fund.
Still interested in us I see as , regards "hmmm, losses both on and off the pitch. At least they're consistent " look no further than yourselves, not exactly setting the league alight are you
Anyone remember some of the jax giving us a hard time when we owed money to HMRC? Yet the jax can steal £500K from the local community, our bill is paid...... c'mon big time "premiership club " pay your debts
We "took" your place as Wales' no1 club, if that's what this is all about? End of the day, you do digging at any office involving big money figures and you'll find some stuff that the press can and will twist to make a story. The Swans are more than solvent, and most of, if not all the losses made by the company running the stadium are to do with off-field costs such as promoting concerts etc. Then again, it's much more fun to ignore that and speculate, eh!
Not speculation, the council have received no rent to date, no wonder the Swans are solvent, you lot were all over us like a rash when we had troubles at least ours are getting paid. It makes you laugh they all blame the company running it and guess who's part of that,,,,,,,,,,, On 18 September 2003 Cabinet agreed the final design specification for the Stadium, appointed Interserve as the main contractor and approved, in principle, a preferred option for the establishment of a company, owned by the three interested parties, to manage the Stadium. In April 2005, a Joint Venture Agreement (âJVAâ) between the Council, the Swans, the Ospreys and the SSMC was signed as the basis for the management of the Stadium. In accordance with the JVA the shares in SSMC were divided equally between the Council, the Swans and the Ospreys with each holding 50,000, £1 ordinary shares. SSMC operates under the day to day control of its Board of Directors. The Council is represented on the Board by two of its Members, the remainder of the Board being made up of two representatives each from the Swans and the Ospreys. The current Council representatives are Councillor Graham Thomas (Chair) and Councillor John Hague. The Stadium is leased to SSMC under a 50 year lease. The rent payable is effectively 30% of any distribution of profits from SSMC. The lease can be terminated for non payment of rent, breach of covenant by SSMC, or the insolvency of SSMC. Stop ripping off your tax payers and pay up.
Another one for you to chew on,,,,,,,,, A report published in January 2011 by PWC on behalf of the Welsh Audit Office concluded “The financial position of SSMC remains precarious and the current revenue sharing arrangements are considered unsustainable.”
Sussex a couple of points for you, the clubs cover ALL losses made by the management company! They are independent company that has audited accounts filed with companies house, they have directors from the council running the management company. The clubs do pay what is stipulated on the lease agreement with them, the lease is a legal contract and they are paid what is on that document, so it is out of the club's hands when a separate legal entity has been paid. The clubs cannot pay more than what is legally due, companies do not work like that, there is accountability and every penny must be accounted for. So there is no ripping off, that would be illegal and would be investigated by the relevant bodies that would do that.
I understand the clubs have to make up for the management losses but isn't that in reality just paying yourselves, at the end of the day the council have rec'd no rent because the company management (owned by the clubs) have not made a profit, I quote from the Council agenda, "The Stadium is leased to SSMC under a 50 year lease. The rent payable is effectively 30% of any distribution of profits from SSMC", so no profit = no rent, the guy who dreamt that up needs shooting, anyway it still means that the good old taxpayer is footing your bills !
Sussex with respects there was no guy as you put it, this was negotiated with legal teams from all parties, the council agreed to the terms as did the clubs. And the management company are in the hands of the council as well, so there is nothing hidden and a prominent local councillor is on the board. And the good old tax payer is not footing the bills at all, what part of the clubs paying all losses you don't understand ? The fact is the council have paid very little into this venture at all, there were grants to move the athletics track, and the retail park paid for everything else. The council provided land that was disused for this, and they got the freehold of the vetch for virtually nothing, so basically they have made money on this and will continue too by the retail park and the renegotiated lease the club will have.
What Jager said. Trouble is this lot are too thick to read. All they see is the amount and the word 'loss'. Anyway, why are you interested? You're more off the pace in your own little League than you have been for three seasons. Some tough opponents in that Division too. You have to be worried. I see one thread on your board querying relegation this season, and most realise it could happen. If I were you I'd be more concerned with that than pondering over some imagined wrong doing by the number one Club in the Country.
Taken from the Councils own agenda and another published reliable source Just before the stadium was completed the Council had to provide a £2 Million loan to ensure that the stadium could be fitted out. The management company was unable to pay off the loan and the Council secured title of the stadium in order to write-off the money in 2006. There is an entry in the 2010 accounts showing a £2.3 Million transfer of assets to the Council to pay off a loan and itâs unclear whether this is an additional loan. And The £44.8 million Liberty Stadium was largely funded by Swansea Council with the promise of it delivering economic, social and financial benefits and providing a new home for Swansea City FC (The Swans) and South West Wales Rugby Ltd (the Ospreys). Looks like I'm the only one who is reading, hitonthehead this thread is not about us so stop throwing your curve ball ffs. None so blind as those that don't wish to see.
The £44m for the entire project came from the retailers of the enterprise park, nothing came from the council directly , it looks like you need to actually research this as the funding came from this, the same for your stadium the funding came from the retailers and not from the council, though in Cardiff's case the council actually do own the freehold. The £2m loan was to the management company and not the swans or ospreys, as the clubs are completely independent of the management company as they are different legal identities. The fact that they have not made a profit is down to them not the clubs, the clubs pay what is legally due! Tell me Sussex what else are the clubs supposed to do ? They pay the rent that need to the management company, they have increased the funding to ensure maintenance of the stadium, they cover any losses, and they are in negotiations in regards to the lease. The council are the ones who agreed the terms of this contract, they knew what those were before anything was signed, who's fault is that ? I don't know why you are pretending interest to be honest as it doesn't even concern your club, basically in regards to your stadium I don't give a toss what has been done, and I have no interest in the fact that your club has done a similar thing to ours. And here is a link that confirms most of what I said www.liberty-stadium.com/liberty_stadium_introduction.php
