I pay almost twice that, per annum for my 2 bedroom, single floor flat. Fair enough, I get a garage...
That's half an answer to half the question, it would be interesting to see what the figure actually was on the maintenance and upkeep of the Stadium
The SMC pay a peppercorn rent to Hull City Council for the lease. I don't know the exact figure as it wasn't quoted in the briefing paper prepared for a Council meeting. It could be as low as £1 a year but don't quote me on that. The lease allows the Council to take a share of the SMC profit's which are the figures OLM has quoted. Its not really rent but a profit sharing scheme. For a 50 year lease it is not unusual for the leaseholder (the SMC) to pay for the maintenance of the property. Its fairly standard commercial practice. Hope that helps.
Under the terms of the lease, the rent, a peppercorn, is not subject to review throughout the term. However the Council has the right to receive income through the “additional payment” which operates as the main income mechanism. The tenant pays a percentage of the net profit before tax based on a sliding scale (5% up to £1.0m, 7.5% - £1.0 to £1.5m and 10% over £10m). The table below sets out the amounts received by the Council. Year ending Amount received 31.7.14 Net loss – no payment 31.7.13 Net loss – no payment 31.7.12 Net loss – no payment 31.7.11 £1,826.05 31.7.10 £850.15 31.7.09 £1,038.68 31.7.08 £709.00 31.7.07 £126.85 31.7.06 £11,261.50 31.7.05 £15,959.65 31.7.04 £17,900.60 31.7.03 Net loss – no payment
I couldn't answer the other half, as I haven't seen the maintenance costs published anywhere, but they're the responsibility of the SMC (rather than the football club) and all tenants of leased buildings are responsible for their upkeep.
