Apparently, Ken Bates, when he owned Chelsea, sold the pitch separately to the stadium to safeguard Stamford Bridge from ever falling into the hands of property developers. Seems like a good idea to me. If the council cite worries about future development of the KC away from a football stadium could they not sell/give the stadium to the Allams and retain ownership of the pitch (and all means of access rights). This would surely counter any fears of the stadium ever being pulled down and replaced by houses/offices/hotels etc. Don't believe I just suggested Ken Bates had a good idea!!!
If it's any comfort, I agree with you (and therefore, Bates)... but I have to say I feel very dirty now. It does make sense. The Pitch has very little capital value - most of that is in the stands, so the Allams shouldn't have a problem with raising money, but the stadium would be secured. Seems to make perfect sense.
There's no need, they just had to write into the sale agreement that it could never be used as anything other than a sports stadium. Just at my home, which was originally owned by the church, has a covenant preventing it ever being converted into a pub/restaurant/strip club etc.
You have a "healthy" relationship with Mrs. Lambo then? I'm still trying to persuade mine to do it with the light on!!
Going back to David Lloyd days, didn't Boothferry Park have a similar covenant? with the pitch being classed as green belt (or something similar) and therefore unable to be built on. Planning permission has now been granted for housing, so I dont think covenents are as secure as you might think.
It is a good idea, but papa Allam needs to use the freehold of the whole site and stadium to raise enough money for the project. Abramovitch doesn't need to borrow, he will probably just pay in cash.
As far as I know, a covenant can be reversed by those who instigated it, if the circumstances change. That was the case at Fer Ark, once the club had moved, there was absolutely no point in keeping that protection in place.
Considering the council have to grant planning permission, all they'd have to do is refuse planning permission to stop housing being built on the land which is currently the pitch.
