Indeed. So let’s get the ball rolling with this from page 59 then:
In summary, the council’s advisors disagree significantly with the applicant’s conclusion that there is a development gap of about £49.5m (i.e the difference between the development cost and the value of the project)”
“The main reason why the council’s advisors disagree with the applicant are;
1. The applicant has not included the enhanced value to Bristol City Football Co Ltd caused by the positive revenue impact of the new stadium on ticket revenue and other revenue streams. Therefore the appraisal underestimates the value of the completed project.
2. The applicants’ have valued the Ashton Vale site significantly above market value. It is understood that the figure used in based on a recent acquisition of an equity interest in the site. This is not considered to have been an arms length transaction and given the current planning policy on this land the value of the site is much lower. It is not reasonable to include other than current value of the land as a cost in the appraisal and therefore the applicant’s appraisal over-estimates the land cost.”
“The applicant has responded to the council’s scrutiny of the development appraisal by adjusting their assessment of the development shortfall down to to £30.3m.”
“The Council’s advisors have reviewed the revised appraisal from the applicant but do not accept this reduced level of deficit, confirming their earlier advice that the project is near break even.”
And what the fuck does that all mean then?
Our man with a head for planning scams says:
“Basically Lansdown has tried to take the council for a ride to get a public subsidy of land and avoid planning obligations by trying to claim a funding gap of nearly £50m.
“He’s done this by getting Bristol City FC (chairman and major shareholder, Steve Lansdown) to undervalue the value of its new stadium while at the same time agreeing a value for the land that the stadium will be built on (landowner , Vence LLP: directors Steve Lansdown and his son) that is vastly inflated.
“When they got their hand caught in the cookie jar by the council they tried to bargain by dropping the gap down to £30m but planning officers have still said ‘no dice'”
So that’s how Bristol’s richest man carries on. More soon ….