shrimps trust

[Keith]

I'd love to understand the details of the ground move, because I clearly failed to grasp it at the time.

I thought, the entire amount paid by Sainsbury's for Christie Park, was then spent on the new ground, and transferred to the Christie Trust, in its entirety. Now, it appears that in fact, the Sainsbury money bought some of the land, which is held by the Christie Trust, and paid for the new ground, which isn't owned by the Trust.

In effect, has the majority of the value of the Christie Trust (the entire money received from Sainsbury's) been somehow syphoned off? Is that a correct assessment, or does someone know otherwise? If that was the case, how was it legal? If the entire value of the Christie Trust had remained the same, just a different location, ie, the new land AND the stadium built upon it, we'd never have got into this mess in the first place.

Should the Trusties of the Christie Trust be contacted about the state of the sale? If it all goes pear shaped (more than it already is) it will have a profound effect on the Christie Trust.

Perhaps the two Trusts need to be talking to each other?

[Redalert1970]

It's all a big big mess and I'm afraid Jason doesn't care if the club is sold today tomorrow or next year

I agree marches and protests are a great idea but sadly won't make Jason sell the club any quicker

[KenH]

I'd love to understand the details of the ground move, because I clearly failed to grasp it at the time.

I thought, the entire amount paid by Sainsbury's for Christie Park, was then spent on the new ground, and transferred to the Christie Trust, in its entirety. Now, it appears that in fact, the Sainsbury money bought some of the land, which is held by the Christie Trust, and paid for the new ground, which isn't owned by the Trust.

The JBC Trust provided "a field" for the purposes of playing football. That's all, a field.

Over the decades, MFC Limited built stands on the ground, built the infrastructure (power, water, security, lighting etc) and ran, what is effectively, a business from the ground.

When Sainsbury bought the site, they weren't just buying "a field", they were buying the stands, infrastructure etc., and part of their payment would be compensation for the club having to move site to somewhere else and pay for the building of replacement stands, utilities, infrastructure, etc. MFC would never have sold if all they received was the value of "the field"!

So, the sale proceeds were rightly split, simply, in two ways. The first tranch enough funds to buy a replacement "field", which is the basic land and what is held by the JBC trust. The second tranch was used to put in the infrastructure, roads, utilities, stands, which are, again, owned by MFC Limited and basically an upgrade on what MFC Limited owned at Christie Park. The buildings etc are owned as leasehold because you can't own a building on land you don't own. The buildings etc at Christie Park were likewise leasehold as they were owned by MFC Ltd on land they didn't own.

So, pre Sainsbury, the JBC Trust owned a field, upon which MFC financed and built a football stadium and related infrastructure. Post Sainsbury, JBC Trust own a field (different location), and MFC own (via leasehold) all the infrastructure and buildings. So, "like for like" before and after the Sainsbury deal.

[marky No.1]

The buildings etc are owned as leasehold because you can't own a building on land you don't own.

Unless it is on wheels of course

You are right Ken , the additions to the 'field' were owned by the Club via lots of loans from Directors who were quite in their right to claim their loans back.

Can only assume as there wasn't the cash, PMG used it as a mechanism to claim some of it as property.

[Keith]

The JBC Trust provided "a field" for the purposes of playing football. That's all, a field...

Thanks Ken, that's a good explanation. But, I doubt if the field for boggy field, were like for like in terms of value. Quite clearly, Christie Park was far more valuable real estate than a boggy part of Westgate.

I suppose I just feel that it wasn't 'sold' like that at the time. I agreed that the club needed to move, but I thought it would be better off for doing so. In reality, we've been in a mess pretty much ever since.

If we do go under, will a phoenix club be able to play on the pitch, if we don't own the buildings around it? If a ball gets cleared off the pitch and lands in the stand, will we be able to retrieve it? Will spectators be able to stand behind the goals?

[KenH]

If we do go under, will a phoenix club be able to play on the pitch, if we don't own the buildings around it? If a ball gets cleared off the pitch and lands in the stand, will we be able to retrieve it? Will spectators be able to stand behind the goals?

All depends on whatever "deal" can be done with the administrators/liquidators or the eventual ultimately purchaser of the buildings. We may not even have access to the changing rooms, so worrying about where the spectators will watch from is a moot point! After all, we lost access to the community building/gym when PMG Leisure went under as presumably the club couldn't agree terms with the administrators.

Basically if MFC Limited goes into administration/receivership, the receiver/administrator will "secure" it's assets, such basically lock the buildings and gates etc to preserve the assets. Once they've done that, they'll start talking to interested parties about either selling them, renting them, or otherwise allowing the use of them. Basically the administrators/liquidator hold all the cards and control the assets. I'd hope the JBC Trust would have access to the pitch via the metal gates in the corners, but that may be all as there presumably is a right of access in the Trust deeds, as there'll be a similar right of access across the road/carpark outside (As Fury has to access his gym and pitches).

I suspect we'd have to stop using the stadium for games in the short term and play elsewhere.

[marky No.1]

Catchup
viewtopic.php?f=1&t=22394&hilit=Pmg+leisure+administration

[Old Man Kensey]

https://www.facebook.com/share/1ApK9rV8St/

Some more good work from the Trust.

[marky No.1]

https://www.facebook.com/share/1ApK9rV8St/

Some more good work from the Trust.

For those that can't see that, 'we' are on Granada Reports Friday evening

[BerlinWaller]

Good publicity, well done to Tarnia and the Trust.

Let's hope supporters can get behind the march and turn up in big numbers on Saturday.

#jason out

[Hodgie1978]

Is this the most telling thing done by the club? They've let the Trust use the stadium facilities to talk about the protests against Jason.
Could Jason turn nasty and ban everyone connected to it.
Well done the Trust

[twosheds]

Well done for the Trust for raising the profile of our current predicament...

[P/T Indie]

I thought that hodgie as soon as I saw the picture.
We have always been told any protests, meetings etc have can't be done at the club.

[BerlinWaller]

And the march on Saturday is allowed on club property

[Billy bodger]

Will Jason take the bait and ban the Trust from the stadium, just more really bad publicity if he does.
The Trust should raise our plight in tge media outlets where Jason lives, take the battle to his home ground, as it were.

[Redalert1970]

After reading the latest update from the shrimps trust I'm starting to think there is no buyer interested

It should never take this long

[black morse]

After reading the latest update from the shrimps trust I'm starting to think there is no buyer interested

It should never take this long

The EFL state 'We are still not in a position to give clearance for the change of ownership"
Why would they say that if there was no application with them from a proposed buyer???

[John L]

After reading the latest update from the shrimps trust I'm starting to think there is no buyer interested

It should never take this long

The EFL state 'We are still not in a position to give clearance for the change of ownership"
Why would they say that if there was no application with them from a proposed buyer???

Exactly.

[Redalert1970]

Just find all this very very dubious

[marky No.1]

It's been dubious for 15 years

[Redalert1970]

I've watched and followed Morecambe Fc since 1979 and it could be taken away by one man

Please Jason do the right thing and SELL NOW

[deadorred70]

He won't untill its to late.