Has the plan for re-uniting the freehold with the club been explained?
I understand this is somewhat commercially sensitive information……but will the club acquire the freehold in 2019 or 2020?
And who will the club borrow the money from.
I love the positivity of Leigh Pomlett – but the club acquiring the freehold and ceasing the Bonser pension fund rental payments is still absolutely critical – and must be addressed asap
A statue of Leigh Pomlett (& Sir Ray) should be comissioned when the club owns the Freehold.
It will be commercially sensitive and i imagine that the sale is littered with non disclosure agreements. As per the definition of an option agreement, LP has confirmed that the terms of the purchase of the freehold are contractual should be wish to take them up, so they price and mechanism for purchase is set out in the contract and i assume that the funding is what he needs to arrange. The uncertainty over timings will come with the funding and due to the way these pension schemes are administered, he wont be dealing with JB as such it’ll be the people who are legally managing the scheme who are at all times required to protect the interests of the pension scheme.
Can’t wait until we’re fully rid of him
As Poloman says, there will be an NDA in place to cover both parties.
Bonser is 75 next June, a significant age with respect to pension law. At 75 there is a second “lifetime allowance” test, the result of which can result in a hefty tax penalty if exceeded. Could be something in this, maybe not, but I’m sure the timing of the transfer of the freehold will not just be about LP arranging the finance.
I am a bit thick with regards to purchase of the freehold so can someone explain for me please…
Do we have to pay the rent of £440,000 per annum and then a set agreement for cost to purchase freehold? So technically we could be shelling out £800k-£1k per annum or can both be consolidated into the £440,000??
From the recent liaison meeting:-
A purchase price (undisclosed) has been agreed between LP and Bonser/Suffolk Life. The club has 7 years to come up with the money, so LP has until July 2026 to find backers to help him raise the cash. He has said that he cannot afford it on his own. There has been talk of some American investment interest, providing we can get back into League One, at least.
As an aside, I think that there is a break clause (in the club’s favour) in the lease in 2027.
Everyone is subject to the test as it is the law. Whether or not there is a tax charge depends on how much the investment has grown and how much they have withdrawn during the period and when it was invested. As the Bonser’s have had this in place for a long time, chances are they will have a much higher LA limit than had they opened the SIPP in the last few years.
As far as I know, Boner had the SIPP in place prior to the introduction of the lifetime allowance regime in 2006. As long as he did not make any further contributions to the scheme, he would have been able to apply for enhanced protection to avoid any future lifetime allowance complications.
Rental income ain’t a contribution.
Some people manage to be less subject to the law than others.
Yes, If it was in place prior to that date then he would indeed have protection. The rental income is indeed a return on the investment, so as you say, not a contribution. Another benefit of “lending” the club money and increasing the rent.
Presumably the proceeds from the sale of the freehold would go back into the SIPP to be reinvested elsewhere.
Yeah he’s addressed this, at length. That he can’t do it at this moment in time because there are technicalities around the deal but would like to resolve it as soon as possible.
Also pointed out there are many teams that pay to play in their stadiums and pay a lot more than we do and that the fans get too hung up on the freehold issue and that he is investing more in the playing side already without owning the freehold.
Get the feeling he might be saying this bit to keep Bonser sweet (as in, this is what they will have discussed). I think LP does understand that its important to the fans and will make a decent difference to a club our size.
The timescale is seven years for the purchase of freehold to be completed
The figure has to be paid in full. No instalment plan will be accepted or entered into by Jeff
The figure was not disclosed , although Leigh may disclose at a later date
There is a rental review in eight years , we could if wanted and both parties agreed re locate, but. This option has not even been considered or spoke of at this point in time
The land ar Aldridge owned by the Francis group was confirmed as a non starter we will not be relocating there whatsoever
As for saddlers club still no decision although it highly unlikely to return as. A supporters club., not been totally dismisses but as said highly unlikely at this point in time
That is the current sittuation regarding freehold
Independent saddlers supporters association will alongside trust and other supporter groups do everything possible to try and raise funds. To put into vlub. As and where possible and will jointly. Try to come up with ways to increase attendances Issa will also have a concentrated. Effort along the lines of capturing the next generation of fans , , and we will willingly work alongside any other group who wants to get involved in this imitative
Where do ISSA now sit with having fans drinking in the Railway Club pre-match and not in the clubs facilities, helping boost the coffers now we are Jefreeeee?
We are hopefull fans will still drink there pre match as we will still have a shuttle service in operation taking fans down to stadium suite etc, just as we did last season see no reason why this can not continue, as Issa is still set up for the benefitt of you the fans
Plus with the expected crowd take to long to get served in the grounds. Bars, lol, so please try and have at least a pint in railway beforehand