Stalin wrote:Just a quick claw back question.
Having never read anything "official" about the claw back I was under the impression 2015 was when Griggs stopped making any money from the land and that was why nobody would want to develop the place.
Is it in fact 2015 when he
STARTS making money from the land?
I smell something fishy, and I'm not talking about the contents of Baldrick's apple crumble
Both your ideas are wrong. The Griggs group handed the land / buildings etc over to the Trust (along with 750k) assuming they'd look after them going forwards, so they didn't expect to earn any money from those assets once handed to the Trust. The Griggs Group did reserve the right for 10 years of clawing back some money should there be any development on the land - remember this is the whole site, not just the stadium, which has a separate covenant relating to sporting use. When the Trust handed over to Cousins his constraint was that he couldn't develop the land before 2015 without paying Griggs this "clawback" money (or getting their agreement on any development). After 2015 he's in the clear, and the "directors loan" that he made to get the Trust to hand him the keys can be cashed in, along with his return on investments in Garry Hill, Leon Knight, Lee Phillips, Daryl Clare etc.
Club income (with Cousins making up any shortfall) was obviously funding the stadium costs whilst he was in sole charge - but since bringing in the Beasants has has been able to delegate some of the site / complex costs as well as earning rent.
It's assumed the lease that KTFC signed is still in Ladak's name, and Cousins may be anxious to ensure he gets ongoing rent for a while - bearing in mind that any development may not include bulldozing the stadium due to the sporting covenant. There is an assumption that he has more favourable payment terms on the back of the lease - which is borne out by some statements on poppynet which suggest he isn't on the list of creditors.
