It cost £42m to turn into a football stadium (all paid for by City), the finance lease will cost us £500m in total.The Emirates cost £390m, The Etihad cost about £150m to turn into a football stadium. City paid £20m of that, plus the expansion, plus £2-3m a season which puts us at another £30-45m paid back. The Emirates is a nicer finished stadium but the Etihad for a third of the price isn't bad, and shows what can be done.
Construction Cost = £112m (paid for by Sport England)
Finance Lease = £2m per annum over 250 years = £500m (paid to Manchester Council)
Nice deal for the council.
City got involved from day 1 of Commonwealth games planning to secure the stadium and are a long way from getting a favourable deal on the numbers alone. Don't blame us for Arsenal's lack of vision regarding the Olympics.
Geez from a supporter of a club that bribed it's way into the top tier.
I wasn't blaming anyone. I'm perfectly happy with how things worked out for our club and the stadium we now have.
As to the London Stadium, it was never a runner. The club and fans were unanimous in staying in Highbury and retaining the historic links with the community.
It cost £42m to turn into a football stadium (all paid for by City), the finance lease will cost us £500m in total.
So in effect the stadium cost £542m+ Maine Road.
Emirates cost £390m-the money gained from the Highbury development.
Poor old Arsenal.
such historic links from a South London club.
Are you Tottenham in disguise?
Arsenal chose their own repayment terms, as did we. Finance leases are actually the normal method of paying for projects this size, the longer the lease, the higher the repayment sum. The net present value is far closer to £280m as well, you're making the basic mistake of applying a projection of monetary value in 2255AD across the entirety of the lease.Some dodgy accounting there failing to take into account the time value of money.
£2m pa for 250 years has a net present value of no more than £50m. That is the comparison figure not the ludicrous one of £500m mentioned.
Arsenal chose their own repayment terms, as did we. Finance leases are actually the normal method of paying for projects this size, the longer the lease, the higher the repayment sum. The net present value is far closer to £280m as well, you're making the basic mistake of applying a projection of monetary value in 2255AD across the entirety of the lease.
A lease we quite happily would have paid off if the repayment sum went to the council where it's needed instead of to Sport England where it would be spent on vanity projects.