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interestrateripoff

Doncaster - £30M Stadium Now Valued At £500,000

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http://www.thestar.co.uk/news/local/30m_stadium_now_valued_at_500_000_1_3081403

DONCASTER’S Keepmoat Stadium has seen its value on Doncaster Council’s books slashed – by more than £29 million.

The authority has cut back its assessment of the site back to just £500,000 to reflect its actual value to the council in terms of future income – after being initially rated at £30m.

The move has been approved by external auditors.

The stadium is the home ground to Doncaster Rovers and Doncaster rugby league club.

Doncaster Council’s acting director of finance Steve Mawson said: “A verification exercise of all assets owned by the council is undertaken each year, in conjunction with a rolling five-year programme of revaluations.

“Following a change in accounting policy in 2009/10, the Keepmoat Stadium has been re-lassified as a non-operational council asset in order to reflect the stadium building being council-owned but its facilities being mainly used by Doncaster Rovers Football Club.

“The new valuation represents the future cash-flow from the lease agreement managed between the club and the Stadium Management Company.”

But the revalued figure of £500,000 is not an open market value and a different valuation would be needed if the council ever decided the asset was available for sale.

Meanwhile, councillors yesterday heard the stadium is likely to make a small profit this year, according to figures provided by the Stadium Management Company.

The council’s economy and enterprise overview and scrutiny management panel was shown a report revealing a profit of around £2,000 is expected this year.

Bosses have carried out work to increase income and cut costs throughout the last year, including reducing staffing costs.

At one stage, the stadium had been almost £2m in debt.

The committee is being asked to back an extension of a £1m overdraft guarantee to the facility.

Not sure how much it cost but generating £2000 in profit. Bargain.

Edited by interestrateripoff

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I wonder what happened to the Bell Vue land? Looking at Google Maps, the stands have demolished & the road has been widened..I don't know if its up for housing or something else?

Edited by Dave Beans

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http://en.wikipedia.org/wiki/Keepmoat_Stadium

Keepmoat Stadium is a multi-purpose stadium in Doncaster, England, with a capacity of 15,231. It cost approximately £32 million to construct and mainly used by Doncaster Rovers Football Club, but is also used by Doncaster Rugby League Club and Doncaster Rovers Belles Ladies Football Club.[1]

So built at a cost of around £32m.

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A burger van on the site would generate more profit. No need to spend 30 mill building a stadium.

I saw that (in your neck of the woods), The Liberty Stadium in Swansea "only" cost £27m, and it can hold 5,000 more...

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This stinks of corruption, SWIM might say someone somewhere is going to make a lot of cash.

You are probably right i seem to remember that Doncaster has previous form on corruption......

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