Tuesday, 28 February 2012

Jumpers for goalposts

On 15th September last year, the Inox managing director Rob Saltmarsh spent nearly an hour discussing the Truro stadium project with my BBC Radio Cornwall colleague Laurence Reed. He made it quite clear that Inox was not planning to invest in the stadium.

Laurence: "Is your company going to paying anything towards this venture?"
Rob: "Not towards the stadium."

I will upload the whole interview when I find a way to squeeze the large audio file onto this blog. It is hard to avoid the impression that what we are talking about is a very large housing estate, which might or might not have a sports/recreation area nearby.

Meanwhile here is a shorter interview, broadcast on the same day, with Cornwall Council's head of economic development, Sandra Rothwell. She makes it clear that not one penny from the associated housing project can be used to fund the stadium.

And here is the relevant extract from last week's Scrutiny Committee meeting, which perhaps explains why many councillors feel they don't yet have a business plan:

Capital Funding

34. As identified earlier in this report the capital cost for a 10,000 capacity stadium (including all stands and a mezzanine floor) is approximately £15,200,000. The cost of construction can be met in the majority by the individual members of CCSL. The Council has not previously made provision for any capital contribution to the stadium's construction costs and the Council's Leader has indicated that it is unlikely that any such contribution would be made. The constituent members of CCSL have indicated that the majority of the capital costs can be met by them with a shortfall being the subject of
borrowing on the part of CCSL.
Revenue Funding

35. An operational revenue model has been developed and is being refined by CCSL. More work is required due to the uncertainties around the capital funding package and the potential involvement of interested parties.

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