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Emirates Stadium
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27-06-2005 9:06pm#1http://www.telegraph.co.uk/money/main.jhtml;jsessionid=KA2XVC0JVZGXPQFIQMFCM5WAVCBQYJVC?xml=/money/2005/06/26/ccgunn26.xml&menuId=242&sSheet=/money/2005/06/26/ixcity.html&menuId=242&_requestid=11954
Interesting article on Arsenal's new stadium at Ashburton Grove.
I'm most interested in the financial aspect, particularly the flats. Now i'm not that familiar with house prices in North London, but i'd expect 'luxury' flats in North London to fetch at least £200k a pop (assuming they are being sold), which if you do the maths, equates to £400m. Which is a lot of loot.The financial risks for Arsenal are not trivial.
A new funding package was put in place in February last year: the club's accounts for the year to May 2004 showed that its debts stood at £158m. By the end of this year, construction costs will mean that the club has drawn down the majority of a £260m senior debt facility arranged with Royal Bank of Scotland.
Interest payments of around £15m will commence when the club moves into the stadium in a year's time. The club has fixed its interest repayments on its main borrowings, but it could well refinance by issuing a long-term bond as and when Ashburton Grove proves to be a success.
The club has made money - £41.8m - from property development activities related to the new stadium. More could follow when 2,000 luxury flats are built on its historic old ground.
However, the most visible new earner is the sale of the naming rights for the stadium to Emirates, the Dubai-based airline. That deal is worth £90m to the club over the next 15 years.
It's looking good: http://www.arsenal.com/images/emiratesstadium/emirates250505_9x.jpg
/me is excited
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