Though I think it will be sorted in the long run, I don't think we'll see repayment tomorrow. No inside information to suggest that's the case, just a gut feel/opinion.
I suspect the rumours about dilapidations are true but not the £25m that is also being bandied about. I also suspect that the £13m grant that is being asked for is to cover the dilapidations and is needed to also get the valuation required for HSBC and the other lenders to approve the transfer of funds to repay the Bond.
Why would, or should CCC effectively grant the money for dilapidations? Could be a number of reasons:
- They are liable as the freeholders of the Stadium (although typically it's the leaseholder responsible for repairs)
- They are liable as they originally built the Stadium
- Who is going to take over the stadium with the repairs required? - You can be sure that SISU wouldn't unless the stadium was effectively sold for nothing knowing they have to invest millions to bring it into a good state, but that wouldn't repay bondholders who take ownership of the stadium in the event of a default
- Avoid disruption to the local economy, job market and any events that have been booked but not might be able to held at full/normal capacity (which in turn leads to economic impacts on the area)