- Feb 18, 2006
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Just to give you a quick insight on stadium economics. Although comprising only 10% of the capacity the premium seats and boxes account for 65-75% of total receipts. Our premium seats are 60-70% sold already on 3-10 year contracts. The debt we've raised isn't unsecured like Liverpool's it is essentially just a securitisation of future gate receipts, most of which are already in the bag. Also as I've said elsewhere I think the £800m figure is nonsense, I can't find anyone in the construction industry who can come anywhere close to that figure. It might be the total project cost but that includes a hotel and hundreds of houses, all of which should be self financing or they shouldn't be built. My guess is the stadium cost is £450m in line with the debt we've syndicated.Not arguing that we can't spend money. I think we will. But the stadium is a huge risk £800m is 4 times the amount liverpool owed when they were seized by the banks in 2012. Their turnover was £206m (that year) our last accounts had us at £209.8m.
Don't think we can't do a leeds. We are walking a tightrope.