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DK derailed by credit crunch?
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I work in the City (Canary Wharf, actually) and yesterday was the most traumatic in my (albeit short) career. By lunchrime the bars were full of guys and gals with tell-tale boxes (they seem to have replaced the sack!) trying to drown the sorrows of instant unemployment.
One guy I spoke to told me he had covered the retail sector for Lehman's and had seen it coming. All the supermarkets are cutting back on expansion plans as the credit crisis begins to hit them and he mentioned two major schemes Tesco had put on ice AFTER THEY OBTAINED PLANNING APPROVAL.
So, even if the forthcoming Inquiry results in the go-ahead for DK, it will be no certain indication that work will ever begin. If this happens, as I'm sure it will, does it mean that Everton will still be held to that damned exclusivity agreement or will they be free to shop around?
If ever an Indian billionaire was needed.............
Harvey Elliott, Posted 16/09/2008 at 09:33:06
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He mentioned two schemes put on hold? Did he not name these schemes? if not his story doesn’t really have any credit? (no pun intended)
Maybe the finacial markets wouldn’t be half as bad if all the city bankers didn’t visit the pubs at lunch time! ;-)
Maybe the finacial markets wouldn’t be half as bad if all the city bankers didn’t visit the pubs at lunch time! ;-)
God I’m crying for these ’city’ types - my heart bleeds...
I’ve got news for you Harvey - lots of schemes don’t progress after obtaining planning permission for all kinds of reasons...Tesco in Kirby - for instance - may be given permission but only after being cut down to size a bit which could render the proposal unviable - this one of one of many possiblities.
I say see and wait for what happens...how the eventual figures stack up will decide the day. And Tesco won’t be telling us nowt beforehand.
I’ve got news for you Harvey - lots of schemes don’t progress after obtaining planning permission for all kinds of reasons...Tesco in Kirby - for instance - may be given permission but only after being cut down to size a bit which could render the proposal unviable - this one of one of many possiblities.
I say see and wait for what happens...how the eventual figures stack up will decide the day. And Tesco won’t be telling us nowt beforehand.
....and it?s not just Tesco who will be hit by the crunch. The DK scheme relies heavily on attracting other retail outlets ? and most of them are not doing half as well as Tesco and just wont want to know.
But before we start chortling in our ale, are we positive that this won't mean the end for Everton as well?
On a slightly more positive note; the news im hearing is that Tom Hicks is heavily tied in to Lehmans. Which should be the end of the shites new staidium and hopefully a bit of panic selling!!!!!!
Changing the subject a little... If DK is floored and this Indian Billionaire takes over, does Goodison have a good chance of being redeveloped? Or will he look at other areas?? When I say Goodison being re-developed don't we own most of the shops & some of the houses on Goodison Road & Gwladys Street????
I think the crunch may floor both DK and Red Shite Towers. If that happens perhaps LCC will at last take the initiative and get the sharedstadium idea up and running.
Every cloud etc etc....
Every cloud etc etc....
Conversely I think the oncoming recession will see Nu Labour give planning permission for DK provided Tesco still want to go ahead. In terms of politicking for the next election Labour will be able to say ’oh we listened to local peoples’ concerns and held a public enquiry, blah blah’, and then if passed, ’we’re bringing new investement and regeneration to Kirkby with this great scheme which will create thousands of jobs, not least in the construction industry’.
I agree that the other retail sectors might be affected but I cant see that Tesco will be deterred - the bulk of their business is still through food / drink and whatever the economic outlook people still have to purchase such essentials. Moreover, if the country is coming out of recession by say 2011 the new development, which wont be started at the earliest until mid 2009, will be primed to take advantage and welcome back the customers.
Thats my laymans analysis anyway!
I agree that the other retail sectors might be affected but I cant see that Tesco will be deterred - the bulk of their business is still through food / drink and whatever the economic outlook people still have to purchase such essentials. Moreover, if the country is coming out of recession by say 2011 the new development, which wont be started at the earliest until mid 2009, will be primed to take advantage and welcome back the customers.
Thats my laymans analysis anyway!
Maybe freeze on credit would do more damage to the clubs around us than it would do to us. Everton have learned to cope with limited resources and haven?t wasted money while the going was good. A lot of other clubs have.
I think everyone can agree there is too much money in the game at the moment, hopefully this whole banking crisis may enforce some clubs to moderate their spending...
I think everyone can agree there is too much money in the game at the moment, hopefully this whole banking crisis may enforce some clubs to moderate their spending...
Harvey
I was in the Liberty Bounds on Fri evening and couldn’t work out what the types were doing lugging cardboard boxes around and looking glum
Even Davor and Arachne were drinking low-price Coors
Now I know why...cheers!
I was in the Liberty Bounds on Fri evening and couldn’t work out what the types were doing lugging cardboard boxes around and looking glum
Even Davor and Arachne were drinking low-price Coors
Now I know why...cheers!
DK is dead in the water. The club are dragging their feet over it just to save face and so they don’t have to do anything else ground -wise in the mean time. Any arguments over the merits of DK etc and its go ahead are pointless.
Tesco = cash rich. Credit Crunch won?t bother them unduly.
With monster market share, cheap clothes and food they could be viewed as being recession proof.
DK will go ahead assuming GONW rubber stamp it.
With monster market share, cheap clothes and food they could be viewed as being recession proof.
DK will go ahead assuming GONW rubber stamp it.
I really don’t understand posters like Joe Rourke. Why get all up tight immediately, Harvey was sharing some info with us, theres no need to get on the offensive. Harvey was retelling a tale that has some possible signifance to us as Evertonians, you come on and basically say "look at meee".
Now then Harvey, is my fortune in savings safe in the bank or should i cash it up and stick it in a box under my bed??
Now then Harvey, is my fortune in savings safe in the bank or should i cash it up and stick it in a box under my bed??
You heard it off a bloke in bar who used to work for Lehman. Did he tell if you if we?re going to sign Riquelme in January as well?
@ Alex, shouldn't that be Lehman's analysis?
@ Harvey, at least the Jubilee Line will be less crowded, so every cloud and all that.
@ Harvey, at least the Jubilee Line will be less crowded, so every cloud and all that.
Talking about the credit crunch etc affecting football clubs, I heard an interesting story the other day about Arsenal being stuffed because instead of allowing the private sector to sell the property they had developed on Highbury they decided to do it themselves and as a result they have seen the value of their assets go through the floor as property has slumped. If they had sold them on straight after building them to a developer they would have sold at the height of the market.
Can you imagine the stick BK would have got on here if he had done something similar!
As for Liverpool, the only thing holding back the arabs is the fact that G & H want to make a killing out of selling the club and if they are forced to reduce the asking price then this would only speed up the purchase by the arabs which surely can only be a bad thing as I imagine they will start to throw around some serious money.
Can you imagine the stick BK would have got on here if he had done something similar!
As for Liverpool, the only thing holding back the arabs is the fact that G & H want to make a killing out of selling the club and if they are forced to reduce the asking price then this would only speed up the purchase by the arabs which surely can only be a bad thing as I imagine they will start to throw around some serious money.
Sadly I think its wishful thinking in the extreme to think the credit crunch will affect DK in any way whatsoever.
Tesco is not just big ? it's huge; it's also run by a staunch Evertonian who?s been involved in DK since Day One and seemingly loves the whole idea of it, which complicates matters considerably. Plus this planning inquiry and subsequent decision will all be happening as unemployment continues to shoot up and as the recession and credit crunch deepen ever more.
The Government may well see DK as a bright interlude amongst dark and troubling times. If North Knowsley desperately needed regeneration during good times then it will need regenerating even more so in more testing economic times. [Posted as "Paul Fogg"]
Tesco is not just big ? it's huge; it's also run by a staunch Evertonian who?s been involved in DK since Day One and seemingly loves the whole idea of it, which complicates matters considerably. Plus this planning inquiry and subsequent decision will all be happening as unemployment continues to shoot up and as the recession and credit crunch deepen ever more.
The Government may well see DK as a bright interlude amongst dark and troubling times. If North Knowsley desperately needed regeneration during good times then it will need regenerating even more so in more testing economic times. [Posted as "Paul Fogg"]
@Joeynkoo Ludden.
1) If you wish to 100% secure your money you should put it into Northern Rock as it is secured by the British Taxpayer.
Alternately any governent guaranteed savings scheme ( with the Post Office, etc). How this is of relevance to Everton I don’t know.
2) A rumour is roughly a 2nd hand unfactual story spread in a gossipy way. Which is what this post is, I feel. The story has not been shown to bare a specific substantive relation to the Kirkby senario or Everton.
3) I work as an architect and I have some idea about these things. I hear enough bankers pub stories when I got out for a pint - not to mind having them repeated here in an irrelevant fashion.
4) If Harvey wants to be helpful instead of gossipy he can give some facts although confidentiality agreements may then be irrepairably broken - at least I would imagine.
5) Its all speculation either way.
Therefore I say wait and see! Not look at MEEE!!!!
1) If you wish to 100% secure your money you should put it into Northern Rock as it is secured by the British Taxpayer.
Alternately any governent guaranteed savings scheme ( with the Post Office, etc). How this is of relevance to Everton I don’t know.
2) A rumour is roughly a 2nd hand unfactual story spread in a gossipy way. Which is what this post is, I feel. The story has not been shown to bare a specific substantive relation to the Kirkby senario or Everton.
3) I work as an architect and I have some idea about these things. I hear enough bankers pub stories when I got out for a pint - not to mind having them repeated here in an irrelevant fashion.
4) If Harvey wants to be helpful instead of gossipy he can give some facts although confidentiality agreements may then be irrepairably broken - at least I would imagine.
5) Its all speculation either way.
Therefore I say wait and see! Not look at MEEE!!!!
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1 Posted 16/09/2008 at 13:51:56
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These are difficult times and probably best not be be over extending ourselves too much.
At least with the price of oil dropping there should be a few less quid in the Man City transfer kitty ;-)