Re: Rhinos sack McDermott : Tue Jul 10, 2018 5:48 pm
Mild mannered Janitor wrote:
I would have thought the land owner would have had a decent say in proceedings.
Very much doubt it will come out of cash and they are not borrowing to have the work done
Very much doubt it will come out of cash and they are not borrowing to have the work done
Or Leeds, who are owned by Caddick, are the landowners. But Caddick's long-term dream has been to redevelop Headingley.
Leeds had accumulated about £6m-£7m of cash reserves which was earmarked for the South Stand project in its previous incarnation which would have covered most of the cost of that. The structure actually being built is rather larger and more expensive so it won't go quite as far but is still a decent chunk.
The balance, and the more complicated/expensive bit on the north side of the RL ground is being funded by loans from Legal & General guaranteed by Leeds City Council.
How much of the £6m/£7m is now to be used to pay up front for the South Stand I don't know as Caddick has taken to using the Rhinos as a piggy bank and £3.3m of it has been loaned to Caddick group companies with another £800k being used to fund some some eyebrow-raising directors loans to Hetherington and Oates.