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Post by Tangerine Sherlock on Oct 3, 2014 11:05:06 GMT 1
From the Blackpool Gazette
Oyston said allegations he made a fortune out of the deal to build a Travelodge hotel near the club were wrong. He said " I paid Segesta £650,000 for the land there. That land I already owned in effect as I had bought the club so I actually paid twice. I did not need to but I did because at the time the club needed £650,000 to pay off bills related to the building work in the North stand."
He said he then funded the building of the hotel from his own fortune, arranged a transfer of land to allow the club a frontage onto seasiders way, and then had the finished hotel valued. The 6.5m hotel was then sold to the club to provide it with an annual rent of £531,000."The club could not have got a bank loan for this because banks are unwilling to lend to football clubs, and especially to a club with the poor track record it had before I bought it. That was part of the reason we changed the parent company's name to Segesta. Anything with football in it and the banks would look unfavourably on it."
"After the sale the profit was £337,134 but in real terms I made nothing because I lost the annual interest on £650,000 and there was the cost of planning applications and negotiations and sheer man hours put in"
For any pool fans looking for lively debate please visit the two following forums that both show the depth of feeling for the majority of fans in their own way
www.backhenrystreet.co.uk/ and fansonline.net/blackpool/
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