A £250 million loan to the developers of Woking Football Club was agreed by Conservative councillors.https://twitter.com/surreylive/status/1271521148656730112 …
Will the banks not touch it? Any evidence for that? Terms seem pretty standard to me, what is unusual? This is how developments are secured. Any risk would be because of Goldev itself not the terms. But given the security and their history, risk seems low to me.
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I guess the proof of the pudding is that the Council provided the loan, not the banks. As for the risk? A major property development of flats next to a football stadium. Not what I would call a prime development and asset values likely to fall in the coming recession...
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I'm a Woking fan and grew up in the town, but this doesn't sit easily with me. Council taxes are already exorbitant with declining levels of services, and yet the council is now significantly exposed to loans for a variety of commercial development schemes...
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