Loan Secured on Richmond Park?

[wonder88]

Seems that there is a big loan out from Invectec Bank guaranteed by the owner of St Pats, and with Richmond Park as collateral, which the bank are not very happy about now. Could this go the same way as that Bohs loan from Zurick Bank. Hope not another winner of the League of Ireland are heading towards ruin.

[Charlie Darwin]

Seems that there is a big loan out from Invectec Bank guaranteed by the owner of St Pats, and with Richmond Park as collateral, which the bank are not very happy about now. Could this go the same way as that Bohs loan from Zurick Bank. Hope not another winner of the League of Ireland are heading towards ruin.
http://www.irishtimes.com/business/sectors/commercial-property/bank-sues-agent-over-33m-valuation-for-dublin-soccer-club-1.1563427

By the sounds of it, Investec aren't all that thrilled with the possibility of taking on the site.

[Mr A]

Giving this it's own thread.

[A face]

How long is the lease that Pats have on the ground?

[Charlie Darwin]

I doubt it's very long at all if the club owner also owns the ground.

[White Horse]

What will Investec do with the stadium? I presume it is still zoned for sports/recreational use.

All they can do is increase the rent, but Pats could threaten to move to Tallaght.

[seand]

Points deduction! Points deduction!

[Mr A]

Investec would need to take a long hard look at themselves and their decision making if they ever thought that site was worth €33 million, regardless of what anyone told them. Strangely the Indo has a fihure of 45 million in it's headline but never explains where that comes from. http://www.independent.ie/irish-news/courts/bank-sues-as-45m-stadium-later-revalued-at-just-1m-29667483.html

Does anyone from Pats have views on what the implications of all this for the club are?

[poster]

Couldn't Pat's just sell Forrester and all their financial woes would be over?

[Dodge]

Does anyone from Pats have views on what the implications of all this for the club are?

I'm not from Pats but as of now, there are no immediate implications for the club. There's no suggestion that repayments aren't being met. Investec are just covering themselves in the case they can't be met in the future.

[Longfordian]

Investec would need to take a long hard look at themselves and their decision making if they ever thought that site was worth €33 million, regardless of what anyone told them. Strangely the Indo has a fihure of 45 million in it's headline but never explains where that comes from. http://www.independent.ie/irish-news/courts/bank-sues-as-45m-stadium-later-revalued-at-just-1m-29667483.html

Does anyone from Pats have views on what the implications of all this for the club are?
The Irish Times says that the agent who did the valuation rated it at €45m if it was zoned for residential/commercial. Cannot understand where the €33m came from for a sports ground.

[avvenalaf]

The Irish Times says that the agent who did the valuation rated it at €45m if it was zoned for residential/commercial. Cannot understand where the €33m came from for a sports ground.

Agreed. I mean it's not as if it hosted the biggest/greatest club in Ireland. Then again, Tallaght is out in the country and is probably zoned agricultural.

[Rover'n'out]

I'm not from Pats but as of now, there are no immediate implications for the club. There's no suggestion that repayments aren't being met. Investec are just covering themselves in the case they can't be met in the future.

I think the fact that the bank are suing the valuers is a fairly loud suggestion that repayments are not being made. If the bank were getting paid huge money do you think they would be making such a fuss. Think about it for a minute. If kelleher is making adequate repayments on 30 odd million he must have some deep pockets with nothing happening on the site.

[Charlie Darwin]

I think the fact that the bank are suing the valuers is a fairly loud suggestion that repayments are not being made. If the bank were getting paid huge money do you think they would be making such a fuss. Think about it for a minute. If kelleher is making adequate repayments on 30 odd million he must have some deep pockets with nothing happening on the site.
Not to stand up for Pats or anything, but this is mindless speculation.

Investec's loan is NOT going to be repaid - that has nothing to do with Pats' ability to pay and everything to do with the fact that Kelleher made a bet that backfired on him. It's an eight-figure loan at stake and Pats' rent is in the low six-figure range Worst comes to worst, Investec take over the stadium and Pats are paying rent to a different company. It's not an issue, at least not to the point where Investec would initiate legal action. No amount of message board posturing will change that.

Pats are fine unless we get real information that suggests the opposite, and this frankly isn't it.

[Macy]

I think the fact that the bank are suing the valuers is a fairly loud suggestion that repayments are not being made. If the bank were getting paid huge money do you think they would be making such a fuss. Think about it for a minute. If kelleher is making adequate repayments on 30 odd million he must have some deep pockets with nothing happening on the site.

The Times article gives no indication that loans aren't being repaid. And if Investec are successful in their action and get the full compensation, why would they need to go after the site anyway?


It claims JLL is liable to it for potentially more than €17 million in circumstances where neither Mr Kelleher, who had provided guarantees over the loan, nor his companies are able to repay the sums.