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Wednesday, May 19, 2010

Proof Retail Based Enabling Development is a Folly


Today the owners of Liverpool’s St John’s shopping centre scrapped plans for a £100m redevelopment due to “over supply of retail” in the city.

A Land Securities spokesperson explained, “There is a local oversupply of retail and it would not be prudent of us to bring forward further space. “

Since their surprise at having their last retail based enabling association blocked, due to massive departures from agreed planning policy, Everton have continued to pursue this type of funding model with their CEO recently stating “to bring a stadium to life is a Kirkby type funding model with substantial private sector support facilitated by a supportive and progressive City Council.”

KEIOC’s has made its position clear; firstly, despite a change in council no sizable retail based enabling development will happen particularly at their favoured central location. Secondly, it’s now accepted that the type of stadium that this model would deliver is grossly inappropriate for a club with ambition, as even with near capacity crowds and non-existent events a mere £6m would be generated for the club. Finally, it is now apparent that this "at all costs" move from Goodison is for the benefit of another company.

Alleged Evertonian and CEO of Tesco Terry Leahy has recently stated “I think, for their own reasons which you can understand, Everton for the moment are not progressing with Kirkby and are considering other options. I think it could still be on the table, yes. But I can understand why the club want to consider other options.”

Tesco are currently embroiled in a legal action against Liverpool City Council and St Modwen’s which is preventing supermarket rival Sainsbury’s building their largest supermarket in Liverpool in nearby Great Homer St.

Once again KEIOC are advising the club that the no nonsense approach of  incremental redevelopment of Goodison Park can begin this year, can be achieved with no additional debt burden and would “enable” Everton to significantly increase their revenue streams through the development, within a football quarter, of a smart stadium ; that is one that brings in revenue on more of the 340 days a year when Goodison wouldn’t be operating as a football stadium.

This option isn’t popular with the advisors to the Everton board so we’re likely to once again observe the usual pantomime which genuine Evertonians and shareholders have sadly become accustomed to.

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