Jenkins’ vision has Bonser’s backing
Friday 20th May 2011, 10:55AM BST.
Steve Jenkins has revealed the support of Walsall chairman Jeff Bonser as his campaign to get Walsall Council to buy the Banks’s Stadium gathers pace.
The music producer and lifelong Saddler has spoken to the owner and written to all 60 councillors outlining the details and the benefits of owning the up-for-sale ground.
The council would earn £477,000 rent a year from the Saddlers – well above anything they would pay back if they took out a loan to buy the ground.
Supporters’ groups have also penned a letter for fans to sign and send to their councillor with the club united behind Jenkins’ vision.
He said: “I have spoken with Mr Bonser on behalf of the fans to gain more detailed information regarding the sale and I am convinced he is wholeheartedly behind the campaign for Walsall Council to buy the site.
“DTZ, the selling agents, have already received a number of serious enquiries from interested purchasers and believe the site could be sold in the very near future.
“Walsall Council are being given a golden opportunity to invest in the town’s flagship stadium, which will ensure that Walsall can play its football in the town for decades to come.
“The return on this investment will also produce a surplus to spend on other of the town’s leisure facilities like libraries and swimming baths.”
Bonser has also offered a concession to the council – allowing them to work closely with the club should they own the ground.
Jenkins, a former MD of Jive Records, said: “As the landlord the council would need to satisfy itself that Walsall can always pay the rent.
“To this end, Mr Bonser agreed he was prepared to enter into a fixed arrangement where a member of the council or a nominated officer would have an auditing role within the club.”
Council leader Mike Bird dismissed the idea without discussion last week but Jenkins insisted it’s viable.
He said: “They should seek a loan through the traditional Prudential borrowing route which enables councils to borrow at discounted rates to invest in community projects.
“There would be no cost to the taxpayers of Walsall as the annual repayment on any borrowing would be substantially lower than the rental income received from Walsall.”
UK Sport
Latest Blog — A week is a long time in football
This time last week we were staring down the barrel, third from bottom with a worse record than at the same stage last year, writes Saddlers blogger Mark Jones.
Saddlers Blog
Business Awards
Book a Business Awards table
Join our celebrations of the region's best in business on Thursday March 22 - book your table now
Lifestyle
Interactive Dining Out map
Hundreds of reviews by the Express & Star and Shropshire Star's teams to help you decide where to eat.
entertainment
All the film reviews
Before you plan a trip to the pictures, get our critics' verdicts on all the latest movie releases
OUR NEW APP
Get the new E&S app
Download the Express & Star’s new app to your iPad or iPhone to get one week of access to our digital newspapers absolutely FREE.
expressandstar.com
Popular sections
Useful links
Is the Pope Catholic!! Of course Bonser gives it his backing.
Report abuse
Yeh, I bet it has Bonsers backing, he can’t find any one to buy the land.
If only an independent voice of reason, preferrably with experience of working with Britney Spears could publicly lean on the Council to meet Bonser’s asking price. Hmmm.
Report abuse
Oh thank you Mr Bonser, it’s just a pity that someone at some point saw fit to seperate the club from the freehold….. oh hang on a minute …………….
Report abuse
This story is being dragged out far too long. Whilst I appreciate Mr jenkins driving the decision forward, there is a clear reluctance for the council to buy the land.
Here’s an idea (or 2)
1. Jenkins buys the land and rents it back to Walsall at the same or lower price
2. Jenkins buys the club lock stock and barrel either on his own or with a consortium or people with Walsall FC’s best interests in mind.
Report abuse
If its that cheap to borrow the money to buy the ground, why does not the club buy it and pay less per year.
The Directors and Jenkins could guarantee the equity if they are so sure its a good deal.
Or does that mean putting there money where there mouth is?
Report abuse
Are you unable to read Mr Andrews? Or perhaps, in your haste to post your scathing remarks after every story about this issue, you don’t read it properly?
The council are able to access discounted loan rates. Other companies (or individuals) would not be able to access these favourable rates, meaning they couldn’t charge the club as low as the council would be able to.
What exactly is such the big problem with the council earning more in rent than they pay out in mortgage payments?
Then again, why let the facts get in the way of an easy rant?
Report abuse
Mike,
Because that type of borrowing is only available to councils and cannot be accessed by private individuals or organisations.
Report abuse
Seriously in this day and age can anyone seriously expect the council to buy the ground? So in 5 years time if/when WFC are in financial trouble will we be sending letters asking the council to give it back for nothing? Get serious, there is no way the council can do this and I would imagine that if they did try the government would interfere and maybe cut council funding. What we should be asking is how we are in this situation? I thought that according to whalley and bonser we were the best run club outside the premier league? Now we can end up with a landlord who presumably in theory can put us out of business. There is only ONE winner in all this and it is NOT the football club and its NOT the council.
Report abuse
The season is not officially over and already instead of celebrating staying up and planning for next season, the club is looking at a very uncertain future. For years this club has been diseased by the spouting of its chairman and secretary. Until the the club can rid itself of this disease the club will always have an uncertain future. We are at the point where you can’t believe the paid puppets either!
Report abuse
Dippy,
while I understand where your sentiments comes from what you say about the council carrying the can in some shape of form in 5 years time if the club are in trouble is simply not the case.
There are various mechanisms that can be put in place to protect the council from such a situation as have been put in place by many other councils who have entered into such deals and found them hugely benefitial.
The problem is where other authorities seem to have councilors who are actively looking for alternatives to slashing services and increasing tax, we seem to have elected a bunch who are more that happy to do that and make the tax payer bare the full brunt of the financial situation the country finds itself in because they lack the imagination and willingness to spend two hours of their time to sit down and talk.
What did we elect these people? If they won’t even look into whether this could benefit the people of Walsall then they are a waste of space and money.
Report abuse
One could be suspicious of Mr Bonser and his behind the scenes activity in being involved in putting a stalking horse forward by way of Steve Jenkins.Afterall Jeff went down this route with the council sometime ago,and the economy was in better condition than it is today.
The objective here is to stem the continious out flow of this rental payment and swapping one landlord for another undertaking the same terms and conditions will not improve matters financially for the club.
The current board should seek an alternative action to both secure the freehold and reserve some of the out goings in rent.The first thing is to investigate all avenues and not just fall for ulterior motives of others.
Report abuse
tinned…these favourable lending rates are provided to councils by the government treasury. Therefore any loan granted to the council would have to be approved by the government, unless it is coming out of the councils own funds. So if the council uses 5 million of its own funds, no doubt the government will cut there funding by 5 million next year and the council will have to close these libraries and swimming pools that Mr Jenkins and his family never use! If it is so viable and such a good earner why aint Mr jenkins selling his assets to raise the money?
Report abuse