Falmer Finance

In Martin Perry's blog in early October, he mentioned that the Falmer finances would be tied up in the next few weeks. We have not heard anything since.

There are still major concerns amongst supporters as to where the money is coming from. My own experience in the past few weeks of raising finance for businesses has shown that the banking world has changed dramatically since Martin's comment in October, and obtaining finance for large scale projects is much much harder, if not impossible. Deals that would have gone through on a nod three months ago are now being stalled or turned down.

I notice from the timeline in todays programme that no real costly work on the Falmer site is starting until April, and therefore wonder if the club has taken the wise view that seeking finance in the current climate is difficult and that actually so far they have only agreed part of the finance package?

In which case is the continuation of the project reliant on the banking situation easing, or is the finance already in place in which case there is no need for concern.

I know that much of this is commercially sensitive until agreed, but I think that supporters would feel much more assured if we knew that this was progressing in line with Martin's comments in early October.

Apologies on the delay... (this is from MP himself)

The funding is now flowing for the stadium - and the Board have agreed to enter into the building contract because they are now very confident that it has in place a strong business case, which has been supported by independent consultants and advisors, which will give us access to the funding when it is required.

The plan does include a mortgage but the borrowing is at a level which is realistic and affordable even in the current extraordinary conditions in the financial markets.

Giraffe is right in that the heavy expenditure does not commence until next April although we will be ordering the steel very soon to ensure that it is fabricated in time for a commencement on the steel frame next June.