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The Goldstone money



Brian Fantana

Well-known member
Oct 8, 2006
7,202
In the field
For those of us who were too young to really know what was going on with the Albion in the dark days, there are a few nuances which still escape me. I know there's a lot of posters on here who were heavily-involved in those days who might be able to shed some light.

From chatting to family, other fans and reading books etc, I'm obviously aware of most of what happened. However one thing I've never quite got my head around is what happened to the money generated by the sale of the Goldstone?

I know that Archer and co removed the non profit clause, but given the fact that the club didn't go out of business (and indeed their deception was uncovered), I'm guessing much of the money raised went to pay off debts? Or did the shysters find some sneaky way of getting it out of the club?

I also know that the land was subsequently sold again for a much larger price to a developer. Do we know if Archer and co had some sort of involvement with the original purchasers and therefore cashed in when it was sold again?
 


tubby

Active member
Aug 15, 2008
184
The original sale money went to pay off debts but it was rumoured that Greg Stanley had a family interest in Chartwell Land who bought the Goldstone and then sold it for a large profit.
 


Hugo Rune

Well-known member
NSC Patreon
Feb 23, 2012
21,496
Brighton
The original sale money went to pay off debts but it was rumoured that Greg Stanley had a family interest in Chartwell Land who bought the Goldstone and then sold it for a large profit.

This. After the two Pauls found the non profiteering changes to the articles of association and they were put back meaning no profit could be made from the sale.

However, Stanley and maybe Archer lent the club a lot of money at extortionate interest rates so they were happy enough to get their money back plus more. It's suggested both invested in the club in order to sell the ground and make a lot of money, they probably did when Chartwell sold it so they both achieved what they'd set out to although the club surviving must have been something of an annoyance to Archer who seemed to hate it and the fans with equal fervour for getting in the way of his profiteering, he later made £300m+ from the sale of Wickes. ☹️
 


Brian Fantana

Well-known member
Oct 8, 2006
7,202
In the field
The original sale money went to pay off debts but it was rumoured that Greg Stanley had a family interest in Chartwell Land who bought the Goldstone and then sold it for a large profit.

This. After the two Pauls found the non profiteering changes to the articles of association and they were put back meaning no profit could be made from the sale.

However, Stanley and maybe Archer lent the club a lot of money at extortionate interest rates so they were happy enough to get their money back plus more. It's suggested both invested in the club in order to sell the ground and make a lot of money, they probably did when Chartwell sold it so they both achieved what they'd set out to although the club surviving must have been something of an annoyance to Archer who seemed to hate it and the fans with equal fervour for getting in the way of his profiteering, he later made £300m+ from the sale of Wickes. ☹️

Thanks!

Any idea what the club's debt level was when the ground was sold? There must have been a surplus left over after paying them off, which Archer and co wanted to hoover up.
 






Weststander

Well-known member
NSC Patreon
Aug 25, 2011
63,388
Withdean area
I was informed that they didn't have any interest in Chartwell.

It less traceable than that.

Instead an 'unrelated' land deal in the Sunderland area in the same era, gave two characters / their company a financial benefit in the order of the (18 months later) deal for the Goldstone. Allegedly.
 
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Carrot Cruncher

NHS Slave
Helpful Moderator
Jul 30, 2003
5,052
Southampton, United Kingdom
The Goldstone was sold to Chartwell land (the development arm of the Kingfisher group) for £7.4m. It was alledged at the time that debts were around the £6m mark, so those debts were cleared, but I doubt the club had a tidy £1.4m sitting in the bank. The (empty) site was then sold on for £25m to a company Archer may or may not have been involved with...*


*I'm saying nothing as to what I believe...
 






Guy Fawkes

The voice of treason
Sep 29, 2007
8,187
The Goldstone was sold to Chartwell land (the development arm of the Kingfisher group) for £7.4m. It was alledged at the time that debts were around the £6m mark, so those debts were cleared, but I doubt the club had a tidy £1.4m sitting in the bank. The (empty) site was then sold on for £25m to a company Archer may or may not have been involved with...*


*I'm saying nothing as to what I believe...

I can't remember the quoted (or rumoured) figure at the time, but wasn't it only something like £2.7m of debt when Archer first arrived at the club ? An amount that jumped massively under their leadership to get to that £6m debt figure at the time of sale?
 




peterward

Well-known member
NSC Patreon
Nov 11, 2009
11,233
Purely from memory I thought it was 4m initial then 24m a year later?

Either way those scumbags fleeced our club and trousered many millions.
 


Green Cross Code Man

Wunt be druv
Mar 30, 2006
19,631
Eastbourne
This. After the two Pauls found the non profiteering changes to the articles of association and they were put back meaning no profit could be made from the sale.

However, Stanley and maybe Archer lent the club a lot of money at extortionate interest rates so they were happy enough to get their money back plus more. It's suggested both invested in the club in order to sell the ground and make a lot of money, they probably did when Chartwell sold it so they both achieved what they'd set out to although the club surviving must have been something of an annoyance to Archer who seemed to hate it and the fans with equal fervour for getting in the way of his profiteering, he later made £300m+ from the sale of Wickes. ☹️
Like many here, refused to EVER buy anything from them when he was owner.
 



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