Guess why IAW cancelled junior hockey?

[Tad-cu]

A phrase we read so often on here is "hockey family."
I'm surprised and disappointed at how many people couldn't give a rat's arse about its younger members.
It's not just the Junior Devils who have lost ice time this week, skaters, adult learners and players as well as sledge hockey have all been affected. The Devils first team were also forced to train on the smaller pad.
A lot of people put in a hell of a lot of hard work to get this facility for us, hats off to them.
As I understand it, IAW is a facility for ice sports.
We all remember the row when a One Direction concert caused the postponement of a Belfast Giants' fixture.
We've had boxing - what a disaster! The main pad was closed for days as the ice was repaired after the beer soaked covering stuck to the ice.
Now netball has moved in. If the netball association makes money, they'll want to come back.
Some on here now want basketball. Why not invite snooker and darts. Don't stop there,5 a side football, indoor cricket, judo, taekwondo, wrestling and weightlifting.
Why not rip up the ice completely if IAW can make more money without it?
You'd have to change the name, The Welsh Arena for Ten Sports, or TWATS for short.

 

[kingmo19.1]

A phrase we read so often on here is "hockey family."
I'm surprised and disappointed at how many people couldn't give a rat's arse about its younger members.
It's not just the Junior Devils who have lost ice time this week, skaters, adult learners and players as well as sledge hockey have all been affected. The Devils first team were also forced to train on the smaller pad.
A lot of people put in a hell of a lot of hard work to get this facility for us, hats off to them.
As I understand it, IAW is a facility for ice sports.
We all remember the row when a One Direction concert caused the postponement of a Belfast Giants' fixture.
We've had boxing - what a disaster! The main pad was closed for days as the ice was repaired after the beer soaked covering stuck to the ice.
Now netball has moved in. If the netball association makes money, they'll want to come back.
Some on here now want basketball. Why not invite snooker and darts. Don't stop there,5 a side football, indoor cricket, judo, taekwondo, wrestling and weightlifting.
Why not rip up the ice completely if IAW can make more money without it?
You'd have to change the name, The Welsh Arena for Ten Sports, or TWATS for short.

Over reaction of the year so far !

 

[Milky]

For someone of Steve's business calibre to approach a bank and be declined funding is worrying.

If the IAW was making a profit, combined with Steve's business abilities, could show potential growth, add security to cover the loan, l don't know Canadian banking business, but in the U.K. I'd be shocked if a bank declined funding on it.

I also posted recently that there is currently a loan secured on the IAW building, fixtures and fittings taken out by the directors of Greenbank in June 2016.

So it's not impossible as most UK lenders will loan against an asset.


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I'm happy to agree with you often when others don't Electro but I'm sorry this is utter garbage.

Why would it be worrying? It's a pretty common sense stand point for lending institutions. Following this theme it''s clear there is a huge difference in the perceived value of the rink. Greenbank will want as much as they can get based upon their quoted initial build outlay of approx £16m (apologies but I can't remember the exact figure; someone I'm sure will correct me).

Any purchaser will be buying the rink with a view to making a profit so initially will want to suppress the price to get the best possible deal. Business one o one. Hence the stand off.

Now, no property investor in their right mind uses their own money to purchase an asset hence why lending is required. But here's the rub, lenders want security so that if the loan repayments are defaulted they can repossess said asset and recoup their money in a fire sale. There will be a general open market value on assets in general but the rink is very unique in that outside of ice sports there's not much you can do with it. Therefore, any perceived value is based upon the profitability of the 'business of running the rink' not necessarily within the bricks and mortar. If IAW is making little to no profit, the security risk is huge. Banks lending criteria post 2008 is very very stringent theses days.

Put it another way, if it was repossessed who would the bank sell it to? Not a big market is it.

That said I'm sure a buyer could find a lender who would be prepared to lend on the rink but this would come at the disadvantage of a ridiculously high interest rate plus absurd personal guarantees and covenants. Suddenly not such a great or attractive business opportunity then is it?

So basically I guess it's a stand off until a price is agreed. The key factor I imagine is how long are Greenbank prepared to bank roll an asset that makes little to no money.

 

[Milky]

Over reaction of the year so far !

Totally agree!!!!

 

[Johnnybravo1927]

A phrase we read so often on here is "hockey family."
I'm surprised and disappointed at how many people couldn't give a rat's arse about its younger members.



It's not just the Junior Devils who have lost ice time this week, skaters, adult learners and players as well as sledge hockey have all been affected. The Devils first team were also forced to train on the smaller pad.
A lot of people put in a hell of a lot of hard work to get this facility for us, hats off to them.
As I understand it, IAW is a facility for ice sports.
We all remember the row when a One Direction concert caused the postponement of a Belfast Giants' fixture.
We've had boxing - what a disaster! The main pad was closed for days as the ice was repaired after the beer soaked covering stuck to the ice.
Now netball has moved in. If the netball association makes money, they'll want to come back.
Some on here now want basketball. Why not invite snooker and darts. Don't stop there,5 a side football, indoor cricket, judo, taekwondo, wrestling and weightlifting.
Why not rip up the ice completely if IAW can make more money without it?
You'd have to change the name, The Welsh Arena for Ten Sports, or TWATS for short.

Good post

 

[Electro]

I'm happy to agree with you often when others don't Electro but I'm sorry this is utter garbage.

Why would it be worrying? It's a pretty common sense stand point for lending institutions. Following this theme it''s clear there is a huge difference in the perceived value of the rink. Greenbank will want as much as they can get based upon their quoted initial build outlay of approx £16m (apologies but I can't remember the exact figure; someone I'm sure will correct me).

Any purchaser will be buying the rink with a view to making a profit so initially will want to suppress the price to get the best possible deal. Business one o one. Hence the stand off.

Now, no property investor in their right mind uses their own money to purchase an asset hence why lending is required. But here's the rub, lenders want security so that if the loan repayments are defaulted they can repossess said asset and recoup their money in a fire sale. There will be a general open market value on assets in general but the rink is very unique in that outside of ice sports there's not much you can do with it. Therefore, any perceived value is based upon the profitability of the 'business of running the rink' not necessarily within the bricks and mortar. If IAW is making little to no profit, the security risk is huge. Banks lending criteria post 2008 is very very stringent theses days.

Put it another way, if it was repossessed who would the bank sell it to? Not a big market is it.

That said I'm sure a buyer could find a lender who would be prepared to lend on the rink but this would come at the disadvantage of a ridiculously high interest rate plus absurd personal guarantees and covenants. Suddenly not such a great or attractive business opportunity then is it?

So basically I guess it's a stand off until a price is agreed. The key factor I imagine is how long are Greenbank prepared to bank roll an asset that makes little to no money.

You need to read my previous posts, that's all be covered.


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