Your kinda right and completely wrong.
If you have an established business, a set of accounts that provide evidence of value spread over a reasonable period of time, after all, nobody would purchase anything above its value, well you may, but it's unlikely as stupidity rarely retains financial prosperity. If you have all that you may get away with not upgrading certain locations within say the rink or your home. It could be justified, but it's not unusual for that to impact the price your willing to pay, you may well decide to use that as justification as to your offer below the asking price.
With a new development or entertainment venue without a strong set of accounts and a building of insufficient structure to allow for growth your unlikely to get a sale.
So is underinvesting a young business such a clever ploy. No, it would be very foolish indeed.
It could well be argued that it would prove to be a bargain, the owner group may well foresee an opportunity. Greenbank may well want to off load it, I'd say it would be highly unlikely a sale would be possible at a bargain price. Since the Devils have owners with the financial ability to purchase it. Plus frankly the Devils without the IAW is basically nothing, this then puts one of the parties in a very good position. It's poker face time.
I'm looking forward to the opening this year of the ski slope and remaining phases. Although it's looking like someone needs to get a move on.
It's safe to say the whole development has been a complete shambles, I've experienced premeditated movement and planning to influence outcomes. This project, the various incarnations and timescales etc etc shouts out a complete lack of commercial will, understanding of the market and frankly incompetence.
The St David's development on the other hand was a completely different story. Had the relocation of the rink and phases had the same commercial appetite it would have been built within a couple of years. The very reason for the difference is basically the sport of Ice Hockey, skating etc etc at that time and even at the moment is so limited, long term prospects are poor, that makes it difficult to attract commercial confidence. It's not going to attract mainstream investors. It needed to be part of a development, incorporated into a more mainstream facility or an area that attracts large numbers of passing foot traffic.
For the IAW to remain, it needs to function, it needs to promote, it needs to develop. How viable it is to make it successful, even if the Devils owner group wanted to buy it, would it cost more to develop than it could make. In the current location, without the next phase being completed l'd say no, it's not viable, that may well be why the owners currently do not own it. If the next phase, ski slope, shopping, hotel, parking was to be completed, yes it could, but it's also likely to make it too costly for the owner group and it may well attract other investors.
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