chico, on 20 March 2010 - 08:56, said:
Yawn..
Getting back into the SPL pretty much got saints out the shite. Dunno whether Love Street actually had to be sold as debts were going down.. But hey ho, it happened.
I've no idea wher you get that idea from.
Here have been St. Mirren's operating profits / losses over recent seasons:
2000 - £35k LOSS
2001 - £62k profit
2002 - £14k profit
2003 - £15k profit
2004 - £213k LOSS
2005 - £54k LOSS
2006 - £28k profit
2007 - £277k profit
2008 - £112k LOSS
So in total, in the 9 years until we sold Love Street we had made an overall LOSS of £18k!
The debt was NOT going down. In addition, Love Street was falling to bits and the maintenance costs were huge and were going to continue escalating. I had a tour of the inside of old Main Stand the year before we moved. It was a total wreck. Where I sat in the Main Stand was a disaster. The place was just a pigstye. There is no way we could have continued like that for years to come. The corporate hospitality capacity was also limited. The accounts show that commercial income in 2009 jumped from £477k to £631k and that was after just half a season at the new ground!
Selling Love Street enabled us to clear £3m debts which would never have been cleared otherwise. Its built us a brand new stadium with limited maintenance costs that will last for decades to come. Its increase corporate hospitality capacity and hence income. Its bringing in income from the 5 a side pitches. We now have a car park that provides income. Its funded a brand new training ground. It funded some overspending in the past 2 season which has helped keep us in the SPL. Its cut out the interest on the debts we were paying. And its also left the club with a lot of ground for development - such as the large bank of land across the road behind the away fans stand.
Selling Love Street was a an absolute masterstroke.