Cabra talks on Stamford Bridge sale break down
Wednesday 14 October 1992
Any sale, however, would be for considerably less than the pounds 22.85m due to be paid by Chelsea following a court ruling that forced it to stick to an agreement to buy the ground at its 1988 value. The group would not reveal the identity of the buyer, nor the price it expects to get, but said the shortfall was included in a pounds 12.9m property write-down in its accounts for the year to March.
That pushed the group into a pounds 22.1m loss before tax, which has wiped out its net asset value. Cabra warned that the results were not yet finalised and might have to be adjusted following the disposal of Stanford Bridge and Craven Cottage, the Fulham ground.
It has convened an extraordinary meeting of shareholders to discuss what action to take.
It is also in negotiations with its bankers about a restructuring of its debts and the provision of working capital facilities. Eoin Cotter, finance director, said the banks were being 'very supportive'.
The failure of the deal puts a question mark over Chelsea's future at Stamford Bridge although sources close to the group said there were no plans at the moment to evict the club.
- 1 Malaysian cyclist could face disciplinary action after 'Save Gaza' gloves protest
- 2 Is Gideon Levy the most hated man in Israel or just the most heroic?
- 3 McDonald’s removes chicken nuggets from the menu in Hong Kong amid major food scare
- 4 Students offered grants if they tweet pro-Israeli propaganda
- 5 Satellite full of sexually experimental geckos adrift in space, Russia loses control of mission
Israel-Gaza conflict: Israeli targeting policy under scrutiny after shellfire hits a mother and child, a school full of refugees and a doctor’s home
Iraq crisis: Isis orders Mosul shop keepers to cover mannequins
Comic Con 2014 attendees
Students offered grants if they tweet pro-Israeli propaganda
McDonald’s removes chicken nuggets from the menu in Hong Kong amid major food scare
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
The truth about conspiracy theories is that some require considering
Arizona execution lasts two hours as killer Joseph Wood left 'snorting and gasping' for air
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
iJobs Money & Business
£600 - £650 per day: Orgtel: Conduct Risk Liaison Manager - Banking - London -...
£18000 - £23000 per annum + Comission: SThree: SThree, International Recruitme...
£280 - £300 per day + competitive: Orgtel: Test Analyst, Edinburgh, Credit Ris...
£20000 - £25000 per annum + OTE £40,000: SThree: SThree Group have been well e...