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After 20 years the World Student Games not yet ½ paid off.

1991 World Student Games = was it worth it?  

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  1. 1. 1991 World Student Games = was it worth it?

    • Yes
      41
    • No
      88


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World Student Games held in 1991

 

Original cost = £147m

 

Final bill = £650m

 

Current repayments by Sheffield Council = £30m per year

 

Final payment 2024

 

 

From The Star

Published on Friday 18 March 2011 10:07

 

THE final bill to Sheffield taxpayers from the World Student Games 20 years ago will be an “eyewatering” £650 million and won’t be paid off for another 13 years, The Star can reveal.

 

Less than half the debt - £296m - has been repaid so far and annual repayments of up to £30m will continue to eat into Sheffield Council’s budget until 2024.

 

The total, which increased dramatically through refinancing processes, is more than four times the original £147m cost of building venues for the 1991 Games.

 

Although Sheffield Arena and Ponds Forge - major facilities provided by the Games - have proved assets for the city, others have not.

 

A sports hall on the Manor was bulldozed when the old Waltheof School was redeveloped into Park Academy.

 

Mike Corden, chair of City of Sheffield Athletic Club whose members use Don Valley Stadium and Woodbourn Road athletics track, said: “We have the best athletics facilities in the UK but, if you asked me as a taxpayer whether the amount spent was a good idea, the answer has to be no.

 

“The scale for Don Valley was beyond belief and the construction cost, around £30m, eye-watering.

 

“At the time, Crystal Palace in London was the largest venue, holding 17,000 people but Don Valley was built to hold 25,000.

 

“You can’t get 5,000 or 6,000 people to an athletics event these days.

 

“It is reasonable to ask why such an amount of debt was taken on,” he said.

 

Was it worth it?

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Hindsight's wonderful, isn't it :)

 

Sheffield took a huge gamble on Kinnock becoming PM... but it didn't happen

 

x

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I still think it was worth it. Overall, it helped change Sheffield from a very backwards city with little going for it to a slightly backwards city with a few things going for it.

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What are the details of the refinancing that managed to increase the total repayment? Did the council at the time go to Ocean finance or something?

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Looks more like Cash Converters. I've got a spare guitar that I could swap for an athletics stadium.

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Tony....I have ONLY one question.

 

How did you manage to get a figure for a half...as in little one over a little two in the traditional fashion. I have never been able to work out how to get one on my keyboard :D

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I still think it was worth it. Overall, it helped change Sheffield from a very backwards city with little going for it to a slightly backwards city with a few things going for it.

 

Ha ha I like that assessment.

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I wonder if there were a few plums pulled from the pie.

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½ ½ ½ Wow! Google is my friend :thumbsup:

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Tony....I have ONLY one question.

 

How did you manage to get a figure for a half...as in little one over a little two in the traditional fashion. I have never been able to work out how to get one on my keyboard :D

 

Press & hold the ALT button on your keyboard and on the number keypad type 0189 and the release the ALT key. The symbol should appear.

 

½ ;)

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I still think it was worth it. Overall, it helped change Sheffield from a very backwards city with little going for it to a slightly backwards city with a few things going for it.

 

Silly boy, Sheffield's never been backwards. We've always been a little... sideways.

 

x

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Labour expected a large wedge from the T.V. companies. The companies made it clear from the start that they weren't interested. The government said they will contribute a set amount of money (can't remember exactly how much).

Betts, Blunket and the rest of the Labour loonies, with their usual breathtaking arrogance ignored this and expected the government to cough up more. They didn't and we are left to pick up the bill.

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