The reported sale price agreed is £1.5 m and that figure has almost certainly now been exceeded by sale costs. The deal only makes sense to the property developer-of-last resort.
It would be easier to believe that the AP Board will “keep its responsibilities as guardian of this precious and much-loved building uppermost in mind”, if the Board had not already agreed to a huge swathe of commercial offices (30,000 square feet) and to demolish the world’s first television studios. In the agreed Lease, there is also provision for a casino. The Chairman said the casino was a myth and was not in the final proposals. A casino is arguably not within the aims of our Charity.
In his High Court Witness Statement, Mr Kassam of Firoka attested
“If the deal that was finally agreed, after an extremely long negotiation process … and which has cost so much … for both FAP and/or Kings Cross, is not allowed to complete in the terms agreed, the current intention is to abandon any interest in Alexandra Palace”.The judge had no difficulty in calling Firoka’s bluff over the withdrawal threat, but Mr Kassam also described the negotiations as “difficult, protracted and complex”. We can believe that. How likely is it that the public – kept in the dark – will get a different and better deal? Now the two sides want to drag it out further. We are told that discussions will proceed – but how much longer?
After nearly suffocating the trading company, the Board has only just revived it again and they’ve claimed it needs to generate the maximum profit possible. Is the Board standing by to shut it down again? Uncertainty hanging over APTL hobbles its future.
If the deal goes forward to Haringey-style consultation, it is likely to end in the High Court again and with the same result as before.
The council needs to act decisively. Any idea of selling to an asset-stripper must end now.