05-02-2022, 06:16 PM
(05-02-2022, 12:43 PM)DeepBlue Wrote:(05-02-2022, 11:46 AM)briefcase_wanchor Wrote:(05-02-2022, 06:11 AM)Cunninglinguist Wrote: Having had to rectify so many faults not picked up in surveys, over the years, I can confirm that they aren’t with the paper they’re written on. So many disclaimers.
Seen it first-hand too from a professional standpoint and there are (like in any profession) some shabby individuals or outfits - they are ultimately culpable and insured - but there are also some firms which on reputation alone are retained in circumstances such as this. As has been said, the ground was one of the 2 biggest assets so you would be bang sure of all the issues before buying. It's inexplicable that they weren't. That's the frustrating thing. It's all very well saying they didn't but they are now putting it right so hats off to them, but that has had an impact upon their overall investment budget and hence team investment, which is why Tena shares have gone up.
Why are people assuming that the due diligence was not done on the ground ? Surely the fact that the first thing they did was put £10m in a pot to spend on the ground says they knew exactly what needed doing. All the talk at the time was about spending on the ground.
The only changes since have been as the result of changes to H&S regs, which have led to the current ground works becoming urgent. Not sure how they could have been foreseen.
I don’t think anyone has suggested the stadium wasn’t looked at. Eisner himself said he had a recommendation for someone to do that from the Liverpool chairman. My belief is whatever was done wasn’t adequate. Eisner said at that time, after committing to the acquisition cost and ring fencing another 10m, he does doesn’t know what he is going to find. He said it may need more but he wasn’t prepared to commit to it. That suggests the DD on the clubs largest single asset was not bang on as it should have been - as we all know he was well short in what was required to make the stadium safe and secure the existing capacity. That was after he also spent a shedload reinventing the wheel on the “to move or not to move” issue. In the end there has been no net investment in the team because he dropped a bollock on the stadium.