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McMullen can't follow up on Livingston cash dream
Scotland - 08 May, 2008
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Anthony McMullen's plans for developing Scottish Livingston came to a crashing halt last week
McMullen wanted to convert the club's stands into retail and residential use, and thought that would bring an influx of cash. Instead, the club's board halted the work with the denial of a deal that would have sold half the shares to him after McMullen could not come up with the first installment of GBP 150,000.
McMullen claimed he would have invested GBP 2 million during a two-year period. He expected the returns to range in the GBP 15 million area over a 15-year time frame.
His plan involved razing two of the ground's four stands and redeveloping them into a mix of apartments, corporate boxes and retail units. He thought it would bring in cash for him and the club.
McMullen said the deal did not collapse because of funding, he pointed at pitch-related issues.
McMullen wanted to convert the club's stands into retail and residential use, and thought that would bring an influx of cash. Instead, the club's board halted the work with the denial of a deal that would have sold half the shares to him after McMullen could not come up with the first installment of GBP 150,000.
McMullen claimed he would have invested GBP 2 million during a two-year period. He expected the returns to range in the GBP 15 million area over a 15-year time frame.
His plan involved razing two of the ground's four stands and redeveloping them into a mix of apartments, corporate boxes and retail units. He thought it would bring in cash for him and the club.
McMullen said the deal did not collapse because of funding, he pointed at pitch-related issues.
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