by Owen Temple on 20 October, 2016
The TV cameras whirred as DCC’s cabinet voted to convert its £3.8m loan to the Durham County Cricket club into preference shares.
They were being packed up by the time the cabinet prepared, “on the nod”, to agree to giving banks and financiers a £110m windfall as part of a refinancing package. (Durham county’s contribution to the windfall is £12m.)
That’s the nature of TV news. Is it media-sexy? Can we present it easily in pictures?
A run of the mill, contractual exercise where nobody seems to lose isn’t news. But it ought to be. Because behind every run of the mill county council contractual exercise there is one over-riding question. Has this contract been drawn up in the best interests of the people of County Durham?
That’s why I intend to pursue my questions around the whole “value for money” and “due diligence” issues in the choices which were previously made to enter this PFI contract.
You can read more in yesterday’s blog.1 Comment