Owen Temple & Margaret Nealis

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£110m penalty payments dwarf £3.8m which made TV news

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.

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One Response

  1. As I found out whilst asking MY series of ‘questions to the Council’ regarding the six-million-quid loan sinkhole (a.k.a. Durham Cricket Club), you won’t get many real answers to real queries, especially from this bunch of corpses posing as Labour Party members on the council.

    We were assured that the ‘Business Plan’ had been approved by professionals before the loans were finalised; trouble is that the ‘professionals’ were all issued with dark glasses before looking at the documentation.

    Result? Bye-bye 6 Million Quid!

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