Brandon Update

[AFCB Wildcat 1,362]

55 minutes ago, steve roberts said:

Yes he was a Coventry Junior (used to wear those Honda leathers I recall) and rode for Scunthorpe during the middle seventies.

I didn't know that either but after you said, I found this.

https://www.coventrytelegraph.net/sport/speedway/mayor-rugby-tony-gillias-gets-7207324

[a4poster 82]

Has anyone looked into creating a Speedway Supporters Trust with a view to bringing back the sport too Brandon.   Supporters from all over the country could buy into the project regardless of club alleigiences.

This trust could call itself the National Speedway Trust with individuals paying a monthly fee. It’s aim would be to bring defunct tracks back or help bring new tracks to fruition. The trust would have stakes in any track that was bought back until it was deemed to satisfactory to sell - once tracks are back they simple wouldn’t be handed back to a individual or promotion.

Edited December 16, 2022 by a4poster

[1 valve 558]

13 hours ago, a4poster said:

Has anyone looked into creating a Speedway Supporters Trust with a view to bringing back the sport too Brandon.   Supporters from all over the country could buy into the project regardless of club alleigiences.

This trust could call itself the National Speedway Trust with individuals paying a monthly fee. It’s aim would be to bring defunct tracks back or help bring new tracks to fruition. The trust would have stakes in any track that was bought back until it was deemed to satisfactory to sell - once tracks are back they simple wouldn’t be handed back to a individual or promotion.

A very good idea in principle - raising money to acquire/develop speedway venues & something which has most probably been thought about on a number of previous occasions but maybe worth exploring further in this current climate.
On a point of clarification, rather than a trust (that looks after something already created)  the formation of a "society" (by definition a body organised to raise funds for projects relating to literature, science or charity) would be more appropriate, aka Nationwide Building society which is a foundation charity. 
The "Speedway Society" would be able to attract investors (members) to create the initial fund eventually supported by profits from the sale or operation of assets which in turn provides a return of  interest/dividends to its members. 

Edited December 17, 2022 by 1 valve

[Ray Stadia 1,071]

1 hour ago, 1 valve said:

A very good idea in principle - raising money to acquire/develop speedway venues & something which has most probably been thought about on a number of previous occasions but maybe worth exploring further in this current climate.
On a point of clarification, rather than a trust (that looks after something already created)  the formation of a "society" (by definition a body organised to raise funds for projects relating to literature, science or charity) would be more appropriate, aka Nationwide Building society which is a foundation charity. 
The "Speedway Society" would be able to attract investors (members) to create the initial fund eventually supported by profits from the sale or operation of assets which in turn provides a return of  interest/dividends to its members. 

A Trust can be created ('the entity') from scratch. So long as the Trust is strictly non-profit making and not income creating, it can be tax efficient and with responsible Trustees, any funds within the Trust will be protected for the purpose. I'm not sure a speedway club/stadium could qualify as a Charity?  

[1 valve 558]

1 hour ago, Ray Stadia said:

A Trust can be created ('the entity') from scratch. So long as the Trust is strictly non-profit making and not income creating, it can be tax efficient and with responsible Trustees, any funds within the Trust will be protected for the purpose. I'm not sure a speedway club/stadium could qualify as a Charity?  

I agree a trust can be created from scratch - everything has to start somewhere (and I speak as a current  trustee of a significant trust fund) - but restrictions on being able to create sufficient income on an ongoing basis severely restricts the concept of a trust  raising sufficient funds to continue to provide the levels of cash to buy/develop speedway stadiums as suggested by the original poster which was to provide funds on a wider scale than just one facility i.e. Brandon. 

Regarding charity status, The suggestion is not that the stadiums themselves would be a charity. That would be the status of the "Speedway Society" akin to any "building Society" - As for tax, you are correct, trusts benefit from various unique tax advantages however, like building societies to be tax efficient to the benefit of its members,  a speedway society should also be none profit making having ensured any capital raised higher than total cost is "gifted" or "invested" prior to the end of an applicable financial period and thus reducing the tax burden. Of course on top of this the charity would benefit from specific tax break applicable to charities. 

Edited December 17, 2022 by 1 valve

[Ray Stadia 1,071]

2 hours ago, 1 valve said:

I agree a trust can be created from scratch - everything has to start somewhere (and I speak as a current  trustee of a significant trust fund) - but restrictions on being able to create sufficient income on an ongoing basis severely restricts the concept of a trust  raising sufficient funds to continue to provide the levels of cash to buy/develop speedway stadiums as suggested by the original poster which was to provide funds on a wider scale than just one facility i.e. Brandon. 

Regarding charity status, The suggestion is not that the stadiums themselves would be a charity. That would be the status of the "Speedway Society" akin to any "building Society" - As for tax, you are correct, trusts benefit from various unique tax advantages however, like building societies to be tax efficient to the benefit of its members,  a speedway society should also be none profit making having ensured any capital raised higher than total cost is "gifted" or "invested" prior to the end of an applicable financial period and thus reducing the tax burden. Of course on top of this the charity would benefit from specific tax break applicable to charities. 

Building Societies are not charities, they are mutual societies. You could even set up a limited company, but a non-profit making limited company, similar to how a number of Quangos are set-up. I do think something that fans can contribute to is a good idea, but something that's not going to ultimately rip them off is paramount. The funds would need to be cast iron ringfenced!   

[naffer 442]

Well this is all good news hopefully.

in the planning meeting one off the councillors whilst supporting saving the stadium was concerned it didn’t remain derelict for another number of years.

I am sure the campaign group are all over this and  this can be of a mutual benefit to speedway stocks and the community .

up the bees

[stevehone 3,430]

 

[steve roberts 9,246]

2 hours ago, stevehone said:

 

All very sad! No way back from that in my opinion.

Edited January 2, 2023 by steve roberts

[rocket007 101]

With an army of volunteers (like what happened at Oxford) 50% of that could be cleared and rectified. The other 50% could do with Nick Knowles and the DIY SOS team(or The Big Build). I am sure that local trades people would chip in to help something like that in their area.

[Deano 1,318]

Wouldn’t it be cheaper to flatten and start the grandstand again? It could even be re-built using factory unit material.

[chunky 6,101]

14 hours ago, steve roberts said:

All very sad! No way back from that in my opinion.

Steve: they have the single most important thing - a TRACK...

[steve roberts 9,246]

58 minutes ago, chunky said:

Steve: they have the single most important thing - a TRACK...

Yes hopefully something can be done to retrieve it form the abyss that surrounds it.

[ch958 2,395]

I'm sure people wd be happy starting with a bare bones operation - I don't think we need worry about 10000 crowds any more

[heathen52 385]

4 hours ago, chunky said:

Steve: they have the single most important thing - a TRACK...

and existing planning permission.