National Ice Centre and Motorpoint Arena finances to be discussed at council meeting
The financial future of the city council-owned National Ice Centre and Motorpoint Arena is to be discussed after the authority propped it up with more than £7m of loans. The National Ice Centre and Motorpoint Arena will be discussed by Nottingham City councillors on Tuesday, July 19 at Loxley House. Parts of the meeting will be held behind closed doors.
The report states that net loss from the Covid pandemic was £5.1m, after the company accepted grant funding of £1.5m. The company’s balance sheet deficit is therefore £5.8m up to March 2022, compared to £6m the year before. Risks to the venue include ‘event tickets likely to rise’ and that ice sports are ‘relatively expensive’, therefore consumer income could be squeezed. Inflation is also noted as a risk. Opportunities include ‘a new premium seating offer’ at the arena and a chance to capitalise on the arena’s 25 th anniversary.
The report says the council has confirmed its willingness to financially support the company for a minimum of 12 months and provided “a loan facility of £7.4m” with repayment over a 15-year period which will commence in 2023. The provision of a further £1.5m has also been confirmed should it be required.
“With Robin Hood Energy, we put all our eggs in that basket, we dropped that basket and now we have no money to put into these other companies. We have also got the pressure of delivering statutory services. These are legacy issues that have come home to roost.”
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