Today's back of fag packet calculation

"Sale of the residential land behind the Norwich and Peterborough stand

Perception: the sale netted us ?6million

Reality: we had to spend ?2million in infrastructure costs to sell the land, generating a surplus of only ?4million"

It only generated a "surplus" of ?4 million if despite being a highly paid executive you choose to forget the cost of acquiring the land in the first place, together with the cost of servicing the debt that came with it for about 10 years.

Then factor in the opportunity cost of the whole thing and the lunacy of the Chase / Wynn-Jones method is exposed for all to see.

Posted By: Reg Presley, Nov 14, 18:58:45