The challenge:
- Our client looked to minimise its ongoing business rates liability in order to devote as much revenue as possible to the promotion and development of rugby throughout Wales, from grass roots through to the National Team.
- The Millennium Stadium plc wanted us to reflect the revenue, and crucially, the expenditure generated and incurred at this iconic Welsh venue, within the valuation.
The solution:
- A full receipts and expenditure valuation was undertaken to ensure accuracy and transparency.
- Our experience in representing many of the elite sports team stadia in Wales gave us a unique insight into the funding, finances and operations of professional sports teams and the venues they rely on.
The result:
2005 Rating List:
- Original assessment - £2,000,000 RV
- Agreed assessment - £1,375,000 RV
- Consequent financial savings: £1,484,107
2010 Rating List:
- Original assessment - £2,250,000 RV
- Agreed assessment - £1,650,000 RV
- Consequent financial savings: £1,929,000
All of the £3.4m savings is re-invested in rugby at all levels throughout Wales.
