It'll come down to money in the end and how much it might cost to redevelop all, or part of Goodison compared to WHP to end up with roughly the same number of seats in both and the same amount of corporate gubbins.
Walton Hall Park isn't the greatest location so the secondary revenue drivers, like hotels and conferencing at some stadia probably aren't the earners they would have been for a city centre location.
A phased redevelopment of Goodison would be better from a capex cashflow perspective than building a new stadium, but while you're redeveloping you might have to accept some reduced capacity and, worse case, might even need to find somewhere else to play.
With limitless funds you'd build a shiny new stadium in either an ace location or somewhere ripe for regeneration and so maximise your non-matchday revenue. The chances of someone coming in with limitless funds isn't high though, so whoever takes us over ( I'm assuming it'll happen sooner or later ) will have been crunching the numbers and sucking on their pencils while scratching their heads
The latter isn't a euphemism ffs.
Hope this doesn't sound flippant or mad but given the current price per seat, the most cost effective thing to do is nothing except firstly upgrade hospitality and get it's pricing point correct so you maximise the occupancy and therefore the premium gained from it and secondly limit the amount of season tickets available. More day-trippers = higher prices.
No-one is aware what the size or breakdown of any proposed stadium at WHP would be, but if the hypothetical figures used in previous comments on this thread are near correct, you're looking at a 50-55k stadium. Is this figure achievable at Goodison if done on a piecemeal basis, or would it be a case of buy up Diana St, Walton Motors, move the school and then build half a stadium, move somewhere for a season or possibly two whilst the other half was built.
I agree that WHP is not a great location (I would prefer a site nearer to the city centre), but surely it would do at least as well as Goodison for secondary income streams.
The relevance of the cash-flow and indeed the level of borrowing question depends on the actions any new owners after gaining control. Way I see it is that any offer would be for 100% of the club, so if only the current 6 larges shareholders all sell, the new owner would have 85% of the shares. This is useful, but for effective control you need over 90% to stop the minority calling EGM's (if they are organised enough). One way of doing this is an immediate underwritten rights issue on a 1:1 basis at the price just paid for the shares which if not taken up by the minority shareholders would give a 92.5% ownership. So if the much quoted £225 mil less offer and underwriting expenses would be sat there waiting for something to spend it on.
Limitless funds is, to paraphrase you, a pipe-dream, but just out of interest if you had a reasonably large budget would you have anywhere specific in mind?
Top and bottom of it is, until something concrete is in the public domain regarding the putative take-over, I really should find something better to do.
